News

Senate clears PPP bill, extending loan applications through May

March 25, 2021

The Senate voted 92-7 Thursday to extend the Paycheck Protection Program to the end of May after rejecting two Republican amendments and waiving a budget point of order. The vote cleared the measure that would extend the program, now due to expire on March 31. The House passed the bill 415-3 earlier this month. It next heads to President Joe Biden for his signature.

  • business and industry
  • advocacy - federal
  • coronavirus
  • practice management

Business leaders rethink office space reduction plans

March 24, 2021

Organisations appear to be scrapping, or rethinking, their plans to cut their use of office space post-pandemic, according to a survey by KPMG.

  • career resources
  • coronavirus
  • practice management

Bill Giving Lawmakers Oversight of COVID Funds Headed to Lamont’s Desk

March 23, 2021

The Senate gave final passage Tuesday to a measure granting the legislature the ability to review and modify Gov. Ned Lamont’s plans for spending $2.7 billion in federal COVID aid.

  • coronavirus
  • advocacy - state

Creating the Capacity for CPAs To Offer More Value

March 23, 2021

Accountants are so busy with existing client work that it feels impossible to learn new skills and deliver new services. It’s important to understand that capacity does not equal time and capacity is not fixed.

  • practice management

Lamont, Democrats Seek To Extend Executive Powers Over Republican Objections

March 23, 2021

Legislative Republicans bristled Tuesday as Democrats planned a Thursday vote in the House of Representatives to extend Gov. Ned Lamont’s emergency authority and some of his pandemic-related executive orders for another 30 days.

  • coronavirus
  • advocacy - state

M&A Deal Price: Agreeing to Disagree

March 23, 2021

Business leaders who’ve made it through the pandemic mostly intact might be feeling hopeful about a return to some degree of normalcy. Some have already been laser-focused on growth, seizing the opportunity to buy small businesses at a premium. And as a clearer picture starts to form of what 2021 might look like for the economy, an appetite is building for larger purchases.

  • career resources
  • practice management

SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

March 23, 2021

The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2021 GAAP Financial Reporting Taxonomy (GRT) and the 2021 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).

  • accounting and auditing

More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards

March 22, 2021

The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.

  • coronavirus
  • personal financial planning
  • federal tax

State Continues Focus on IT

March 22, 2021

In the last six months employees who work for the state of Connecticut have held 380,000 online meetings, according to Mark Raymond, the state’s chief information officer.

  • coronavirus
  • technology and cybersecurity
  • advocacy - state

LinkedIn tips for accountants and finance professionals

March 19, 2021

Accountants should rethink their approach to virtual networking in a post-COVID-19 landscape.

  • career resources
  • technology and cybersecurity

Member Greg Boyko Honored by Japanese Government

March 19, 2021

Member Greg Boyko was recently conferred by the Japanese government with the Order of the Rising Sun, Gold Rays with Neck Ribbon by the Minister of Foreign Affairs.

  • member news

FASB Chair Jones Looks Ahead

March 18, 2021

Seven months in, Richard R. Jones gives his perspective on cryptocurrencies, climate risk disclosures, and possible goodwill accounting changes.

  • accounting and auditing

Lamont To Ask Full Legislature To Renew Emergency Powers

March 18, 2021

Following a Thursday meeting with Democratic leaders in the General Assembly, Gov. Ned Lamont said he would ask the entire legislature to vote on extending his pandemic-related emergency authority past its scheduled expiration date next month.

  • coronavirus
  • advocacy - state

Lamont urges vigilance when many COVID-19 capacity limits are lifted Friday

March 18, 2021

With Connecticut poised to lift many capacity limits Friday on restaurants, many other businesses and social gatherings, Gov. Ned Lamont urged residents Thursday to remain vigilant nonetheless against the coronavirus.

  • coronavirus
  • advocacy - state

Revenue Services: Connecticut filing, payment deadlines for individual income tax returns extended to May 17, 2021

March 18, 2021

At Governor Lamont’s direction, Commissioner Mark D. Boughton announced today that the Department of Revenue Services (DRS) is extending the filing and payment deadline for Connecticut individual income tax returns to Monday, May 17th, 2021.

  • state tax
  • federal tax

Vacation and sick day accruals during the pandemic

March 18, 2021

Working and living under COVID-19 restrictions, many employees have deferred vacation and sick days until restrictions are likely to be lifted, resulting in perhaps the greatest buildup of liabilities for compensated absences that we have ever seen.

  • business and industry
  • career resources
  • coronavirus
  • practice management

DRS Commissioner's Column: March 2021

March 17, 2021

DRS Commissioner Mark Boughton shares his column with CTCPA members.

  • state tax

House passes PPP deadline extension in 415-3 vote

March 17, 2021

A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration.

  • business and industry
  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

IRS pushes April 15 U.S. tax deadline to May 15

March 17, 2021

The Internal Revenue Service is planning to push back the deadline for the tax filing season about one month to May 15 from April 15.

KPMG U.S. publishes inaugural DE&I report

March 17, 2021

Big Four firm KPMG U.S. has published its "Diversity, Equity and Inclusion: 2020 KPMG U.S. Transparency Report," an inaugural report examining the firm's own diversity, equity and inclusion statistics, as well as mapping out its diversity initiatives moving forward.

  • diversity
  • member news