News

State Tax Implications of Working From Home

June 18, 2021

Over half of all employees want to keep working from home at least part of the time, which means employers will be facing tax consequences. Requirements are different for remote and in-office staff members, and the nexus laws in a state also affects what employers pay.

  • state tax
  • technology and cybersecurity
  • federal tax

Understanding the global minimum tax and the growing risk of ransomware

June 18, 2021

The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.

  • accounting and auditing
  • state tax
  • technology and cybersecurity
  • federal tax

House Gives Senate Second Chance At Budget Implementer

June 17, 2021

It’s more than 800 pages of language to implement the state budget and there were sections that the House just couldn’t stomach so they amended it Thursday morning and sent it back to the Senate.

  • advocacy - state

House Narrowly Votes To Legalize Cannabis

June 17, 2021

On a narrow vote Wednesday, the House passed a bill legalizing recreational cannabis but not before changing its language to avoid a veto from the governor, forcing the bill back to the state Senate for a third debate.

  • advocacy - state

House, Senate tensions evident in budget implementer bill

June 17, 2021

The General Assembly concluded its special session Thursday with passage of a budget implementation bill that settles scores, sends messages, provides small favors and significant policy changes and, yes, implements the $46.4 billion biennial budget.

  • advocacy - state

IRS delayed refunds update and status of current IRS operations due to Covid 19

June 17, 2021

The IRS has updated information on its operating procedures due to COVID-19.

  • coronavirus
  • federal tax

On 50th anniversary of war on drugs, Connecticut legalizes marijuana

June 17, 2021

The Senate voted 16-11 Thursday for final passage of a bill legalizing the production, sale and possession of recreational cannabis in Connecticut, bringing down the curtain on a frantic finish to a campaign that steadily unfolded over a decade.

  • advocacy - state

Budget implementer bill passes Senate with aids to labor, judges, tribes and more

June 16, 2021

The Connecticut Senate closed a chaotic day Tuesday with passage of an 837-page budget implementer bill that the Republican minority complained was less about fiscal policy than an exercise of raw power by the Democratic majority.

  • advocacy - state

CT students could get automatic admission to state universities under budget bill

June 16, 2021

Deep in the 837-page budget implementation bill scheduled for a vote Tuesday by the Senate is a provision that would create an automatic admissions process for in-state high school graduates to attend Connecticut’s four regional universities.

  • advocacy - state

FASB Proposes Improvements to Discount Rate Guidance for Lessees That Are Not Public Business Entities

June 16, 2021

The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would improve discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations, and employee benefit plans.

  • accounting and auditing

Looming fiscal cliff could reignite CT’s tax fairness debate

June 16, 2021

Even though the state’s coffers, for now, are awash in money, a huge fiscal cliff looms two years from now, when billions of dollars in federal stimulus grants expire.

  • advocacy - state

PwC to add 100K jobs in $12B strategic revamp

June 16, 2021

PricewaterhouseCoopers LLP is investing $12 billion across its global business in an overhaul targeting better audits, digitization of services and greener operations.

  • member news
  • practice management

Time commitment, relevance push people away from CPA Exam

June 16, 2021

Young accounting professionals who don't want to pursue CPA licensure cite a lack of time and professional need to do so, according to a new report from the Illinois CPA Society.

  • accounting and auditing
  • career resources
  • practice management