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Imagine that a claim has been brought against your firm and you are sitting on the witness stand defending the firm's services. Your confidence is bolstered by detailed engagement letters used for each service that was delivered to the client by the firm. Yet doubt creeps into your mind as you remember your client's comments.

Organisations should consider addressing management practices and age-inclusion policies to retain talent across generations.

Brian May, CFO of food service company Nicholas and Company, offers a unique CFO perspective on the lessons he learned during a major digital overhaul.

On May 28, 2024, Governor Ned Lamont signed legislation expanding Connecticut’s 2011 Sick Leave Law. The new legislation is effective on January 1st, 2025. The law covers more employees, expands the reasons under which employees may use paid sick leave, and reduces the required hours to accrue paid sick leave.

As artificial intelligence quietly transforms the accounting industry, we look at how it has evolved and the changes it has brought to everyday tasks, with this feature forming part of our special editorial report on the subject, in association with Sage.

NPAG’s Accounting Talent Strategy Report explores the latest pipeline data, root causes of the profession’s attrition, potential solutions, and next steps.

Accounting firm Marcum, which has multiple offices in Connecticut, is being acquired by a publicly traded financial services advisory firm in a deal worth $2.3 billion, the company announced.

Of all problems the tax and accounting profession faces, staffing seems the most persistent. Older and younger accountants alike are bailing, driven by a sometimes hard combination of perception and reality.

In the midst of the generative Artificial Intelligence (AI) hype, automation often takes a backseat, with the assumption that AI will solve our problems. However, effective automation and AI implementation are impossible without proper processes, technology, and organization. Keeping this in focus, we’ll explore tools to help your firm achieve its goals and foster a healthy work-life balance for your team.

With no grand announcement, Connecticut quietly expanded employee’s paid sick time benefits. The bill greatly expands the law’s reach.

Several CTCPA members and Executive Director and CEO Bonnie Stewart were featured in this article on the change in demographics at Connecticut accounting firms.

A new national survey reveals “time” is why more accounting majors and young professionals are skipping over becoming certified public accountants.

The salary threshold required to exempt a salaried executive, administrative, or professional employee from federal overtime was increased from $35,568 to $43,888 effective July 1, 2024. The salary threshold will further increase to $58,656 on Jan. 1, 2025.

In response to reports of incidents of individuals altering PDF documents used to verify CPE compliance with the state of Connecticut, the Department of Consumer Protection has been working to validate certain CPE certificates, including some issued by the CTCPA. We have been contacted to verify information for current investigations and have been informed by the Department of Consumer Protection that several more inquiries are forthcoming.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

Michael Sabol of MahoneySabol, Drew Andrews of Whittlesey, and CTCPA Marketing and Communications Director Kirsten Piechota were quoted in “Accounting merger activity heats up as aging partners eye retirement, firms look for growth” in the Hartford Business Journal.

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?”

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?