News

DRS Commissioner Issues Guidance on H.B. No. 6516

March 05, 2021

As Governor Lamont is expected to sign House Bill No. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tiered Grants in Lieu of Taxes Program, into law, the purpose of this Commissioner's Bulletin is to make taxpayers aware of the impact the legislation will have on tax filing and payment obligations, including individual income tax returns and associated liabilities due on or before April 15th, 2021.

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

Governor Lamont Announces Plans To Ease Some COVID-19 Restrictions in Connecticut

March 05, 2021

Governor Ned Lamont today announced that in the coming days he plans to revise some requirements that were implemented in Connecticut in the onset of the COVID-19 pandemic, particularly when it comes to those relating to capacity levels and travel restrictions.

  • coronavirus

With billions in federal relief on the way to CT, legislators assert their role in deciding how to spend it

March 05, 2021

After ceding unprecedented authority to Gov. Ned Lamont during the first year of the coronavirus pandemic, the General Assembly is reasserting itself — just as Washington is poised to send more than $4 billion in new aid to Connecticut.

  • coronavirus
  • advocacy - state
  • advocacy - federal

CTCPA: Pay Close Attention to Your 2020 Financial Documents, 1099s

March 02, 2021

2020 was clearly not like any other year — and navigating through the tax season will be no different. The Connecticut Society of CPAs (CTCPA) is warning residents to pay close attention to the accuracy of their 2020 financial documents, especially 1099s recording unemployment funds received.

  • coronavirus
  • member news
  • advocacy - state
  • advocacy - federal

IRS issues employee retention credit guidance

March 02, 2021

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.

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

Department of Health Urges Patience, Asks Those Who Can To Wait

March 01, 2021

The online vaccination signup for Connecticut residents 55 years and older will start at 8 a.m. today, but not everyone is going to be able to get the vaccine in the first week or even get one scheduled.

  • coronavirus

IRS issues guidance for taxpayers caught up in unemployment overpayment debacle

March 01, 2021

A number of people who watched our report on unemployment overpayments Friday have reached out looking for answers. Connecticut is not the only state dealing with overpayment issues. The Internal Revenue Service is now issuing guidance.

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

Zoom meetings — without the awkwardness

March 01, 2021

In an office setting, leading a meeting meant reserving a room and ensuring that you spoke loud enough for everyone to hear. Virtual meetings, though, come with a different set of challenges.

  • coronavirus
  • practice management
  • technology and cybersecurity

House passes $1.9 trillion stimulus bill with a variety of small business relief

February 27, 2021

The U.S. House of Representatives passed, by a vote of 219–212, a $1.9 trillion COVID-19 relief package early Saturday morning that includes $1,400 stimulus checks to individuals, an extension of unemployment benefits, and tens of billions in aid for small businesses and not-for-profits.

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

Schumer weighs big-firm tax to enable minimum wage hike

February 26, 2021

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

  • coronavirus
  • advocacy - federal
  • federal tax

What Employers Should Know About the COVID Vaccine

February 25, 2021

The COVID-19 vaccine is providing many employers with the hope that things may soon return to normal—or as normal as can be considering a year-plus long pandemic. The vaccine certainly provides a glimmer of light at the end of the tunnel, but there are few things employers should consider while planning how to best protect their employees.

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

House Passes Bill to Address Commuter Tax Issues

February 24, 2021

House Bill 6513 (HB 6513), An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, and Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And Three-Tiered Grants In Lieu Of Taxes Program, passed the House today and is expected to pass the Senate later this week or early next week.

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

Governor Lamont Announces Connecticut Will Continue Age-Based Approach To COVID-19 Vaccine Eligibility; Educators and Childcare Providers To Have Dedicated Clinics in March

February 22, 2021

In an effort to ensure that Connecticut continues taking the most equitable and efficient approach to quickly administering the COVID-19 vaccine to as many people as possible, Governor Ned Lamont today announced that the state will continue with an age-based approach to expanding eligibility to the vaccine, explaining that other previously considered scenarios proved overly complex and confusing, would potentially exacerbate inequities in vaccine distribution, and slow down the process of providing it to Connecticut residents.

  • coronavirus
  • advocacy - state

Lamont Bucks Advice In Sticking With Age, Educators

February 22, 2021

Gov. Ned Lamont ignored advice from one of his vaccine subcommittees and will continue the rollout of the COVID-19 vaccine based largely on age with the exception of educators.

  • coronavirus
  • advocacy - state

New PPP changes attempt to ease smallest businesses' access

February 22, 2021

The administration of President Joe Biden announced Monday that it would institute a two-week period starting Wednesday during which only businesses with fewer than 20 employees will be able to apply for Paycheck Protection Program (PPP) loans.

  • business and industry
  • coronavirus
  • practice management

Connecticut rolling back COVID-19 restrictions, allows greater capacity at weddings and other events beginning March 19; additional rollbacks could come later this week

February 17, 2021

Connecticut will allow for weddings and other social events with up to 100 people indoors and up to 200 outdoors as of March 19, Gov. Ned Lamont said Tuesday.

  • coronavirus
  • advocacy - state

From the filings: Supply chain lessons from the pandemic

February 16, 2021

When the COVID-19 pandemic disrupted supply chains around the world the year after U.S. tariffs hit American companies manufacturing in China, major multinational corporations deployed varying strategies to keep up production.

  • business and industry
  • coronavirus

These are the top skills people are seeking out while working from home

February 12, 2021

With more people now telecommuting from home, many employers have stepped up their e-learning offerings to help employees learn, grow and adapt to the new ways of working during the coronavirus pandemic.

  • career resources
  • coronavirus

Single audits: Deliver high quality in a challenging time

February 11, 2021

The release of the Office of Management and Budget’s (OMB’s) Compliance Supplement addendum for single audits right before Christmas gave practitioners long-awaited guidance for these specialized audits that are especially complicated because of the surge in government funding related to the coronavirus pandemic.

  • accounting and auditing
  • coronavirus

Surprise tax bills await in pandemic-affected IRS filing season

February 11, 2021

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.

  • coronavirus
  • personal financial planning
  • state tax
  • federal tax