News

5 ways the future of work can make our lives better

January 19, 2021

This year has taught us all valuable lessons that will shape the future of work in profound ways – from finding new ways to connect virtually, to leading with empathy. The employee experience is about more than ping-pong tables and snacks: It’s about creating and maintaining a meaningful culture for employees, no matter where they sit.

  • business and industry
  • coronavirus
  • practice management
  • technology and cybersecurity

9 ideas on how small firms can improve diversity

January 19, 2021

In response to the renewed focus on racial equity, many organizations — including accounting firms — have pledged to make change. But there's much work to be done.

  • diversity
  • practice management

Certified Public Accountants Recognize Outstanding Connecticut Women Advancing Profession

January 19, 2021

We’re all familiar with the saying, choose a job you love, and you will never have to work a day in your life. We may not have associated the phrase with accounting, however. That’s where we’d be missing something, it turns out.

  • member news

Employers can withhold, make payments of deferred Social Security taxes from 2020

January 19, 2021

The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.

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

How one government auditor improved employee training

January 19, 2021

Stephanie Palmertree, CPA, CGMA, is the director of the Mississippi State Auditor's financial and compliance division, which routinely conducts and manages annual audits of 134 state agencies and component units, 158 school districts and community colleges, and 82 county governments.

  • accounting and auditing

MMNT Announces Two Promotions: Brett Gotler and Nick Zevetchin

January 18, 2021

Congratulations to these MMNT employees!

  • member news

Upskilling finance team with business partnering skills

January 18, 2021

In the current rush to digitise and automate processes, we can sometimes forget that automation is a means to an end, and that end is finance business partnering. It’s a role that drives value for the company and its stakeholders.

  • business and industry

Connecticut Joins NH Remote Work Income Tax Case

January 17, 2021

New Hampshire is challenging a Massachusetts measure that continues to tax nonresidents that formerly commuted to work in the Bay State, but now work from home because of the pandemic.

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

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

January 15, 2021

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

  • coronavirus
  • federal tax

AI, applied: Lessons from 2020

January 15, 2021

The year of coronavirus will go down in history not just as a time of plague, but also of crisis-driven tech adoption. Mass migration online drove the adoption of cloud-enabled technologies, and AI was one of them.

  • business and industry
  • coronavirus
  • practice management
  • technology and cybersecurity

AI, applied: What to expect from AI 2.0

January 15, 2021

Artificial intelligence is in its glory days now, with its promised applications being realized in a range of service areas for accountants. But AI is for more than just automating processes and creating efficiencies — now is the time for firms to be creative, thinking about new industry-specific applications and firm-specific pain points where AI can play a role.

  • practice management
  • technology and cybersecurity

Connecticut officials forecast budget surplus of $70 million this year after earlier predictions of $2B deficit; Wall Street records boost tax revenue

January 15, 2021

In a stunning turnaround, state budget officials predicted Friday that Connecticut will end the fiscal year with a small surplus of $70 million — despite financial problems related to the ongoing COVID-19 pandemic.

  • coronavirus
  • advocacy - state

Funding to fix CT’s roads and bridges is drying up, and officials don’t have a solution

January 15, 2021

While the coronavirus dominated summer headlines, Connecticut’s five-year effort to accelerate the transportation rebuilding program slowed to a stroll on July 1.

  • advocacy - state

8 Business Compliance Considerations for 2021

January 13, 2021

To avoid penalties and other headaches, one of your business clients' many responsibilities is to remain in good standing with the state they operate in. But why is this so important, and what do they need to think about for 2021? Nellie Akalp lists 8 points you should bring up in your next meeting with a business-owning client.

  • business and industry
  • practice management

AICPA encourages firms to aggressively advance PPP applications

January 13, 2021

The AICPA expects the federal government to open up the application process for all lenders participating in the latest round of the Paycheck Protection Program by Friday, and encourages CPA firms to advance the application process for small business clients seeking relief.

  • coronavirus
  • practice management

IMA CEO Thomson foresees 'megatrends' for accountants this year

January 13, 2021

Institute of Management Accountants president and CEO Jeff Thomson is predicting six megatrends in the finance and accounting profession this year.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

Refund delays, stimulus check errors foreshadow rough tax season

January 13, 2021

Tax-refund delays and stimulus-payment hiccups could spill into the upcoming tax season as the Internal Revenue Service continues to face challenges related to the coronavirus pandemic and as Congress considers yet another round of direct payments.

  • coronavirus
  • state tax
  • federal tax

Stimulus payments and tax returns: What tax pros need to know

January 13, 2021

2020 introduced a number of unprecedented situations that have required some massive adjustments. And now, with the tax filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline. Chief among them: uncertainty around the economic stimulus given to American taxpayers as part of the Coronavirus Aid, Relief and Economic Security, or CARES Act.

  • coronavirus
  • federal tax

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

January 12, 2021

The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.

  • federal tax

Labor Department's independent contractor rule may not stand for long

January 12, 2021

The U.S. Department of Labor’s new rule for defining an employee vs. an independent contractor is likely to be challenged in the incoming Biden administration as well as court, but it does provide some helpful guidance for companies struggling with how to adapt to the new gig economy.

  • accounting and auditing
  • business and industry
  • practice management