News

Gov. Ned Lamont announced today his intention to recommend the elimination of licensure application fees for certain essential fields, as part of the fiscal year 2025 budget adjustment proposal.

Wire transfer fraud, vendor fraud, and CEO or CFO impersonations were the most frequent, according to a Trustpair survey.

Connecticut Governor Ned Lamont signed a new law that expands the circumstances in which workers can use state-mandated paid sick leave, effective October 1, 2023. The Connecticut Paid Sick Leave Law, originally passed in 2012, provides “service workers” with certain leave entitlements, including paid sick leave. This leave accrues at a rate of one hour for every 40 hours worked, up to a maximum accrual of 40 hours per year. The law also requires service workers be permitted to roll over at least 40 hours of accrued, unused paid sick leave per calendar year.

In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these plans will cost employers more.

A shift away from fully-in-office jobs continued over the last year, and the trend may well continue, based on research revealing that the large majority of recently formed companies are adopting flexible workweeks.

The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

On Feb. 7, the Connecticut General Assembly will convene for its 2024 legislative session. Its constitutional adjournment deadline is no later than midnight May 6. The sessions last three months in even-numbered years and five in odd-numbered years.

West Hartford-based firm Gitlin & Company has promoted Kathleen E. McKeon to Partner. She is responsible for a diverse array of tax and accounting services to a variety of businesses and individuals. She joined the firm in 2017 and has 21 years of public and private accounting experience.

Employers in a global survey see a significant gap between employee pay expectations and planned pay, fuelling flight risks for companies.

There's a notable shift in the perception and acceptance of artificial intelligence unfolding within the accounting profession, as a growing number of firms explore the various applications of AI and generative AI, and the improved efficiencies and competitive edge to be gained from them.

The IRS has added a question about income from digital assets to four forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns.

Legislators and advocates instead plan a ‘chip away’ approach to address some of Connecticut’s pressing housing issues

More than four in five companies in a global study offered ESG-related executive incentives in 2023, up from two in three companies just two years ago.

Inflation adjustments have significantly increased the civil monetary penalties for violating the beneficial ownership information (BOI) reporting rules and for the unauthorized disclosure or use of BOI. The rules requiring the reporting of BOI just went into effect this month.

The General Assembly is giving up on a special legislative session to address how to keep Connecticut committed to a transition to electric vehicles, leaving the issue for consideration in the regular session that opens on Feb. 7.

The popularity of undergraduate accounting programs in the U.S. has been declining for years. According to a 2023 AICPA survey, the yearly number of new graduates with accounting degrees dropped 18.3% from its peak in 2016 through 2022.

Prevalent threats range from a contentious presidential election and expectations for a benign end to inflation to the hazards of adopting generative AI.

Richard Spencer, ICAEW’s director of sustainability, talks to Neil Cutting about the need for finance leaders to view sustainability through a business lens.

Generative artificial intelligence (Gen AI) is a fast-moving train. Perhaps that's why many companies seem unsure about when to hop onboard.

The Financial Accounting Foundation (FAF) today announced the launch of a completely redesigned website for the Financial Accounting Standards Board (FASB). Users can access the new FASB site immediately at www.fasb.org.