Whittlesey & Hadley Joins BlumShapiro Among Nation’s Top 200 CPA Firms

Whittlesey & Hadley, P.C., one of the area's largest regional accounting firms, ranks #192 in the Inside Public Accounting (IPA) fifth annual ranking of the Top 200 public accounting firms in the United States.  It is the firms’ debut appearance on the industry ranking list. West Hartford-based BlumShapiro was the highest ranked Connecticut headquartered public accounting firm, ranking at #56, up from #68 a year ago.  BlumShapiro and Whittlesey & Hadley are the only Connecticut-based firms among the top 200.

Inside Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning Inside Public Accounting newsletter and the award-winning National Benchmarking Report.

The top 10 firms – ranked by U.S. net revenue - include some well-known national names, and large regional firms not well known by businesses and consumers outside their regions.  The top 10 are:  Deloitte, PwC, Ernst & Young, KPMG, McGladrey, Grant Thornton, BDO USA, Crow Horwath, CliftonLarsonAllen, and CBIZ  & Mayer Hoffman McCan.  CohnReznick, which has a footprint in Connecticut (including a recent consolidation of suburban offices in downtown Hartford) ranked at #11.

Whittlesey & Hadley’s managing partner, Drew Andrews says, “We are pleased to see our firm join this prestigious list of growing CPA firms in the United States. This ranking represents our strategic plan to expand our professional services and talented team throughout the northeast.”

BlumShapiro was also named among the fifty “Best of the Best” by the publication, a category described as firms that “show strong growth and profitability, and rank high on numerous key metrics, they also demonstrate an enviable culture. These Best of the Best firms are at the top of their game.”

“We are honored to be recognized for this prestigious award,” said Carl Johnson, BlumShapiro Firm Managing Partner.  “To be distinguished as one of the best firms … is a testament to the teamwork, leadership and vision of all employees at BlumShapiro,” said Johnson. BlumShapiro is the largest regional accounting, tax and business consulting firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island.

According to the publication, net revenue at Whittlesey & Hadley grew by 7.9 percent from the previous year; at BlumShapiro up 6.5 percent.

“With more than 540 firms participating in the IPA annual Survey and Analysis of Firms this year, along with many CPA firm associations contributing to the search to identify the IPA 200, this (is) the definitive ranking of the nation’s largest public accounting firms,” said Kelly Platt, principal of The Platt Group, the publisher of IPA.

Among the industry trends cited by the publication are tighter margins, leadership changes, globalization, new regulations, acquisition pressures, evolving technology, cultural shifts, fierce competition, and commoditization of services (firms struggling to differentiate in the marketplace).

Three firms earned positions in the Top 100 for the first time, and 12 firms – including Hartford’s Whittlesey & Hadley – debut on the Top 200 list.

Other industry trends, as highlighted by Inside Public Accounting:

• Cultural shifts – Younger employees often have different motivations and expectations than their elders at the firm. Up-and-comers who have “the right stuff” aren’t willing to wait the traditional 12 to 15 years to become partner and will challenge the firm to re-think normal career paths.
• Lack of diversity among partners – The ever-diversifying population – in age, ethnicity, language and gender – is not reflected in the makeup of the owners of accounting firms and change is glacially slow.
• Work environment challenges – Technology makes it possible for professionals to work anytime, anywhere. Balancing the needs of the individual with the needs of the firm, colleagues and clients can be tricky.

The IPA 200 are also engaged in acquisitions to grow in size, scope and capability, with 21 mergers reported for the group last year, adding more than 200 staff and more than $22 million into the aggregate numbers of the group.

CT’s 40 Fastest Growing Tech Companies Achieve Statewide Recognition

Connecticut’s fasted growing technology companies will be the center of attention Thursday evening as the Connecticut Technology Council (CTC) and Marcum LLP spotlight the 2014 Marcum Tech Top 40. Now in its 7^th year, the annual list features privately and publicly held companies, including some newcomers to the top 40. The 2014 winners are predominantly privately held companies, but 12 public companies also made the list, including Rogers Corporation, Gartner Inc. and Alexion Pharmaceuticals. That’s a slight drop from a year ago, when 14 public companies made the list.

