CT Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Connecticut (CT). With its financial services and insurance sector hub, we understand the unique financial landscape that comes with doing business in Connecticut.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Connecticut clients without the need for an additional state license. This means Connecticut individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Connecticut (CT)
CT Individual Tax Preparation
Comprehensive federal and Connecticut state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →CT Business Tax Services
Tax preparation and planning for Connecticut-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →CT Cryptocurrency Tax
Specialized crypto tax services for Connecticut investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →CT Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Connecticut.
Learn More →CT IRS Resolution
Professional representation before the IRS for Connecticut taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →CT 83(b) Elections
Equity compensation planning and 83(b) election filing for Connecticut startup employees and founders receiving restricted stock.
Learn More →CT Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →CT Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →CT Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →CT Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →CT Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →CT Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →CT Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →CT Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →CT Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →CT Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →CT Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Connecticut Audit Services in Detail
Connecticut businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Connecticut Nonprofit Audits
Under Connecticut's Solicitation of Charitable Funds Act, charities registered with the Department of Consumer Protection are generally required to submit audited financial statements when annual gross revenue exceeds $500,000, and reviewed financial statements when gross revenue is between $200,000 and $500,000. Audited statements are also routinely expected by the Hartford Foundation for Public Giving, the Connecticut Health Foundation, the Fairfield County's Community Foundation, the United Way of Connecticut, and major Connecticut grantmakers.
Connecticut 401(k) & Employee Benefit Plan Audits
Connecticut plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Connecticut, including plans sponsored by Hartford-area insurers (The Hartford, Aetna/CVS, Travelers, Cigna), Fairfield County hedge funds and private equity firms, defense contractors (RTX/Pratt & Whitney, Sikorsky, Electric Boat in Groton), and pharma (Pfizer in Groton).
Connecticut Single Audits (Uniform Guidance)
Connecticut nonprofits, municipalities, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
Connecticut Lender, Bonding & Investor Audits
Connecticut banks, surety companies, and Fairfield County hedge fund and private equity investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
Connecticut Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Connecticut lenders for smaller credit facilities, by acquirers in CT M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
Connecticut (CT) Tax & Business Landscape
Key Connecticut Tax Numbers. Personal income tax: graduated, top rate 6.99% on income above approximately $500,000 (single) / $1,000,000 (MFJ). Corporate income tax: 7.5% base rate plus a 10% surtax on companies with $100M+ in capital base or with income above $250K — effective combined top approximately 8.25%. Sales and use tax: 6.35% statewide (no local add-on). Estate tax: applies above the federal exemption (currently approximately $13.61 million in 2024, indexed) at rates up to 12%. Gift tax: yes — Connecticut is currently the ONLY U.S. state with its own gift tax, unified with the estate tax exemption. Pass-Through Entity Tax (PE Tax): 6.99% top rate, the first PTE in the country (effective tax year 2018), originally mandatory and now elective starting tax year 2024.
Filing Mechanics. Individuals file Form CT-1040 (residents) or CT-1040NR/PY (nonresidents and part-year residents). C-corporations file Form CT-1120. Pass-through entities file Form CT-PET for the PE Tax election. CT estate tax is filed on Form CT-706/709 (combined estate and gift return). Returns are due April 15 and administered by the Connecticut Department of Revenue Services (DRS).
NY Commuter & Multi-State Considerations. Connecticut has no reciprocity with any neighboring state. CT residents owe CT tax on worldwide income but receive a credit for NY State (and NYC if applicable), MA, RI, or NJ tax paid on income sourced there. The credit is generally limited to what CT would have charged on the same income. CT residents working remotely from CT for NY employers face the NY "convenience of the employer" rule, which often makes those wages NY-source despite remote work — a major issue for the Fairfield County financial services population.
