News

Why IT Services May Threaten CPA Independence

September 10, 2021

The AICPA Professional Ethics Executive Committee (PEEC) issued a revised independence interpretation for practitioners providing information technology services. The revised interpretation clarifies which aspects of providing information technology (IT) services could impair a CPA firm's independence.

  • practice management
  • technology and cybersecurity

Biden announces new vaccine mandates that could cover 100 million Americans

September 09, 2021

President Joe Biden on Thursday imposed stringent new vaccine rules on federal workers, large employers and health care staff in a sweeping attempt to contain the latest surge of Covid-19.

  • coronavirus
  • advocacy - federal

IRS hit with programming bug on COVID-19 tax relief

September 09, 2021

The Internal Revenue Service warned Thursday of a programming issue that’s affecting business taxpayers who need transcripts for requesting COVID-19 employment tax relief.

  • technology and cybersecurity
  • federal tax

8 strategies for getting ahead of the Great Resignation

September 07, 2021

What would you do if 40% of your firm quit next week? While such a mass exodus is highly unlikely — at least all at once — it’s a question that every employer should be asking themselves right now.

  • business and industry
  • coronavirus
  • practice management

Biden administration praises Lamont on COVID rental relief

September 07, 2021

Just two months ago, the pace of processing federal emergency rental assistance in Connecticut was roundly criticized by landlords and tenant advocates. Now, the Biden administration hails it as a model of success.

  • coronavirus
  • advocacy - state

Budgeting for Cybersecurity Requires a New Approach

September 07, 2021

It’s time for CFOs to dump the traditional line-item method to setting cybersecurity spending.

  • business and industry
  • technology and cybersecurity

CTCPA Presents at Sacred Heart's MSA Orientation

September 07, 2021

CTCPA Membership Director Cindy Panioto was on hand for Friday's MSA orientation at Sacred Heart University.

  • career resources
  • member news

Malpractice Risks Increase During Difficult Economic Times

September 07, 2021

Economic conditions have long had a significant impact on CPA professional liability claims. In light of the current economic challenges, CPAs will need to be prepared and vigilant to minimize the potential of additional liability exposures.

  • personal financial planning
  • practice management

In-state and out-of-state companies, big and small, are preparing to enter CT's recreational marijuana industry

September 06, 2021

Since 2016, Luis Vega has run North Haven-based hemp company Wepa! Farms, but now he’s looking to expand into Connecticut’s newly-legalized recreational cannabis market.

  • business and industry
  • practice management
  • advocacy - state

How the Pandemic Shaped Financial Reporting

September 03, 2021

Auditors issued fewer warnings that U.S. companies risked going out of business in 2020 despite the lethal threat that the coronavirus pandemic posed to retailers, manufacturers, and hospitality businesses.

  • accounting and auditing
  • coronavirus

IRS permanently allows e-signatures on dozens of tax forms

September 03, 2021

The Internal Revenue Service has extended the ability to digitally sign a wide variety of tax forms indefinitely, enshrining a temporary grant of relief for the pandemic into a more permanent policy.

  • coronavirus
  • federal tax

IRS updates per diem rates for travel expenses for 2021-2022

September 03, 2021

The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.

  • business and industry
  • practice management
  • federal tax

SBA forgiveness portal helps PPP borrowers, but uncertainties remain

September 03, 2021

The Small Business Administration’s Direct Forgiveness Portal for Paycheck Protection Program loans have been giving businesses a streamlined way to seek forgiveness of PPP loans of $150,000 or less since opening last month, but accountants are watching for the COVID Revenue Reduction Scores that the SBA is using for making determinations.

  • coronavirus

Tax relief now available to victims of Hurricane Ida

September 03, 2021

Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

  • coronavirus
  • federal tax

Lamont Signals He’s Looking To Extend Emergency Order

September 02, 2021

Gov. Ned Lamont signaled Thursday he would look to extend at least one of his emergency orders beyond its Sept. 30 expiration date in an effort to preserve a policy diverting eviction cases to a rental assistance program.

  • coronavirus
  • advocacy - state

2021 tax software survey: Shares of respondents and product and company information

September 01, 2021

In this year’s tax software survey by the JofA and The Tax Adviser, 2,154 CPAs assessed the software they used to prepare 2020 tax returns for a fee.

  • state tax
  • federal tax

Billions paid in fraudulent virus aid, pandemic watchdog finds

September 01, 2021

Fraud or improper payments accounted for more than $90 billion of the government’s emergency pandemic aid for the unemployed and small businesses, according to a report from a federal watchdog.

  • coronavirus
  • advocacy - federal

Stephen Pedneault of Forensic Accounting Services Publishes Fifth Book

September 01, 2021

Stephen Pedneault, a founding member of Forensic Accounting Services, LLC and adjunct faculty at the University of Connecticut and Manchester Community College, just published his fifth book, Managing Client Emotions in Forensic Accounting and Fraud Investigation.

  • member news

Governor Lamont Announces Initial Round of Back to Work CT Bonus Payments Being Mailed This Week

August 31, 2021

Governor Ned Lamont today announced that the first round of the $1,000 bonus payments authorized through the Back to Work CT program are being mailed this week to more than 1,500 eligible applicants who are among the initial group of workers participating in the program.

  • advocacy - state

IRS regulation of tax preparers gains steam

August 31, 2021

Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try.

  • state tax
  • federal tax