News

PCAOB's 2021 inspections target pandemic concerns, predictability

April 09, 2021

PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.

  • accounting and auditing
  • business and industry
  • coronavirus

CT continues to get high marks for improved fiscal management

April 08, 2021

After nearly a decade of struggling with huge projected deficits, Connecticut continues to receive good news about its improving state finances.

  • coronavirus
  • advocacy - state

Grant for performance venues, theaters now open for applications

April 08, 2021

Operators of theaters and performance spaces left empty by the COVID-19 pandemic are getting access to a new federal lifeline.

  • coronavirus
  • not-for-profit
  • advocacy - federal

Career readiness is key to staying employed

April 07, 2021

The lingering economic impacts of the COVID-19 pandemic and the quickening pace of technological change mean that everyone, no matter how secure they feel, should have an eye toward their next job hunt. And employment disruption is one of the most stressful situations you can face in life.

  • career resources
  • coronavirus

Connecticut businesses could owe up to $1 billion in unemployment taxes. They want the state to cover it with federal relief funds.

April 07, 2021

Connecticut’s businesses on Wednesday called on the General Assembly and Gov. Ned Lamont to use federal coronavirus relief funds to spare firms as much as $1 billion in unemployment taxes.

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

Interstate tax issues on the rise for employees, businesses

April 07, 2021

Employees who move to low-tax states to take advantage of telecommuting during the pandemic may still be taxed by their former residence, as more states levy taxes on cross-border business.

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

1 In 3 Remote Workers May Quit If Required To Return To The Office Full Time, Robert Half Survey Finds

April 06, 2021

A new study by global staffing firm Robert Half shows that about 1 in 3 professionals (34%) currently working from home due to the pandemic would look for a new job if required to be in the office full time.

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

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
  • advocacy - federal
  • coronavirus
  • practice management

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.

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

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