Geographically, Fairfield County is home to 16 winning companies this year, followed by Hartford County and New Haven County, both with ten companies. For Fairfield and New Haven counties, the count increased by two businesses from a year ago; for Hartford County, the number was unchanged from last year. 

The selected companies have at least $3 million in annual revenue and a demonstrated record of growth in each of the preceding four years.  Four of the businesses have over $1 billion in revenue.

The Marcum Tech Top 40 recognizes technology leaders in six industry sectors, including Advanced Manufacturing, Energy/Environmental, Life Sciences, New Media/Internet/Telecom, IT Services, and Software. This year’s winners range from newcomer VRSim, Inc., a creator of virtual reality training tools for industrial and manufacturing applications, to Priceline.com, a leader in mobile travel.

Bruce Carlson, CTC’s President and CEO added, “Connecticut is proud of its remarkable heritage of innovation and invention. Job growth in Connecticut is going to come from the technology sector and these Tech Top 40 companies are a great example of the range of technology companies that are growing substantially in Connecticut.”

Among the names on this year’s list:  Frontier Communications, based in Stamford, providing communications services to residential and business customers across the country (in the news this year for the proposed purchase of AT&T’s business in Connecticut); and Bolt Technology Corporation, based in Norwalk, the leading worldwide developer and manufacturer of seismic energy sources, synchronizers and underwater connectors used in offshore seismic exploration for oil and gas; and Fitlinxx, based in Shelton,  an industry leading provider of wellness applications, wireless activity monitors, and health tracking devices that motivate people to live active and healthy lifestyles.

The city with the largest number of companies on the Top 40 list this year is Stamford, with six, followed by Norwalk with four, Shelton with three, and Wallingford, South Windsor, Simsbury and New Haven, each with two businesses on the list.  Other towns with a top 40 high tech business are Torrington, Danbury, West Hartford, Cheshire, Guilford, Greenwich, Plainville, Middlebury, New London, Killingly, Middletown, Fairfield, Madison, Branford, Farmington, Glastonbury, Windsor, Orange and East Hartford.

“Technology companies have a set of shared challenges that range from capital-raising and complex revenue reporting to intellectual property management and international expansion.  Whether they are private enterprises or Fortune 500 companies, this year’s Marcum Tech Top 40 winners all demonstrate management excellence and market foresight,” said Alex Discepolo, a Tax Partner in Marcum’s New Haven office and Practice Leader of the Firm’s High Technology Services Group.

The October 2 awards program, being held at the Oakdale Theater in Wallingford, will include an exhibition featuring the Marcum Tech Top 40 companies. Six category winners will be announced, and one company will be named overall winner for demonstrating the greatest percentage growth in revenue across all the technology verticals.

The Connecticut Technology Council is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies. Speaking for 2,500 companies that employ some 200,000 residents, the Connecticut Technology Council seeks to provide a strong and urgent voice in support of the creation of a culture of innovation.

 The Tech Top 40:

Advanced Manufacturing

• APS Technology Inc – Wallingford
• Bolt Technology Corporation – Norwalk
• Dymax Corporation – Torrington
• Revolution Lighting Technologies Inc. – Stamford
• Rogers Corporation – Rogers 

Energy/Environmental/Green Technology

• FuelCell Energy, Inc – Danbury
• Proton OnSite – Wallingford

 IT Services

• Cervalis LLC – Shelton
• Datto Inc. – Norwalk
• Gartner Inc. – Stamford
• Information Services Group Inc. – Stamford
• IT direct, LLC. – West Hartford
• VLink Inc. – South Windsor

Life Sciences

• Alexion Pharmaceuticals, Inc. – Cheshire
• Bio-Med Devices, Inc. – Guilford
• Metrum Research Group LLC. – Tariffville

