News

Senate leader pitches new state property tax on high-value homes

January 26, 2021

Connecticut’s tax fairness debate took another leap forward recently when the Senate’s highest-ranking Democrat proposed new taxes on high-value homes and on the capital gains of the state’s highest earners.

  • state tax
  • advocacy - state

The N.H.-Mass. tax fight could have implications that go far beyond our borders

January 26, 2021

At first glance, the border battle between Massachusetts and New Hampshire over income taxes might seem like a mere squabble between two neighbors. But the fallout could be felt nationwide once the dust finally settles because of the rising acceptance of remote work, and the trend’s implications for state tax policies.

  • business and industry
  • coronavirus
  • federal tax
  • practice management
  • state tax

Businesses Could Face Penalties For Failing To Register With Paid Leave Authority

January 25, 2021

Fewer than half of the state’s 100,000 businesses have registered with the state as part of the Paid Family Medical Leave program. Some 40,000 Connecticut businesses have registered with the state to withhold half of a percent from employee wages to pay up to 12 weeks of paid family leave benefits starting in 2022.

  • business and industry
  • advocacy - state
  • practice management
  • state tax

IRS offers option when PPP loan forgiveness is denied

January 25, 2021

Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

  • coronavirus
  • federal tax

New IRS "Submit Forms 2848 and 8821 Online" offers contact-free signature options for tax pros and clients sending authorization forms

January 25, 2021

The Internal Revenue Service today rolled out a new online option that will help tax professionals remotely obtain signatures from individual and business clients and submit authorization forms electronically.

  • coronavirus
  • federal tax

Pandemic eases, and complicates, legislating

January 25, 2021

The Democratic co-chairs of the legislature’s Labor and Public Employees Committee skipped the masks, but they undeniably were socially distant. Rep. Robyn Porter ran the meeting from her dining room table in New Haven. Sen. Julie Kushner participated from her den in Danbury.

  • coronavirus
  • technology and cybersecurity
  • advocacy - state

COVID & Stress: Addressing Mental Health at Work

January 22, 2021

Not only has the pandemic caused a tremendous amount of stress, but it has also exacerbated many people's mental health disorders. How can you make the work environment a safe and comfortable place for them, and ensure everyone is coping well with current events?

  • business and industry
  • coronavirus
  • practice management

Gov. Ned Lamont tells Connecticut business leaders he’s ruling out ‘broad-based’ tax increases

January 22, 2021

Gov. Ned Lamont on Friday ruled out “broad-based” tax increases, telling business leaders that higher taxes over the past 30 years have failed to solve Connecticut’s problems.

  • state tax
  • advocacy - state

SBA releases streamlined PPP forgiveness forms

January 22, 2021

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

  • coronavirus
  • practice management

6 tips for CPAs on newest round of PPP funding

January 21, 2021

Business leaders and the CPAs who serve them will need to use a variety of strategies all at once as they pursue economic support in the newest round of Paycheck Protection Program (PPP) funding.

  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

CT budget leaders want to use massive savings to expand COVID-19 relief

January 21, 2021

While the rosy revenue projections have drawn a lot of attention recently, another factor — savings — is pumping hundreds of millions of dollars into Connecticut’s coffers.

  • coronavirus
  • advocacy - state

How finance can promote data-led decision-making

January 21, 2021

Data-led decision-making has become increasingly important, particularly during the coronavirus pandemic. It is most useful when executive teams apply it well and ensure the integrity of the underlying data.

  • business and industry
  • technology and cybersecurity

Lamont to lead NGA task force on pandemic response

January 21, 2021

Gov. Ned Lamont will co-chair a National Governors Association task force on pandemic and disaster response, an appointment made by New York Gov. Andrew Cuomo, the NGA chair and a close collaborator in crafting a regional response to COVID-19.

  • coronavirus
  • advocacy - state

Overcoming Tax Policy Issues for Remote Workers

January 21, 2021

Working from home has been the reality for millions of Americans for months due to the COVID-19 pandemic, but it also creates new tax challenges for employers. Many staff members reside in one state but work for a company in another. Nahla Davies addresses how business owners can work around these kinds of tax issues.

  • coronavirus
  • federal tax

Pandemic lessons learned in supply chain management

January 21, 2021

Natural disasters and international trade disputes have disrupted supply chains in the past, but most experts agree the coronavirus pandemic has dealt an unprecedented blow.

  • business and industry
  • coronavirus

What will happen to estate, gift and generation-skipping transfer tax exemptions in 2021 and beyond?

January 21, 2021

With the inauguration of President Joe Biden and a congress narrowly controlled by the Democratic party, many clients and estate planners have begun to worry about what, if anything, will happen to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2021 and beyond.

  • personal financial planning
  • state tax
  • federal tax

Employee Retention Credit Under COVID-19 Relief

January 20, 2021

Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.

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

Evaluating Technology to Drive Firm Efficiency

January 20, 2021

I have long embraced the latest and greatest technology tools and viewed them as the way to make our lives easier and give us more freedom. So, having this belief from the onset of my firm’s existence clarified that my firm would be tech forward from the start. I know that I was fortunate enough to have a head start on this ideal when the pandemic hit.

  • coronavirus
  • practice management
  • technology and cybersecurity

New Year, New City? Workers And Managers Reveal Relocation Plans Amid Pandemic

January 20, 2021

A new study by global staffing firm Robert Half shows relocation is a big consideration for professionals and employers right now. More than half of workers surveyed (51%) said they would consider moving to a different city if their company offered long-term remote arrangements, and another 4% have already made a move.

  • career resources

Partner capital account reporting gets transition penalty relief

January 20, 2021

The IRS provided transition penalty relief Tuesday to partnerships in complying with new rules for reporting partners’ capital account balances.

  • coronavirus
  • federal tax