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IASB proposes updates to standard focused on SMEs

September 12, 2022

The board published an exposure draft to update the IFRS for SMEs Accounting Standard — with a six-month comment period.

  • accounting and auditing

IRS delays in processing NOL refund claims costing taxpayers millions in interest

September 12, 2022

The Internal Revenue Service's continuing backlog is having an impact in many areas, including the processing of noncorporate applications for refund claims on net operating losses by pass-through businesses, leading to millions of dollars in interest payments.

  • federal tax

Officials vowed a speedy audit of CT’s school construction program after a scandal. Results could be months away.

September 12, 2022

In March, CT officials said initial results would be released within weeks.

  • advocacy - state

Whittlesey Named a Top 200 Accounting Firm by INSIDE Public Accounting

September 12, 2022

Whittlesey is pleased to be recognized again as a Top 200 Accounting Firm in the country by INSIDE Public Accounting (IPA) for 2022. Whittlesey is the only Connecticut-based firm to make the Top 200 List.

  • member news

With So Many People Quitting, Don’t Overlook Those Who Stay

September 10, 2022

For anyone who doubted, the data is in. The Great Resignation is real and it’s happening. The U.S. Department of Labor reports that during the months of April, May, and June 2021 a total of 11.5 million workers quit their jobs. And it’s not over. According to Gallup research, 48 percent of employees are actively looking to make a change, and according to Personio research, nearly 1:4 will do so in the next six months.

  • career resources

AICPA asks IRS to expand penalty relief

September 09, 2022

While the AICPA said it welcomes the IRS's recent grant of automatic penalty relief for failure to file a broad range of tax and information returns for 2019 and 2020, it requested that the IRS expand, modify, and clarify the scope of that relief, as well as extend the relief deadline from Sept. 30 to Dec. 31.

  • advocacy - federal
  • federal tax

Connecticut Paid Leave Authority Processing Improves

September 09, 2022

After a little bit of a rocky start, the Connecticut Paid Leave Authority released data Friday that shows claims decisions are being made on average within eight days. That’s two days better than at the start of the program.

  • advocacy - state

Looming COVID-19 emergency loan repayments a concern for still-struggling small businesses

September 09, 2022

A $150,000 loan from the U.S. Small Business Administration helped New Britain’s Crystal Ballroom survive months of a government-mandated shutdown during the COVID-19 quarantines.

  • advocacy - state

Knight Rolleri Sheppard CPAS, LLP Changes to Rolleri & Sheppard CPAS, LLP

September 08, 2022

Knight Rolleri Sheppard CPAS, LLP has changed to Rolleri & Sheppard CPAS, LLP. The firm remains located at 2150 Post Road 5th Floor in Fairfield.

  • member news

SEC chair seeks increased regulation of cryptoassets

September 08, 2022

SEC chair Gary Gensler is calling on cryptoasset entities to register with the agency under current securities laws while referencing the possibility of new legislation.

  • accounting and auditing

Student loan forgiveness: Advice from a CPA financial planner

September 08, 2022

Any way you slice it, recently announced student loan relief measures will positively impact the lives — and the wallets — of Americans struggling to pay for their education long after graduation.

  • personal financial planning

IRS continued to delay business tax refunds from pandemic

September 06, 2022

The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to receive to cope with the pandemic, according to a new report.

  • business and industry
  • state tax
  • federal tax

4 ways to ‘break the bias’ and support women in your organization

September 02, 2022

Women are steadily chipping away at the glass ceiling with a little help from male allies.

  • business and industry
  • diversity
  • practice management

CT reserved $1,000 pandemic bonuses for 30,000 workers. At least 255,000 want them.

September 02, 2022

Interest in the new $1,000 pandemic bonuses that state officials dangled before essential, private-sector workers this spring is more than eight times the program’s maximum capacity to issue full grants.

  • coronavirus
  • advocacy - state

CohnReznick Announces Promotions

September 02, 2022

CohnReznick recently announced several Connecticut promotions, including the following CTCPA members:

  • member news

IRS exposed about 120K people's information online

September 02, 2022

The Internal Revenue Service mistakenly posted information from approximately 120,000 individuals on its website before discovering the error on Aug. 26 and taking it down.

  • federal tax

3 ways to make ESG data more effective in decision-making

September 01, 2022

The FRC has issued a report to address how boards and executives can enhance the ways ESG data is collected and used.

  • accounting and auditing

CFO Conundrum: We Need Workers, But Can We Afford Them?

August 31, 2022

Finance executives are playing a dicey game of shoring up their companies’ workforces in an era of high employment and runaway inflation.

  • business and industry

Quiet Quitting Is About Bad Bosses, Not Bad Employees

August 31, 2022

Every employee, every workday, makes a decision: Are they only willing to do the minimum work necessary to keep their job? Or are they willing to put more of their energy and effort into their work?

  • business and industry
  • career resources
  • practice management

States Take Child Tax Credits Into Their Own Hands

August 31, 2022

The recently passed Inflation Reduction Act of 2022 did not include an extension of the expanded child tax credit provision, which was enacted under the Biden Administration’s American Rescue Plan for 2021 federal tax returns. However, all is not lost… the federal child tax credit is still available to families for tax year 2022 and thereafter, albeit, under the “old” tax law rules that existed prior to the enactment of the American Rescue Plan.

  • state tax
  • advocacy - state
  • advocacy - federal
  • federal tax