 New Media/Internet/Telecom

• Chief Executive Group – Greenwich
• EasySeat, LLC – Plainville
• Frontier Communications – Stamford
• HealthPlanOne LLC – Shelton
• iSend, LLC – Middlebury
• Job Target, LLC – New London
• M2 Media Group – Stamford
• Priceline.com, Inc. – Norwalk
• Reality Interactive, LLC. – Middletown
• TVEyes Inc. – Fairfield

Software

• Clarity Software Solutions, Inc. – Madison
• Core Informatics, LLC – Branford
• Evariant, Inc. – Farmington
• Evolution1, Inc. – Simsbury
• Fitlinxx, Inc. – Shelton
• Higher One, Inc. – New Haven
• KenCast, Inc. – Norwalk
• Link Systems Inc. – Stamford
• Shoptech Corporation – Glastonbury
• Square 9 Softworks Inc. – New Haven
• SS&C Technologies Holdings Inc. – Windsor
• Tangoe Inc. – Orange
• TicketNetwork - South Windsor
• VRSim, Inc. – East Hartford

CT Women Underrepresented Among Top Earners; 4th Widest Gap in US

In only three states in the nation are women more underrepresented among the top 1 percent of wage owners, when compared with the state’s overall female population. Connecticut ranks 4th – after South Dakota, New Hampshire and Wyoming – in underrepresentation of women among the top earners in the state. Connecticut has a ratio of 6 men for every woman in the state’s top 1 percent of wage earners. South Dakota has the widest gap and largest ratio, at 8.2.

In Connecticut, 51.3 percent of the state’s population is female, yet only 14.4 percent of the top 1 percent of wage earners in the state are women. That is a gap of 36.9 percent, ranking the state fourth.  In Wyoming the gap is 37.1 percent, in New Hampshire 38.6 percent, and in South Dakota, 39 percent. In South Dakota, with the widest gap, only 10.9 percent of the wage earners in the top one percent are women.

On the other end of the spectrum, the gap in Delaware is 10.6 percent, in Hawaii 16.8 percent, Rhode Island 17.8 percent and Vermont 21.7 percent. The ratio of males to females among the top one percent earners is 1.4 in Delaware, 2.0 in Hawaii, 1.9 in Rhode Island and 2.5 in Vermont, compared with Connecticut’s 6.0.

Bloomberg ranked the U.S. states and the District of Columbia on the extent to which females are underrepresented in the 1% income bracket, utilizing U.S. Census data.

Connecticut also had the nation’s second highest threshold income to gain entry into the one percent club, at $429,793. Only Alaska, at $500,052 was higher. Just slightly lower than Connecticut was the District of Columbia, New York, New Jersey, North Dakota and Minnesota ($387, 414). At the opposite end of the states tally was Wyoming, with an income of $244,207 placing individuals in the state’s top one percent of earners.

In the percentage of women in the overall population, Connecticut ranked 10th, at 51.3 percent. Only 10 states have more men than women in their population. Alaska has the highest percentage of men, at 52.1, and the District of Columbia the highest percentage of women, at 52.7. Following closely behind are Rhode Island and Mississippi, both with 51.7 percent of their population being female.

Using data from the U.S. Census, Bloomberg calculated the approximate 99th percentile, or top 1%, of inflation-adjusted wage or salary income figures for those ages 16 and older and employed. Gender information was extracted and the gap between the percentage of females in the 1% bracket and the percentage of females in the state's population was calculated.

CT’s 4th Congressional District Ranks #5 in US for Income Inequality

Connecticut’s 4th Congressional district, centered in Fairfield Country, has been ranked as the district with the 5th highest level income inequity in the nation. A ranking of congressional districts of by their level of income inequality, conducted by Bloomberg, uses the Gini coefficient, a formula that measures the distribution of income across a population. The closer a Gini number is to 1, the greater the level of inequality; the closer to zero, the closer to perfect equality.

