News

On August 30, the Biden administration issued a Notice of Proposed Rulemaking from the Department of Labor to extend overtime pay eligibility to more than 3 million workers. The initiative comes following a similar attempt by the Obama administration over eight years ago to revise overtime eligibility regulations under the Fair Labor Standards Act (FLSA). Under the new proposal, employers would be required to provide time-and-a-half pay for eligible workers who work beyond 40 hours per week. The previous threshold for this requirement set in 2019 by the Trump administration—$35,568—would be increased to $55,000.

New initiatives will be supported by individuals across the CTCPA membership. Looking for member engagement!

No policy issue has dominated the accounting profession over the past several decades as much as accountant education – specifically, the 150-hour education requirement.

A new or growing business may need to devise creative recruitment strategies to reach the most qualified individuals. In today's labor market, many small and medium-sized businesses face additional hiring challenges thanks to recent inflation and economic fluctuations, which have created uncertainty for both employers and job seekers.

When CTCPA member Destiny Hartmann says that the organization has changed her career trajectory, she’s not exaggerating. As a junior at Eastern Connecticut State University, Destiny volunteered to contact local CPA firms to try to get firms to come to the Eastern career fairs and talk with students.

By Timothy P. Hedley, PhD, CPA, CFF, CFE, Executive in Residence – Fordham University, CTCPA Chair-elect, and ESG Committee Chair

By Jim Norton, CPA, Principal – GRF CPAs & Advisors and CTCPA Advisory Council Chair

By CTCPA Chair Michael Maksymiw Jr., CPA, Aprio Firm Foundation

A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).

IRS Commissioner Charles Rettig updated members of the Senate Finance Committee Thursday on the Service's performance in the soon-to-be-concluded tax filing season, as well as longer-term assessments of its efforts to modernize its operations, fill staffing gaps, and improve taxpayer service and enforcement.

By Jim Norton, CPA, GRF CPAs & Advisors Budgeting. Planning. Budgeting and planning. Financial planning and analysis. FP&A. Projections. Models. Forecasts. Pro formas. These are just a handful of terms that are often used interchangeably when talking about the process of analyzing an organization’s financial position. The buzz phrase that seems to resonate most with people lately is financial planning and analysis, or FP&A.

Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.

Change management is a buzzword we’ve heard a lot during the technological revolution. We all probably have our own idea about what it means – and the feelings it elicits.

America is changing. According to the 2020 Census, the proportion of the population identifying as white alone has fallen below 60%. The future of our workforce will be more racially and ethnically diverse. This demographic shift coincides with greater consciousness around Diversity, Equity, and Inclusion (DE&I) and extends to women and persons of other underrepresented demographic groups.

The bill requires CPAs to keep work product and workpaper related to work for a client for at least seven years after creation unless the law requires a longer retention. Current law only specifies that CPAs must retain workpaper as required by law.