IRS, Treasury issue proposed regulations updating income tax withholding rules
The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. In...
IRS: Don’t Rush To Take 2020 IRA RMDs, You Might Not Have To
The Internal Revenue Service is giving financial institutions a break when it comes to notifying retirement account holders about the new rules for taking required payouts known as RMDs. In Notice 2020-06, the IRS says that financial institutions...
The financial and human cost of loneliness in retirement
Social isolation and loneliness are not topics most CPA financial planners focus on when working on a client's retirement plan, but they are important to address. Isolation and loneliness can have serious emotional, social, and financial...
What Matters to Your Millennial Clients?
Did you know that over half of millennial business owners in the United States do NOT have a 4-year degree? With skyrocketing tuition and the ‘student loan debt crisis’, it is not surprising that many of us have chosen alternate paths. Taking the...
5 New Year’s resolutions you should be making about time management
You likely already have too much to do, too many goals, too many unfinished projects, and too many disappointments from this past year. So as you look ahead to 2020, the idea of adding more seems kind of exciting but also a bit daunting....
CT scholars owe major dollars
Connecticut college students bear the highest per-capita student-loan debt in the nation, according to a new survey by Notesolution Inc., which publishes the student resource website OneClass. College seniors in Connecticut graduate with an...
Congress Passes Sweeping Overhaul of Retirement System
Congress passed the most significant changes to the nation’s retirement system in more than a decade, a move designed to help Americans save more.
GoFundMe: CT is the sixth most generous state
The crowdfunding website GoFundMe says Connecticut is among the most generous states when it comes to donating to fundraising campaigns it hosts. This year, Connecticut produced the sixth highest number of donations per capita of any state to...
48% Of Companies That Offer Year-End Bonuses Plan To Increase Them, Survey Finds
Many workers will be bringing home fatter paychecks this month, suggests new research from global staffing firm Robert Half. More than three-quarters of senior managers polled (76%) said their company offers year-end bonuses. Of those...
Final regulations confirm: Making large gifts now won’t harm estates after 2025
The Treasury Department and the Internal Revenue Service today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted...
How retired CPAs can stay connected to the profession
Volumes of research suggest that volunteering in retirement is one of the best ways to feel connected, and keep your brain sharp. It can also give you a sense of purpose, as longtime volunteer George Krull, CPA, CGMA, Ph.D., can attest. Though...
Machine learning is changing asset management
Machine learning is making inroads into every aspect of business life and asset management is no exception. Here are six ways in which machine learning has transformed the field – from the feel of the trading floor to the ideal skillset.

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    Connecticut CPA magazine feature
Blockchain Brings Exponential Disruption, Growth Potential to Accounting

By Geoff Hopkins, Director, Technology and Management Consulting, RSM

Distributed blockchain was conceptualized and put into practice as a public and peer-to-peer autonomous ledger. As the core component of bitcoin, it immediately solved a digital currency double spending problem without a trusted authority or central administrator.

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  Connecticut CPA magazine feature
Client Data Is a Virtual Treasure Trove:
Why CPA firms must be vigilant about cybersecurity

By Mark R. Torello, CPA, CFE, CISA; Chair, CTCPA Technology Interest Group

Because CPA firms have access to a virtual treasure trove of data, we’re vulnerable to hackers and, therefore, held to higher levels of compliance requirements at both the state and federal levels. As accounting professionals, we should embrace these laws, because standardization and guidance are good for our industry and our clients. However, the myriad cybersecurity-related laws can be challenging to navigate.

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    Risk Alert – Social Engineering for CPAs

As with many fraud schemes perpetrated against accounting professionals, social engineering has obtained a greater level of sophistication. This development has arisen in response to increased awareness and vigilance of such schemes. Recent variations of the schemes have emerged to create a stronger appearance of legitimacy.

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Cybersecurity: A top concern among accounting professionals
The latest facts, court rulings, and new regulations

Stan Sterna, JD, Vice President, Risk Management, Aon Insurance Services

Safeguarding your clients’ nonpublic information from cyber-criminals is a top priority for CPA firms. In fact, the latest data breach statistics from RSA Security show an alarming increase in the number of exposed consumer records across industries:

  • 4,149 reported breaches exposing 4.2 billion records
  • 53% of all breaches resulted from hacking by outside sources
  • 91% of all breaches were electronic, as opposed to stolen hardware

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Creating a Disaster Plan to Ensure Your Company’s Security

By Paul C. Ursich, CPA, and Robert Risk, Wiss & Company LLP

When it comes to defending your enterprise from undefined catastrophes, traditional disaster recovery tactics are no longer adequate. If cyber terrorists seize your company’s critical information, or if human error or natural disasters erase your company’s data, your resources cannot be swiftly returned by outdated recovery methods.

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