News

Present and long-term concerns about cybersecurity are top of mind for C-suite executives around the world, a new report from global consulting firm Protiviti found. Cyber threats have climbed the ranks of the annual report's global risks, going from 15th place last year to third in 2024, and up from 13th to the top risk facing organisations 10 years out.

The Internal Revenue Service today issued initial guidancePDF to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies.

A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) have approved revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards), as well as the NASBA Fields of Study document. The Standards changes, which include additional options for virtual learning, were effective Jan. 1, 2024.

The beneficial ownership information reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) became effective on January 1, 2024. Under the CTA, every “reporting company” must file a beneficial ownership information (BOI) report with the U.S. Financial Crimes Enforcement Network (FinCEN). With the CTA now in effect, many will face the threshold question: “Does my entity need to file a BOI report?”

When considering what is trending in employee benefits, many workplaces are still adjusting to a post-pandemic landscape, and employees’ priorities continue to reflect an increased commitment to mental and physical health, flexibility, and work/life balance.

If a former firm partner turned artificial intelligence (AI) expert feels overwhelmed with the current rate of change related to generative AI (Gen AI) tools like ChatGPT, where does that leave CPAs charged with advising clients, work teams, or both?

Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?

Hear from the experts on risk management considerations relating to accounting firm mergers and acquisitions.

Starting January 1, 2024, a significant number of businesses are required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million[3] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.

Emerging technologies continue to divide opinion, says a global report, with employees simultaneously seeing potential for social good and ethics missteps.

Through its discussions, the Task Force has narrowed its discussions on a structured experiential learning program that would provide for education, documented experience, and other elements that would provide an equivalent path to licensure without the need of having a fifth year to complete a 150-hours education program that would appear on an accredited transcript.

Tired of dry, text-heavy CPA review materials? We've got you covered! The Connecticut Society of CPAs is thrilled to announce a new exclusive partnership with Universal CPA Review! As a valued member of CTCPA, you can now study for FREE with Universal CPA Review's comprehensive CPA review course until August 1, 2024!

Enacted as part of the 2021 National Defense Authorization Act and amending the Bank Secrecy Act, the Corporate Transparency Act (CTA) is intended to close a perceived information gap related to money laundering and other illicit acts.

With 2024 upon us, it's time — or perhaps past time — to start considering what the new year will bring, and for accounting firms to start making plans about how to grow over the next 12 months.

Three years ago, when COVID-19 shook the world, it also shook up how we work. Gone are the days when a nine-to-five routine inside the same four walls was just how things were done. Fresh and flexible approaches have emerged that address both employee desires and business needs. One of these approaches is the hybrid work model.

No one likes to think about it, but as we age, some of us will become critically ill or injured, and some of us will experience a long-term disability. Family emergencies and obligations can also call CPAs away from their businesses for long periods of time. What would happen to our clients in such a scenario? When a client needs attestation services to obtain financing or satisfy loan covenants, or another client needs to have a tax return prepared by a certain deadline, who will complete the work? Potentially negative effects, such as missed opportunities or damage to a client’s business, are risk exposures that can come into play when a CPA becomes ill or disabled. CPAs who have not yet taken the time to develop a continuation plan may be: 1) inviting future lawsuits against themselves or their estates; and 2) leaving their spouses, families, and heirs with the daunting task of trying to figure out what to do. What kind of contingency plan do you have in place in the event of an emergency? If the answer is “none,” what can you do now to get a plan in development and underway?

Ask yourself the following question: What will my spouse or immediate heirs do with my practice if I die or become disabled? Would your spouse or children be able to take over the management of your practice? What would become of all your hard work and effort with your practice and clients? How can you preserve the value of your professional accounting practice, which may be the largest asset in your estate? In the event of death or temporary or permanent disability, a practice continuation agreement helps protect your practice, the business interests of your clients, and the financial interests of you and your family. It can also be used as a vehicle for retirement.

In late March, a 44-year-old CPA-triathlete was getting ready for a morning run before a busy day at work. While getting dressed, he suddenly had a massive stroke. His wife was able to call an ambulance and get help quickly, but the CPA was in a coma for a week and hospitalized for several months thereafter. The CPA was a sole practitioner, and the April 15 tax deadline was approaching. His wife, who had no prior experience with his business, was thrust into having to address the impending deadline, all while juggling her career, their three children, his care, and her feelings and emotions.

The talent shortage is currently the biggest challenge in accounting — as the 2023 Top 100 Most Influential People have all attested. But how would this year's top leaders and innovators recommend the profession remedy the this urgent issue?