Generally, the Bloomberg Businessweek website points out, the U.S. congressional districts with the most inequality share certain traits: “they contain a small, enormously wealthy elite surrounded by impoverished neighbors.” Most of the districts with the greatest disparity are located in or near major urban metropolitan areas such as New York, Philadelphia, Chicago, Boston, Atlanta, and Washington.

The congressional district where inequality is highest turns out to be New York’s 10th, with a Gini coefficient of .587; followed by Pennsylvania’s 2nd District, at .583; Illinois’ 7th District, at .574, and Florida’s 27th District at .562. Connecticut’s 4th District is next, at .561, followed by New York’s 12th District, Ohio’s 11th District, Georgia’s 8th District and New York’s 16th District. The most equal district is Virginia’s 11th, at .385.

"The big take-away," according to Bloomberg Businessweek: “A strikingly high level of inequality exists throughout the United States.” Also of note, 9 of the top 10 districts with the greatest income inequality are currently represented in Congress by Democrats, including Connecticut’s Jim Himes, Georgia’s John Lewis, Washington D.C.’s Eleanor Holmes Norton, and New York’s Jerrold Nadler, Carolyn Maloney and Eliot Engel.

Breaking down the state’s population into five segments, by income, Connecticut ranked 10th in the share of household income among the lowest income quintile, 5th in the second quintile, 4th in the third quintile, 5th in the fourth quintile at and 4th in the highest-income quintile.

The website takes the state-by-state comparison one step further, providing context by comparing the state data with data compiled by the Central Intelligence Agency, which tracks the Gini coefficient of 139 countries.

“What jumps out,” according to the website report on the data analysis, “is how lousy the United States looks. Our best district in terms of equality (VA-11) is only as good as Portugal, which sits at a pedestrian 71st on the CIA’s list, right in the middle of the pack. That means that the level of equality in every congressional district in America falls below the midpoint of the CIA’s 139-country ranking.”

“Even the best U.S. district has higher inequality than any number of countries you probably don’t associate with economic egalitarianism: Greece, Niger, Ethiopia, Egypt, Pakistan, Kosovo, Mongolia, Ukraine, Bangladesh. The most equal U.S. congressional district can’t compare with the national averages of New Zealand, France, Canada, Netherlands, Australia, Switzerland, Belgium, Germany, and Austria. Most districts in the U.S. (those ranked 39th through 429th) fall in a narrow Gini band between .4 and .499, putting them between Zimbabwe (20th on the CIA list) and the United Kingdom (60th).”

In 2013, a person living alone making less than $11,490 was classified as in poverty. The threshold increased by $4,020 for each additional household member.

Nonprofit Governance Has Room for Improvement, Survey Finds

The 4.9% rise in charitable giving in 2013 is the largest gain since 2008, and comes at a time when greater attention is being paid by philanthropic donors and regulators to the governance practices of non-profit organizations. The CohnReznick 2014 Not-for-Profit Governance Survey reflects some progress as well as areas for improvement by nonprofits on a range of governance measures. The members of CohnReznick’s Not-for-Profit and Education Practice specialize in working closely with the boards and management of not-for-profit organizations to assist them in developing and implementing best-practices for their critical financial and operational functions. “Now more than ever,” the report indicates, “our clients are asking us questions about policies and procedures relating to audit committee governance and risk detection and minimization strategies.”

Key findings in the national survey included:

• 58% of respondent organizations stated that they have an audit committee that is separate and apart from their finance committee
• 54% of respondents stated that their audit committees have between four and six members
• 27% of the respondents stated that their organizations have a whistleblower hotline
• 68% of respondents stated that their annual board meetings contain an educational component
• 82% of responding organizations have a whistleblower policy in place.
• 42%, stated that they do not have an audit committee that’s separate and apart from a finance committee.

When identifying conflicts of interest, the survey found that 77% of the respondent organizations have an annual disclosure statement in place.

