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On September 30, 2023, the CTCPA Peer Review Committee will lose a valued member as Nancy Hayes concludes her service on the committee after some 35 years. A partner at Carter, Hayes + Associates, P.C. in Hamden, Nancy has served as committee chair multiple times and on peer review subcommittees exhibiting the highest levels of professionalism. Without its volunteers, the peer review program in Connecticut could not exist. Nancy’s efforts along with the rest of the committee help firms stay compliant with complex accounting and auditing standards. Nancy’s deep knowledge, calm demeanor, and clear council will be missed!

A recent global survey from McKinsey found that leaders are looking to increase AI-related investments, but less than half have planned for the organisational risks involved.

Beth Gosciminski was named manager at Harper & Whitfield, P.C (H&W). She works in both the Farmington and Simsbury locations and was promoted twice since joining the H&W team in January 2002.

On August 1, the AICPA and all 54 State CPA Societies, including CTCPA, sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.

Taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to achieve paperless processing for all tax returns by filing season 2025.

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo is warning Connecticut employers and residents of an uptick in unemployment benefits fraud due to identity theft. Connecticut is among states being targeted by criminals who are flooding the unemployment system using stolen identities to file for benefits. During the pandemic, stolen identities were available on the dark web for about one dollar. Criminals are still mining this resource to purchase names, Social Security Numbers, birth dates, and other personal information that they use to apply for credit cards, bank loans, and unemployment benefits. Connecticut’s unemployment system is currently receiving several thousand claims per day; CTDOL suspects around 75% are fraudulent and is withholding payment.

Running an accounting firm needs constant attention as tech prices and client specifications change constantly. Practice owner Alex Falcon Huerta lays out her current tech stack and how her costs and priorities have evolved.

With so much disruption being thrust upon them, you'd think the last thing accounting firms would want to do is to disrupt themselves — yet that may be exactly what they need to do, says Bob Lewis of The Visionary Group.

Finance professional and data expert Michelle Govindsamy fills in the gaps on AI’s role and how the profession will change in the future.

Governor Ned Lamont today announced that he has signed into law legislation approved by the Connecticut General Assembly during the recently adjourned session that requires students to complete a half-credit course in personal financial management and financial literacy in order to graduate from Connecticut public high schools. It also adds personal financial management and financial literacy to the state’s required program of instruction for public schools.

While technology undoubtedly speeds up some of the more time-consuming aspects of accounting work, it is not a magic solution to the skills shortage. Jonathan Bareham, director of Raedan, says human expertise remains essential in building a successful firm.

The rising interest in finance automation presents a compelling growth opportunity for controllers to establish themselves as de facto finance chief information officers.

Brian Kelleher and Amber Tucker of Fiondella, Milone & LaSaracina wrote the Hartford Business Journal's "Expert's Corner" article "Nonprofits: Don't fear the merger."

"A new frontier for accountancy." Those were the words of Jeremy Osborn, FCMA, CGMA, Global Head of ESG at AICPA & CIMA, a couple of days after the International Sustainability Standards Board issued the first two standards aimed at creating a global baseline for sustainability reporting.

CironeFriedberg, LLP announced the promotion of David C. Moseman, CPA to Partner in Charge of Tax services and Nicholas DaPaz, CPA to Partner in Charge of Audit services for the firm.

In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures have an effective date of Jan. 1 for some portions, pending adoption in more than 140 jurisdictions worldwide. IFRS S1 features a global baseline for reporting requirements on the disclosure of sustainability-related risks and opportunities. IFRS S2 features reporting requirements specific to climate-related disclosures, in concert with the reporting framework established by IFRS S1.

Randee Roucoulet, a partner at Simione, Macca & Larrow LLP in Hamden, completed her sixth IRONMAN on June 25.

A new report shows "disproportionate challenges” for LGBT+ employees, shares inclusion advice for organisations.

This spring, 27 Connecticut residents graduated from the 2023 class of the Connecticut Professionals’ Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture.

This spring, two dozen Connecticut residents graduated from the 2023 Connecticut Professionals’ Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture. The program, focused on the next generation of business leaders, was presented in partnership with six professional organizations: • American Institute of Architects, Connecticut, • CFA Society Hartford, • Connecticut Bar Association, • Connecticut Society of Certified Public Accountants, • Connecticut Young Insurance Professionals, and • Hartford County Bar Association. The program encourages participants to help evolve and grow their careers and industries, professional association groups and companies through dynamic sessions including Legislative Day at the Capitol, Personal Branding, How to Lead a Team Effectively and Efficiently, Business Finance 101, and a Lean Principles and Practices Team-Building Workshop. “The continued success of this collaborative leadership academy is a testament to the strengths and talents of these up-and-coming professionals and the organizations they represent. The leadership skills and relationships they have formed will serve them, their employers, and our community well as they lead through an ever-evolving environment today and into the future,” said Bonnie Stewart, Executive Director and CEO of the Connecticut Society of CPAs. ”The Connecticut Professionals’ Leadership Academy blends classroom education with personal and professional development while networking among peers. Designed to be different than other leadership training programs, participants are exposed to various skill developments, like personal branding, Clifton Strengthsfinder, introduction to being a board member, and meeting like-minded professionals all in a six-month time frame,” said Ryan Keating, CIC of Keating Agency Insurance, a member of the Board of Directors of the Connecticut Young Insurance Professionals. Applications Are Open Now for the 2024 Connecticut Professionals’ Leadership Academy Program application is open to early to mid-career professionals who are members of the partnering organizations seeking leadership training to propel them to the next level of their career. Learn more at www.ctcpas.org/LeadershipAcademy. Congratulations to These 2023 Connecticut Professionals’ Leadership Academy Graduates: American Institute of Architects, Connecticut Jason Levy of Farmington – QA+M Architects David Reilly of Darien – Trillium Architects Misha Semënov-Leiva of Essex – Centerbrook Architects Brian Stancavage of Cheshire – Svigals + Partners Justin Towart of Stratford – Further Architecture Office PLLC CFA Society Hartford Evan Paretti of Bridgeport – Fiducient Advisors Connecticut Bar Association and/or Hartford County Bar Association Jacqueline Betz of Hartford – Kurien Ouellette LLC Brittany Bisson of Cheshire – Saxe Doernberger & Vita, P.C. Sarah Dlugoszewski of Southington – Shipman & Goodwin LLP Dinora Lopez of Glastonbury – Liberty Bank Anne Nye of Andover – Gfeller Laurie LLP Michael Curley of West Hartford – Murtha Cullina LLP Connecticut Society of Certified Public Accountants Erica Ambrosio – Deloitte & Touche LLP Ava DelMastro of Middletown – RSM US LLP Amanda Eckert of Terryville – Deloitte Micah Flashman of New Haven – Razayya Financial, LLC Keegan French of Newington – Marcum LLP Michelle LaVoie of Cromwell – Marcum LLP Viktoriia Mills of Guilford – Fiondella, Milone & LaSaracina LLP (FML) Natalie Olmstead of Avon – The Siegfried Group Ian O'Toole of Branford – Deloitte & Touche LLP Kimberly Purisky of Milford – Beers, Hamerman, Cohen & Burger, PC Joseph Sullivan of Waterbury – CLA (CliftonLarsonAllen) Denisse Zavala of Weatogue – PwC