News

The Innovative CPA Group (ICG) is honored to share the ongoing community involvement of our partner, Scott Mitchell, CPA and Sal Chieffalo, CPA. As dedicated members of the Immaculate High School Alumni Association, Scott and Sal are currently serving as golf co-chairs for the organization’s 35th annual golf tournament. This year marks their fourth year leading this esteemed event, which serves as a major fundraiser for the school, providing crucial tuition assistance for future students at Immaculate High School.

CTCPA members Jenna Allegretto and Zachary Hunter were recently named partners at Marcum LLP. Jenna is a Partner in the Assurance Services Group of Marcum’s New Haven office, while Zach is Zachary Hunter is a Tax and Business Services Partner in the firm’s Hartford office.

At first glance, it might appear that the growing number of regulations related to sustainability will affect only the largest CPA firms.

Governor Ned Lamont today provided the following updates as of 2:00 p.m. on Friday, August 30, regarding Connecticut’s recovery from the August 18 historic rainfall and flooding.

Whittlesey, a leading accounting, advisory, and technology firm, is pleased to announce that we have been named a 2024 Best of the Best Firm by INSIDE Public Accounting (IPA) for the third consecutive year, a respected publication within the public accounting industry. This year, Whittlesey proudly remains the only New England firm to earn this prestigious recognition.

Several CTCPA members were named to the 2024 Hartford Business Journal's "40 Under Forty" list.

The IRS, in a fact sheet released Thursday, reminded taxpayers that crowdfunding distributions may be includible in the gross income of the person receiving them, depending on the distributions' facts and circumstances (FS-2024-28). Also, the crowdfunding site (or its payment processor) may be required to report those distributions to the IRS and the payee if the distributions meet reporting thresholds.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that brings certain investment advisers within the standards of FinCEN's anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs.

Pete Gioia, the former longtime economist of the Connecticut Business & Industry Association, has died, according to CBIA President and CEO Chris DiPentima.

The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report.

While millions of older workers are aiming to delay retirement, many others are looking to begin winding down sooner than later.

The U.S. Department of Treasury, the Internal Revenue Service and the U.S. Department of Energy announced today that they received over 800 concept papers — project proposals — seeking a total of nearly $40 billion in tax credits, representing $200 billion in total project investments, for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program.

As the cost-benefits of generative AI for businesses come into question, new data from KPMG suggest the largest companies have a timeline to ROI.

The number of notices of federal tax lien has declined significantly since 2010, according to a report from the Treasury Inspector General for Tax Administration.

The Internal Revenue Service today issued a reminder that employers who offer educational assistance programs can also use them to help pay for their employees’ student loan obligations through Dec. 31, 2025.

Organisations should consider addressing management practices and age-inclusion policies to retain talent across generations.

Lamont says CT needs to find ways to boost energy supply.

State officials announced new funding for businesses affected by the devastating flash-flooding that hit southwestern Connecticut last weekend, as they pledged to continue working to secure long-term federal funding to support the towns in the region as they rebuild from what has been described as a “thousand-year storm.”

Both the number of enforcement actions and monetary sanctions surged in the first half of this year.

Connecticut residents and business owners can self-report property damage following catastrophic flooding.