The survey also found that 68% of the nonprofit organizations include an educational component to their board meetings and place a strong emphasis on financial, strategic planning, and governance. Other areas receiving attention at board meetings include industry trends, technology, risk management, regulation and tax issues.

According to the National Center for Charitable Statistics (NCCS), there are more than1.4 million not-for-profit organizations registered in the U.S. This includes almost one million public charities, over 96,000 private foundations, and more than360,000 other types of not-for-profit organizations, including chambers of commerce, fraternal organizations, and civic leagues.

The survey found that less than 50 percent of boards noted that they are “very confident” in their organization’s governance practices. With the addition of new laws and regulations surrounding the industry, “this lack of confidence can give rise to much larger issues hesitation,” the report concluded. According to Forbes, charitable giving rose 4.9% in 2013, the largest increase in five years. This rise indicates “a renewed attention for not-for-profit organizations, which can also lead to renewed scrutiny.”

Knowledge of the intricacies of regulations and the effects that it will have on the governance practices of not-for-profit organizations is crucial to the success of affected organizations, the reported pointed out.

With origins dating back to 1919, CohnReznick LLP is the 10th largest accounting, tax, and advisory firm in the United States. Headquartered in New York City, CohnReznick serves its clients with more than 280 partners, 2,500 employees, and 26 offices – including Farmington, Glastonbury and New London in Connecticut, with plans for newly consolidated offices in downtown Hartford.

The consolidation of the two suburban offices in Glastonbury and Farmington is expected to relocate nearly 200 employees into Hartford later this year. The company plans to lease 50,000 square feet on the top two floors of the Metro Center building on Church Street.

Serious Health Issues Faced by State's Asian Pacific American Residents, New Study Reveals

Stereotypes about a thriving and problem-free Asian Pacific population in Connecticut are just plain wrong, according to a new statewide Needs Assessment Study which reveals “high rates of physical and mental health problems” and serious concerns about access to proper food and healthcare, often exacerbated by communication breakdowns  and language barriers." The 21-page study, by the Connecticut Asian Pacific American Affairs Commission, is said to be the first of its kind in Connecticut.  The 2010 U.S. Census reported APA’s as one of the fastest growing minority populations, growing from 2.4 percent of Connecticut’s population in 2000 to 4.4 percent by 2010. The Census projects a steady increase of the APA population through 2050.

The Needs Assessment was developed in collaboration with three community-based organizations: the Khmer Health Advocates, Lao Association of Connecticut and Connecticut Coalition of Mutual Assistance Associations. The project was also supported by the Asian American Studies Institute at UConn, the UConn School of Pharmacy and the UConn School of Social Work. It focused on housing, education, language access, employment, access to public resources, and medical and mental health.

More than 300 Southeast Asian Connecticut residents – all over age 18 - participated in the study, include just over one hundred from each of three ethnic groups: Cambodian, Lao, and Vietnamese. The study found clear distinctions between the populations in Connecticut, and researchers stressed that viewing the Asian Pacific American (APA) population in the state as one block of people does a disservice to them, and does not adequately respond to their needs.

Food Insecurity

Food insecurity was a “prominent problem,” according to the report. “Close to half reported that they often or sometimes couldn’t afford to eat balanced meals and 43 percent indicated that their food supplies ran out The survey also reviewed “several measures of food insecurity” and found “significant association” between the ethnic groups and “finding it too expensive to have a balanced meal often or sometimes,” as well as “going hungry for lack of sufficient money for food.”

The report also indicated that “all of the ethnic groups reported concern that some members of their community were socially isolated. In particular, they reported that those age 50 and older were most at risk for isolation.”

Healthcare Concerns

Regarding healthcare, “nearly half experienced at least some difficulty in getting the healthcare they believed they needed,” the report indicated. In addition, “more than half of all participants reported experiencing a language barrier with their physician, and for those that needed an interpreter, 59 percent indicated that a professional interpreter was never or rarely available for healthcare visits.”

