News

Lisa Wills, CPA has been appointed to the Board of Trustees at Elms College. Lisa is an Elms College alum, graduating with a Bachelor of Arts degree in Accounting and Business Management.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

Two CTCPA members were named to the Hartford Business Journal's 2024 'Top 25 Women in Business' list: Susan Martinelli and Kimberly Napp. '

In response to reports of incidents of individuals altering PDF documents used to verify CPE compliance with the state of Connecticut, the Department of Consumer Protection has been working to validate certain CPE certificates, including some issued by the CTCPA. We have been contacted to verify information for current investigations and have been informed by the Department of Consumer Protection that several more inquiries are forthcoming.

HarperWhitfield P.C., with offices in Farmington and Weatogue, announces the election of Todd Shelansky, CPA to Managing Principal; the streamlining of the firm’s name from Harper & Whitfield, P.C. to HarperWhitfield P.C., including a new firm logo; and personnel news regarding Dale Boutot, CPA joining the firm as a Director and the promotion of Agatha Hueller, CPA to Supervisor.

The renewable energy finance landscape has undergone a transformative shift with the passage of the Inflation Reduction Act of 2022. Building on this legislation, IRS proposed guidance in June 2023 helped to establish the tax credit transfer market, thereby allowing corporate taxpayers to play a pivotal role in the clean energy revolution. In this article, we explore the historical context of Investment Tax Credits (ITC) and Production Tax Credits (PTC), traditional tax equity financing structures, and the new opportunity presented by tax credit transferability for small- and medium-sized corporations.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

The Connecticut General Assembly’s General Law Committee held a wide ranging public hearing on Thursday to explore the potential impacts, both good and bad, of artificial intelligence on a host of issues of interest to the state.

Over 125,000 high-income people who have not filed federal tax returns since 2017 will be mailed letters advising that they must file returns or explain why they don't need to file a return, the IRS said Thursday.

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

To err is human. To seek help is superhuman. Gartner recently asked controllers about how often they or their peers make financial errors, as well as their thoughts on causes. Though survey respondents weren't asked about the significance of the errors cited, 59% acknowledged "several errors per month."

Is coverage available for services related to the CTA? CNA’s accountants professional liability policies generally will cover Professional Services associated with the CTA by an Insured accounting firm, subject to other applicable policy terms, conditions, and exclusions.

Learn how to mitigate the unique risks CPA firms may encounter when delivering CTA compliance/BOI reporting services. A sample engagement letter is included.

CohnReznick recently promoted Cynthia Galamgam and Vikas Thaker to partner.

The Innovative CPA Group (ICG) is thrilled to announce its merger with Acquista & Lazor in Bridgeport, solidifying a dynamic partnership that brings together premier firms to better serve their clients and strengthen their position in the market.

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."

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.