News

A U.S. Department of Labor (DOL) report released earlier this month showed a need for improvement in audits of employee benefit plan financial statements.

Why is retaining talent consistently ranked as one of the greatest management challenges impacting the accounting and finance profession? What really drives the profession's perpetually higher-than-average turnover rates? The 2023 Illinois Society of CPAs Insight Special Feature, "Righting Retention," aims to answer those questions and more.

Rolleri & Sheppard CPAs, LLP has promoted Jayme White, CPA to Partner effective January 1, 2024.

With 2024 here, finding and keeping talent remains a top priority for many business leaders. That's largely due to lasting impacts on the professional landscape over the past few years: many employees are continuing to reevaluate their priorities and values, emerging Gen Z workers are making business owners evaluate benefits and recruitment strategies, and mass resignations and a highly competitive talent marketplace have created both challenges and opportunities for employers.

In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.

(Rocky Hill, CT) – The Connecticut Society of CPAs (CTCPA) will honor 14 outstanding women at the CTCPA Women’s Awards event on Wednesday, January 17, 2024 from 7:30 to 10:30 a.m. at the TPC River Highlands. Awardees will be honored in three categories: Distinguished Service, Women to Watch, and Aspiring CPAs (a new category for 2024). This is the fifth year the CTCPA has honored outstanding females in the profession.

After bipartisan approval in the Senate, the House similarly passed the National Defense Authorization Act on Thursday.

The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

As the International Auditing and Assurance Standards Board (IAASB) works to finalize a new global standard for assurance of sustainability reporting, the AICPA is working to provide important feedback to ensure the final standard works for CPAs in the United States.

As accounting firms are increasingly targeted with cyberattacks, cybersecurity has become essential for every professional. Between data breaches, phishing attacks and malware, criminals are going after the sensitive financial data held by accountants. Modern accountants, then, must take their cyber defenses seriously for the sake of themselves and their clients.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets.

The Internal Revenue Service has reorganized its leadership structure at the top, with a single deputy IRS commissioner instead of two, and four chief executives to lead taxpayer service, compliance, information technology and operations.

Last year saw a significant amount of disputes around earn-out agreements and working capital adjustments during M&A transactions, according to new research.

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities. The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.

The Internal Revenue Service's Independent Office of Appeals today released its Focus GuidePDF for fiscal year 2024. The guide highlights where Appeals will be improving taxpayer service in its mission to resolve tax disputes in a fair and impartial manner without the need for litigation.

During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA.

Following a partly sunny summer forecast for the U.S. economy, the outlook among CPA decision-makers again clouded in the latest quarterly survey released Thursday by AICPA & CIMA, together as the Association of International Certified Professional Accountants.

Most finance teams are aware of poor data quality, but still use it to make decisions, according to a new survey.

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.