In regards to Southeast Asian Refugees, the report noted "chronic mental and physical health conditions follwoing a history of severe trauma," adding that "it is vital that primary care physicians and others treating these individuals screen for a wide range of physical health conditions as well as PTSD and depression."  At a State Capitol news conference releasing the report, Dr. Megan Berthold, Assistant Professor in the UConn School of Social Work, said that there is an "urgent need" to address these concerns, adding that the lack of communication can be "dangerous" and could "lead to misdiagnosis."

Among those who received prescriptions, nearly one-third said they did not fill it due to the expense, and among all surveyed, 17 percent “did not see a doctor when they felt they need to” during the past year due to the high cost.

Among the ethnic differences, a greater number of Vietnamese are smokers, Cambodians were “significantly more likely to be diagnosed with PTSD and depression,” and the Lao community indicating the least frequency of language barriers with physicians. Overall, however, the report indicated that “these communities continue to be underserved due to the limited to no resources available to focus on the cultural and linguistic needs of their communities.”

Numerous Recommendations

Included in the recommendations, the study report states that “service providers, state agencies and stakeholders are encouraged to partner with APA communities” in multiple ways, and calls for additional research that “can advance the needs of the APA population.” The series of 14 recommendations include greater training and education, promoting preventative care, actively recruiting APA members in various professional fields, creating diversity in the workforce, translating materials into the most common APA languages, and raising awareness among the APA population regarding their rights.

It is hoped that Needs Assessment studies can focus on other APA ethnic groups, such as the Indian and Chinese communities, in future years. The APA population in Connecticut includes approximately 50 ethnic groups, sharing some similarities and having great diversity. As the initial study demonstrated, specific needs may vary – an important fact for policy makers and those working with this fast-growing aspect of the state’s population.

Among those commenting on the report during the news conference were Secretary of the State Denise Merrill, who was instrumental in the establishment of the Commission when she was House Majority Leader in the legislature, Marie Spivey, Chair of the State Commission on Health Equity, Tanya Hughes, Executive Director of the state's Commission on Human Rights and Opportunities, and Dr. William Howe, Chair of the Asian Pacific American Affairs Commission (see photo, at left). Theanvy Kuoch, Executive Directo of Khmer Health Advocates, noted that "working together we can improve outcomes for our community members while engaging them in their own care.  We have evidence that this approach also saves health care dollars."

The Asian Pacific American Affairs Commission was created in 2008 by an act of the Connecticut legislature.  The 21 member bipartisan commission oversees matters concerning hte Asian Pacific American population in Connecticut, and makes recommendations to the General Assembly and the Governor on the health, safety, education ,economic self-sufficiency and efforts to remain free of discrimination within the APA population in the state.

Credit Card Delinquency Rate Places Connecticut At #20 Among States, Better Than U.S. Average

The credit card delinquency rate among Connecticut residents puts the state in the middle of the pack, ranked at #20 nationally, but the percentage has more than doubled compared with 2000 and climbed since 2006, according to data compiled by the financial website bloomberg.com. The credit card delinquency rate among Connecticut residents is slightly better than the U.S. average, and slightly better than the median among the states.

The lowest credit card delinquency rates are among residents of North Dakota at 7.4 percent, Alaska at 7.6 percent, Nebraska at 8.3 percent, Wisconsin at 8.6 percent, and South Dakota at 8.7 percent.

Connecticut’s delinquency rate of 11.2 percent falls between Colorado at 11.1 percent and North Carolina at 11.2 percent. At the other end of the spectrum are California (17.7 percent), Florida (20.8 percent) and Nevada (22.4 percent). The U.S. average is 11.7 percent.

Since the beginning of the century, the credit card delinquency rate among Connecticut residents has climbed – from 5.2 percent in January 2000, to 7.8 percent in January 2003, to 11.2 percent in January 2009, where it has remained.

The national comparison is based on 2013 data, and was compiled this year. Credit card debt delinquency is the percent of all credit cards that are delinquent more than 90 days, including revolving accounts for banks, bank card companies, national credit card companies, credit unions, and savings and loan associations, according to Bloomberg.

