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Will COVID-19 Lead More Millennial Business Owners to Embrace Accountants?

  • Millennial business owners represent more than half of small businesses launched in the United States between 2016 and 2018
  • Accountants and bookkeepers have an opportunity to assist millennials who are struggling in areas these professionals specialize in
  • COVID-19 pandemic highlights values of accountants and bookkeepers for young business owners, especially those who have been willing to embrace new technologies
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Partisan Impasse on New COVID-19 Relief Likely to Continue in Congress

  • After Congress failed to extend further COVID-19 relief before recessing in August, members will tackle the issue this month
  • Treasury Secretary Steven Mnuchin voices support for individual bills on issues with bipartisan support, but Democrats favor a comprehensive package
  • Narrow Republican relief proposal unlikely to win support among Democrats
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Connecticut Minimum Wage Increases to $12 Per Hour

  • Minimum wage hike in Connecticut goes into effect on Tuesday, rising to $12 per hour
  • Gov. Lamont rejects some business owners’ request to postpone the increase, part of incremental hikes to reach $15 per hour in 2023
  • Measure will likely lead to some price increases, but also allow more spending power among low-wage employees
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As COVID-19 Relief Runs Dry, Small Businesses on Shakier Ground

  • Small businesses increasingly fear that they will have to close as the COVID-19 pandemic continues and initial relief funds run out
  • Initial round of closures hit businesses that were already struggling, while those currently facing hardships have endured months of lagging revenues and are less optimistic that recovery will arrive in the near future
  • Wave of small business shutdowns could lead to further consolidation by larger corporations
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Companies Face Cybersecurity Challenges in Remote Work Arrangements

  • Transition to remote work has opened companies up to more cybersecurity vulnerabilities
  • In recent survey by security firm Malwarebytes, one in five respondents said they experienced a security breach due to an employee working remotely
  • Companies can take steps such as improving their security policies and increasing trainings to offer safeguards
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Payroll Tax Deferral Goes Into Effect Today; Employers Responsible for Collecting Deferred Funds

  • Under an executive order from President Donald Trump, employers may defer a 6.2 percent employee payroll tax between Sept. 1 and Dec. 31
  • IRS guidance says employers are responsible for collecting the deferred tax between Jan. 1 and April 30 of 2021
  • Deferral would mean a short-term boost in employees’ take-home pay followed by smaller paychecks early next year
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Thousands of Millennials Move to Connecticut During COVID-Driven Exodus From New York City

  • Nearly 10,000 millennials have changed their mailing address from New York City to Connecticut during the COVID-19 pandemic
  • Younger millennials are likely to make only a temporary move, while older millennials are more likely to put down roots
  • An opportunity for communities to capitalize on the influx of young residents
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Coalition Calls For Greater Collaboration Among New England States on Offshore Wind

  • Regional coalition launched to promote offshore wind energy and encourage New England state governors to collaborate on initiatives
  • At recent launch event, New England for Offshore Wind touts environmental, economic, and other benefits of offshore wind farms
  • Group says New England waters are ideally suited for this technology
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Electric Boat’s Private Shipyard Wins $126 Million Submarine Maintenance Bid in Competition with Public Navy Yards

  • Groton shipyard wins submarine maintenance contract that extends through February 2022
  • Private shipyards compete for contracts with four public Navy shipyards
  • Connecticut politicians express support for submarine maintenance at private shipyards, which has been shown to be more cost-effective
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World’s No. 2 Wind Turbine Company Set to Launch Hydrogen Pilot Project

  • Siemens Gamesa Renewable Energy SA, the second largest wind turbine supplier in the world, plans to start a pilot project on using wind power to supply hydrogen
  • Company plans to conduct testing this fall and begin hydrogen production in January
  • Several wind energy companies have announced their intent to couple turbines with electrolyzers for zero emission separation of hydrogen
Read more
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