Connecticut Economy & Who We Serve. Connecticut is anchored by the insurance industry centered in Hartford ("the insurance capital of the world" — The Hartford, Aetna/CVS, Travelers, Cigna), defense and aerospace manufacturing (RTX/Pratt & Whitney, Sikorsky, Electric Boat submarines in Groton), pharmaceuticals (Pfizer's R&D in Groton), and the world's largest concentration of hedge funds and private equity in Fairfield County (Greenwich, Stamford, Westport — Bridgewater, AQR, Tudor, Point72, etc.). Our typical CT clients include hedge fund and PE partners, insurance executives, defense and aerospace professionals, and high-net-worth families navigating CT's combined estate and gift tax.
CPA Mobility in Connecticut. Connecticut has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to Connecticut clients without obtaining a separate Connecticut individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Connecticut State Board of Accountancy mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Connecticut, including Hartford (state capital; insurance), Stamford (financial services, hedge funds), Greenwich (hedge funds, private equity, PE), New Haven (Yale, biotech), Bridgeport, Norwalk, Danbury, Waterbury, West Hartford, New Britain, Bristol (ESPN), Meriden, Fairfield County, the Connecticut shoreline, the Litchfield Hills, and every Connecticut community.
Why Connecticut Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Deep expertise in CT-specific issues: PE Tax election (the country's first PTE), CT's unique combined estate-and-gift tax, NY commuter convenience-of-employer mechanics for the Fairfield County financial services population, and hedge fund / PE partner taxation
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax (mark-to-market, wash sales for CT hedge fund and trading professionals), and 83(b) elections for CT biotech/insurance employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Connecticut CPA — Frequently Asked Questions
Do I need a Connecticut-licensed CPA, or can an out-of-state CPA handle my CT tax and audit work?
Connecticut has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to Connecticut clients without holding a separate Connecticut individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Connecticut State Board of Accountancy registration before commencing attest engagements.
What is Connecticut's income tax rate, and when is the CT return due?
Connecticut has a graduated personal income tax with a top rate of 6.99% on income above approximately $500,000 (single) / $1,000,000 (MFJ). Form CT-1040 (residents) or CT-1040NR/PY (nonresidents and part-year residents) is due April 15.
Is Connecticut really the only state with a state-level gift tax?
Yes. Connecticut is currently the only U.S. state that imposes its own gift tax — separate from (but parallel to) the federal gift tax. The CT gift tax exemption is unified with the CT estate tax exemption (currently tied to the federal exemption of approximately $13.61 million in 2024). Lifetime gifts above the CT exemption are subject to CT gift tax at rates up to 12%, even if no federal gift tax applies. This makes lifetime gifting strategy materially different for CT residents than for residents of other states.
Does Connecticut have a SALT-cap workaround for partnerships and S-corps?
Yes. Connecticut enacted a Pass-Through Entity Tax (PE Tax) effective for tax years beginning on or after January 1, 2018 — the first state PTE in the country. Originally mandatory, the CT PE Tax became elective starting with tax year 2024. The top rate is 6.99% (matching the personal IT top rate), and members receive a corresponding credit on Form CT-1040. The election (or, prior to 2024, the mandatory filing) is made on Form CT-PET.
I live in Connecticut and work in New York City. How is my tax return affected?
CT residents owe CT tax on worldwide income but receive a credit for NY State (and NYC if applicable) tax paid on NY-sourced wages. CT does NOT have reciprocity with NY (or any other state). CT residents working remotely from CT for NY employers face the NY "convenience of the employer" rule, which often makes those wages NY-source despite remote work. We routinely handle CT/NY commuter mechanics.
When does my Connecticut nonprofit need an audit?
Under Connecticut's Solicitation of Charitable Funds Act, charities registered with the Department of Consumer Protection are generally required to submit audited financial statements when annual gross revenue exceeds $500,000, and reviewed financial statements when gross revenue is between $200,000 and $500,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve Connecticut clients outside Hartford and Stamford?
Yes. Our practice is virtual-first, so we serve clients across all of Connecticut — including Greenwich, New Haven, Bridgeport, Norwalk, Danbury, Waterbury, West Hartford, New Britain, Bristol, Meriden, Fairfield County, the shoreline, and every Connecticut community — with the same level of access and service.