News

The AICPA Accounting and Review Services Committee (ARSC) voted Thursday to expose for public comment a proposed revision that would "make explicit" that a CPA preparing financial statements as a byproduct of a consulting services engagement performed in accordance with CS Section 100 is not required to apply AR-C Section 70, Preparation of Financial Statements.

Data privacy and FP&A top CFOs’ priorities for the coming year, according to a new survey report from Protiviti.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

The Internal Revenue Service today updated its frequently asked questions in Fact Sheet 2024-30 PDF for the Premium Tax Credit.

Businesses with 5 or more employees who do not offer a retirement plan and have been in business since January 1, 2023 are required to either register and enroll employees in MyCTSavings, or provide another qualified retirement plan. Once enrolled, employees have the option to opt-out, stay with the standard Roth IRA, or customize a Roth IRA by setting the deduction percentage and choosing from several fund options.

Sustainability is rapidly becoming a business requirement – yet so many companies are still dragging their feet. Immediate Past CTCPA Chair Timothy Hedley, PhD, CPA, CFF, CFE, a Fordham University adjunct professor responsible for the college’s ESG literacy programs and initiatives, joins us to share why companies need to care about ESG.

The accounting industry is experiencing a consolidation wave, driven by the ongoing challenges of succession planning for aging partners and the new influence of private equity investment.

The new EU Artificial Intelligence Act raises many questions and should put AI on every business’s agenda sooner rather than later.

With IT security and data protection being such important factors, accountants and bookkeepers need to ensure they have considered how they set rules and guidelines for themselves and their teams.

Adoption of finance AI — artificial intelligence that aids in the finance function — is on the rise.

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.

CTData Collective and the state Department of Health have teamed up to launch a new online tool that will provide “groundbreaking” population data, migration patterns, and housing information down to the town level.

Leadership’s patience around getting returns on technology investments is thinning, according to new data from IBM.

Two CTCPA members were named to the Hartford Business Journal's "2024 Lifetime Achievement & C-Suite Honorees": Drew Andrews of Whittlesey and Michael Tedone of Connecticut Wealth Management. Drew was one of two awardees recognized in the "CEO, Medium Company, 76-199 Employees" category, while Michael was one of two awardees in the "Chief Financial Officer, Small Company, Less Than 75 Employees" category.

The Internal Revenue Service today issued proposed regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT).

In a joint effort to support the next generation of accountants while maintaining accounting’s rigorous public protection mandate, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed an initiative aimed at helping Certified Public Accountant (CPA) candidates meet initial licensure requirements. The CPA Competency-Based Experience Pathway would provide an additional option for candidates to demonstrate their professional and technical skills after earning a bachelor’s degree and meeting their state’s requirements for accounting and business courses.

Mergers and acquisitions (M&A) and growth opportunities are on the rise, according to a survey of leaders at private companies and private-companies-turned-public.

The Internal Revenue Service announced today tax relief for individuals and businesses in Connecticut and New York affected by severe storms and flooding from torrential rainfalls that began on Aug. 18, 2024. Some communities in western Connecticut also experienced landslides and mudslides from these storms.

The SEC approved a PCAOB standard that establishes a risk-based quality control system for public accounting firms.

After a period of initial data collection and review as required by the Federal Emergency Management Agency (FEMA) and the U.S. Small Business Administration (SBA), Governor Ned Lamont today submitted a formal request to President Joe Biden seeking a major disaster declaration due to the historic rainfall and extreme flooding that impacted communities in Fairfield County, Litchfield County, and New Haven County on August 18, 2024.