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A number of other states have followed the IRS' lead by issuing tax relief to taxpayers affected by recent storms.

The IRS could collect $561 billion in tax revenue over 10 years if it maintains its funding from the Inflation Reduction Act of 2022, P.L. 117-169, the Service said in a study released Tuesday.

The AICPA's member insurance program underwriter provided reassuring news to at least 25,000 U.S. accounting firms last week when it said its professional liability insurance coverage generally includes client work associated with beneficial ownership information (BOI) reporting.

Stress can be disabling but Lucy Cohen, one of the headline speakers at the Festival of Accounting & Bookkeeping, explains that harnessing the benefits can change you as a leader.

Michael Sabol of MahoneySabol, Drew Andrews of Whittlesey, and CTCPA Marketing and Communications Director Kirsten Piechota were quoted in “Accounting merger activity heats up as aging partners eye retirement, firms look for growth” in the Hartford Business Journal.

MahoneySabol in Glastonbury announced the appointment of Deborah Denno as a Partner in the firm's esteemed Tax Department. With over 35 years of comprehensive experience in providing accounting and tax services to high-net-worth individuals and closely held organizations across various industries, Debbie brings a wealth of expertise and a strong commitment to client care to her new role. "We are delighted to welcome Debbie to our team as a Partner," said James Mahoney, CPA and Managing Partner at MahoneySabol. "Her extensive experience and client-centric approach perfectly align with our firm's commitment to delivering high-quality service and tailored solutions to our clients."

The Department of Revenue Services (DRS) is extending the filing and payment deadlines of certain Connecticut returns until June 17, 2024. These extensions align Connecticut tax filing and payment dates with the filing and payment extensions recently announced by the Internal Revenue Service (IRS) in response to recent severe storms and flooding that impacted certain portions of Connecticut.

Senate Democrats are once again hoping to expand the state’s paid sick leave program to cover more workers during the upcoming legislative session.

The House on Wednesday passed a roughly $78 billion tax bill that contains provisions making changes to restrict the employee retention credit (ERC), expand eligibility for the child tax credit (CTC), and temporarily reinstate the expensing of research or experimental (R&E) expenditures. It also restores tax breaks for companies from the law known as the Tax Cuts and Jobs Act, P.L. 115-97, that have expired or would expire in the coming years.

Gov. Ned Lamont said he doesn’t intend to offer any more tax breaks this year, after the historic tax cuts adopted last year, but House Republicans believe there’s enough revenue to reduce taxes and make permanent some other fiscal policies.

Boxed in by a budget that embraces the fiscal guardrails put in place before he was elected, Gov. Ned Lamont will tinker around the edges when it comes to adjusting the two-year budget.

Gov. Ned Lamont announced today his intention to recommend the elimination of licensure application fees for certain essential fields, as part of the fiscal year 2025 budget adjustment proposal.

Wire transfer fraud, vendor fraud, and CEO or CFO impersonations were the most frequent, according to a Trustpair survey.

Connecticut Governor Ned Lamont signed a new law that expands the circumstances in which workers can use state-mandated paid sick leave, effective October 1, 2023. The Connecticut Paid Sick Leave Law, originally passed in 2012, provides “service workers” with certain leave entitlements, including paid sick leave. This leave accrues at a rate of one hour for every 40 hours worked, up to a maximum accrual of 40 hours per year. The law also requires service workers be permitted to roll over at least 40 hours of accrued, unused paid sick leave per calendar year.

In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these plans will cost employers more.

A shift away from fully-in-office jobs continued over the last year, and the trend may well continue, based on research revealing that the large majority of recently formed companies are adopting flexible workweeks.

The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

On Feb. 7, the Connecticut General Assembly will convene for its 2024 legislative session. Its constitutional adjournment deadline is no later than midnight May 6. The sessions last three months in even-numbered years and five in odd-numbered years.

West Hartford-based firm Gitlin & Company has promoted Kathleen E. McKeon to Partner. She is responsible for a diverse array of tax and accounting services to a variety of businesses and individuals. She joined the firm in 2017 and has 21 years of public and private accounting experience.

Employers in a global survey see a significant gap between employee pay expectations and planned pay, fuelling flight risks for companies.