News

How to claim the employee retention credit for the first half of 2021

April 05, 2021

The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20.

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

IRS letters explain why some 2020 Recovery Rebate Credits are different than expected

April 05, 2021

As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.

  • coronavirus
  • advocacy - federal
  • federal tax

Michael Maksymiw of Marcum Quoted in 'Journal of Accountancy' Article

April 05, 2021

CTCPA Secretary and Marcum LLP Tax Partner Michael Maksymiw, CPA, CGMA was quoted in the April 5 'Journal of Accountancy' article "Keys to Striking an Effective Balance as Manager." Michael manages a remote team of 15 people for Marcum.

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

CT labor officials begin to assess fraudulent benefits claims during pandemic’s first year

March 31, 2021

A preliminary state Labor Department analysis shows at least one in every 14 applications for unemployment benefits in Connecticut during the first year of the coronavirus pandemic was fraudulent.

  • coronavirus
  • advocacy - state

IRS to recalculate taxes on unemployment benefits; refunds to start in May

March 31, 2021

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

  • coronavirus
  • personal financial planning
  • federal tax

Emergency aid granted to students due to COVID are not taxable

March 30, 2021

The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants.

  • coronavirus
  • state tax
  • federal tax

Senate extends Lamont’s COVID-19 emergency powers

March 30, 2021

A day after the state Supreme Court upheld the constitutionality of Connecticut’s emergency power laws, the Senate voted Tuesday for final passage of a bill that ratifies Gov. Ned Lamont’s pandemic declarations and extends his authority by one month until May 20.

  • coronavirus
  • advocacy - state

DRS Shares Remote Work FAQs

March 29, 2021

As set forth in the Commissioner’s Bulletin, the Department of Revenue Services (DRS) will provide new information regarding H.B. No. 6516 as it becomes available. The following is a list of frequently asked questions that have been received by DRS since the issuance of the Commissioner’s Bulletin.

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

IRS extends additional tax deadlines to May 17 - does NOT include estimated payments

March 29, 2021

The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.

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

Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible

March 26, 2021

The Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.

  • coronavirus
  • federal tax

Governor Lamont Announces Historic Investments in Child Care Programs Impacted by the COVID-19 Pandemic

March 26, 2021

Governor Ned Lamont today announced that his administration plans to make a historic investment in early childhood programs across Connecticut to assist in their ongoing response to the COVID-19 pandemic and its resulting economic impact, including through the release of $210 million from the federal funding the state has received to date to support pandemic recovery efforts.

  • coronavirus
  • advocacy - state

Stress and burnout: Tips for employees and employers

March 26, 2021

Employee stress can damage individuals and business productivity, but there are ways to plan and take action, and measure interventions.

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

Biden signs PPP deadline extension into law

March 25, 2021

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

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

Deadline for certain single audits delayed because of pandemic

March 25, 2021

The due date for certain single audits to be submitted to the Federal Audit Clearinghouse has been delayed six months as a result of challenges related to the coronavirus pandemic.

  • accounting and auditing
  • coronavirus

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
  • coronavirus
  • practice management
  • advocacy - federal

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

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

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