Among the other New England states, Massachusetts ranks #39, Rhode Island is #44, Vermont is #16 and New Hampshire is #26. In the tri-state region, New York is #43 and New Jersey is #28 in individual credit card delinquencies among state residents.

Data on delinquent debt balances were collected as part of the Federal Reserve Bank of New York Consumer Credit Panel, a quarterly national survey of all individuals with a Social Security number and a credit report (usually aged 19 and over). It draws from a nationally representative 5 percent random sample from a database of about 40 million individuals’ detailed Equifax credit reports. The data is updated annually by the Federal Reserve Bank of New York, according to Bloomberg.

IRS Expects 147,000 Connecticut Residents to Seek Tax-Filing Extension

Running late? The Internal Revenue Service is reminding taxpayers that “quick and easy solutions” are available if they can’t file their returns or pay their taxes on time, and they can even request payment options online. The filing deadline is Tuesday, April 15 – but the IRS expects nearly 147,000 Connecticut taxpayers will file for an extension, which are are available to taxpayers who need more time to finish their returns.

Critical fact: this is an extension of time to file; not an extension of time to pay. However, taxpayers who are having trouble paying what they owe may qualify for payment plans or other options. [There is more information on the IRS website.]

Taxpayers will avoid penalties if they file either a regular income tax return or a request for a tax-filing extension by this year’s April 15 deadline. It is recommended that taxpayers file a return even if they can’t pay the full amount due.  Nationwide, the Internal Revenue Service expects to receive more than 12 million extension forms this tax season.

You may recall that in some years past, Connecticut residents have received a one-day reprieve when the tax filing deadline coincided with Patriots Day in Massachusetts, where Connecticut returns were sent for many years.  Not so this year.  Patriots Day is not until Monday, April 21.

As for Connecticut income taxes, the state Department of Revenue Services indicates that  Form CT-1040 EXT should be used to request a six-month extension to file the Connecticut income tax return for individuals. It is not necessary to include a reason for the Connecticut extension request if you have already filed an extension request on federal Form 4868 with the Internal Revenue Service, according to the DRS website. The form can be filed electronically or on paper.

Submitting the automatic tax-filing extension for the IRS on Form 4868 gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due, according to the IRS.

This will permit taxpayers to avoid the late-filing penalty, normally five percent per month based on the unpaid balance that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 15.

Connecticut Ranks #48 in Federal Income Tax Refunds

Connecticut ranks #48 in the nation in income tax refunds its residents receive from the federal government.  Just over 11 percent of the taxes paid by state residents to the federal government are refunded to them, a percentage that is better than only the states of Delaware and Minnesota, and the District of Columbia.

By comparison, Mississippi residents receive more than three times that percentage.  One third of the taxes paid by Mississippi residents – 34.84 percent – come back in refunds.  West Virginia residents receive 30 percent of the taxes they paid, South Carolina 26.27 percent and Alabama 26 percent.  Bloomberg.com reviewed Internal Revenue Service (IRS) data and ranked the 50 states and the District of Columbia based on the percentage of gross individual income taxes withheld or paid that were returned as refunds the following year.

Figures are for a five-year period: fiscal years 2007 through 2011 for tax collections and fiscal years 2008 through 2012 for refunds. For both collections and refunds, data include individual income tax withheld, individual income tax payments, FICA taxes, SECA taxes, unemployment insurance taxes, railroad retirement taxes and estate and trust income taxes. Refunds include interest.

Connecticut’s gross total individual federal income tax collected between 2007 to 2011 was $206.31 million.  Total individual income tax refunded from the federal government between 2008 to 2012 was $23.56 million.  Joining Connecticut among the states with the lowest percentage refunded, in addition to Minnesota and Delaware, are Massachusetts, New Jersey, Ohio, New York and Nebraska. 

