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News & Events

With more than 55 years of experience, Whittlesey is an industry leader in various accounting and technology disciplines. Learn more about firm updates and sponsored events here.

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.

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. 

Whittlesey is excited to welcome Donna Pengel, CPA as a Director in the Firm’s healthcare consulting services division. With over 20 years of experience in healthcare organizations, she most recently served as CFO of Jefferson Radiology and led the organization to be investment grade with a simultaneous focus on patient care.  

Top students from regional universities can meet the Whittlesey team and learn more about the accounting profession at our annual Summer Leadership Summit on June 14th and 15th in our Downtown Hartford office. 

On Friday, May 18, 2018, Camille Livsey will host Whittlesey's Semi-Annual MIP User Group. This free event covers training to improve your Abila software skills and the chance to network with a support system.

On Wednesday, May 02, 2018, Whittlesey, in partnership with KBE Building Corporation, will host a seminar on tax incentives for the construction industry in our Hamden office. Speakers include Brian Kerrigan, JD, Partner from Whittlesey and Brian Aumueller, Managing Director from AlliantGroup.