Whittlesey Partner Kimberly Napp has joined the Hartford Business Journal's 2019 Class of 40 under Forty.

Whittlesey's Managing Partner and CEO, Drew Andrews gave his top insights for a successful career at the Hartford Business Journal's "90 Ideas in 90 Minutes" event.

Whittlesey is proud to welcome a new tax manager to our Hartford office. John Trusler, CPA is the latest manager to join the firm’s growing leadership team.

Whittlesey has announced the promotion of Amy Richards, CPA and Katherine Donovan, CPA to the position of Manager. Amy and Katherine are the newest Managers to join the firm’s growing leadership team, effective January 1, 2019.

Whittlesey’s partner-in-charge of Technology, Mark Torello, recently sat down with Connecticut CPA to discuss IT Governance. Mark offered insights about the process and how it can benefit companies and organizations of all sizes.

Whittlesey has announced the promotion of two senior managers to the position of Director. Edward Engberg, CPA and Thomas Goldfuss, CPA are the newest Directors to the firm’s growing leadership team, effective January 1, 2019.

Employee parking costs for Nonprofits may be subject to Unrelated Business Taxable Income.

Several Connecticut clients, organized as Limited Liability Companies (“LLCs”), are receiving a form asking for a payment of a “$110 annual report fee” relative to a “2018 – Annual Report Instruction Form (Connecticut LLCs)” from Workplace Compliance Services, 1022 Boulevard #243, West Hartford, CT 06110.

We are excited to announce the promotion of two senior managers to the position of partner. Kimberly Napp and Shaun Sheridan are the newest partners to join the firm’s growing leadership team, effective January 1, 2019.

The 2017 Tax Cuts and Jobs Act (TCJA) has impacted the nonprofit sector in several areas, one of the most significant being the reporting requirements pertaining to Unrelated Business Income.

Two factor authentication is a method of confirming a user's identity when requesting access to a resource. The user must present at least two different factors or pieces of evidence of who they are.

In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

The Tax Cut and Jobs Act created a new 20% pass-through deduction for qualifying business income from partnerships, S-corporations, and sole proprietorships. The deduction is subject to a 50% wage limitation or a 25% wage limitation plus a 2.5% of qualifying property limitation. 

Email account compromise incidents are at an epidemic level. Our baseline recommendation for all organizations is to start using two-factor authentication for all internet-facing services (especially email) as soon as possible.

On July 16, 2018, the IRS released Revenue Procedure 2018-38, modifying donor disclosure requirements for certain organizations exempt from tax under Section 501(a) of the Internal Revenue Code, other than organizations described in Section 501(c)(3). Those nonprofits will no longer be required to report donor names and addresses on Schedule B of IRS Form 990 or 990-EZ information returns.

Any organization that solicits contributions for charitable purposes must register with the Department of Consumer Protection prior to the commencement of solicitation and must remain registered at all times during which it solicits funds in Connecticut.

On June 21, 2018, the U.S. Supreme Court issued a decision in South Dakota v. Wayfair, overturning the physical presence standard for sales tax collection in a state. This decision will impact other state taxes, such as income taxes, which could apply to the income of an entity conducting significant business activities in a state without having a physical presence there.

Connecticut’s Governor Malloy recently signed a new Business Entity Tax law impacting Partnerships, LLCs/LLPs, and S-Corporations whose owners pay income tax to the State of Connecticut.  This law creates a new, business-level tax due on Connecticut-sourced business income which passes through to partners, members, or shareholders of the business. Learn more.