Investor Opportunities in Mobile Technology, Consumer Products Focus of Back-to-Back Conferences

It is described as “the Biggest and Most Disruptive Platform in Human History,” by William Davidson, Senior Vice President of Qualcomm.  Davidson will be the keynote speaker Wednesday in New Haven at “Connecticut Mobile Summit – Exploring Mobile Venture Opportunities and Challenges.”  Connecticut’s top mobile industry executives will be meeting to discuss how to accelerate mobile adoption, engagement and monetization, according to conference organizers.

Conference officials note that “penetration of smart phones into the workplace has been persistent since the iPhone launch in June of 2007. More recently, tablets have supplanted PCs as productivity boosters.”  The Connecticut Mobile Summit is designed to help educate Connecticut’s investment and technology communities in mobile venture opportunities and challenges.

In addition to Davidson, expert panelists participating include Carissa Ganelli, Founder & CEO, LightningBuy; Drue Hontz, Founder & President, KAZARK, Inc.; John Nobile, Founder & President, Tangen Biosciences; and Nadav Ullman, Founder & CEO, Dashride.

“In three to five years any enterprise that has not implemented mobility solutions for its customers, employees, and suppliers will be leapfrogged, disintermediated, or go bankrupt. Connecticut cannot afford to be behind this curve,” observed event moderator, Brenda Lewis, Principal of Transactions Marketing, Inc.

Davidson is senior vice president of strategy and operations for Global Market Development in Qualcomm Technologies, Inc. In this role, he handles reporting and operations as well as executing on strategic global business initiatives. In addition, Davidson is senior vice president of investor relations where he serves as the primary liaison with the investment community and Qualcomm shareholders. Davidson has more than 25 years of experience in technical sales, marketing and general management roles in the telecommunications industry.

The half-day conference is being presented by the Connecticut Technology Council, Crossroads Venture Group and AT&T. The event is supported by Mea Mobile.

Opening remarks will come from Bruce Carlson, Acting CEO & President of the Connecticut Technology Council, Liddy Karter, Executive Director of Crossroads Venture Group, and Claire Leonardi, CEO of the recently re-branded Connecticut Innovations.  The event is $40 for members of the Connecticut Technology Council and Crossroads Venture Group, $50 for non-members.

The following day, the Northeast Consumer Product Conference will be held in Stamford, with the Connecticut Technology Council and Crossroads Venture Group joined by the Connecticut chapter of the Association for Corporate Growth (ACG) as sponsors.  The conference is described as the Northeast’s largest ‘mergers and acquisitions’ conference focused on early state and middle market consumer-facing companies.  It brings together operators, buyers, investors, and transaction professionals to discuss the challenges and opportunities within consumer industries.

The Stamford conference will include expert-led panels reviewing the state of the capital markets and share strategies for consumer marketing in a digital world, for both early and late stage firms.

Keynote presentation will be from Mike McMahon, President, Spire, a Datalogix company.  Panelists for a session on “Raising Capital in Today's Environment,”  to be moderated by Ramsey Goodrich, Managing Director, Carter Morse & Mathias, include Richard Baum, Managing Partner, Consumer Growth, Partners; Christopher Bradley, Principal, Mistral Equity Partners; and Tom Hayes, Managing Partner & Principal, New England Consulting Group.

ACG CT President Karin (McKittrick) Kovacic said, “This conference brings together owners and managers with investors and transaction professionals to discuss the challenges and opportunities within the consumer products sectors.”

The Connecticut Chapter of ACG is one of the fastest growing ACG chapters in the country, with close to 300 local professionals focused on middle-market corporate growth (i.e.: mergers and acquisitions, financing opportunities, business development, joint ventures, licensing arrangements, etc.), including a diverse group of private equity funds, intermediaries, lenders, and service providers.

The Connecticut Technology Council (CTC) is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies.  With over 2,000 member companies that employ some 200,000 residents, the CTC works to position Connecticut as a leader in idea creation, workforce preparation, entrepreneurial aptitude, early stage risk capital availability and providing on-going support and mentoring to high potential firms.