401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
Drew Andrews, managing partner/CEO of Whittlesey, named to CBIA Board of Directors
Connecticut's largest business lobby on Friday named 14 new members to its board of directors, including several from Hartford. The Connecticut Business & Industry Association (CBIA) said its newest board members will begin serving four-year...
Finance Leaders Look To Consultants For Specialized Skills And Expertise
Consultants play a key role in the labor model for the digital age. A new Robert Half Management Resources survey reveals 50 percent of CFOs plan to bring in these professionals for business systems and performance improvement initiatives over...
Podcast: How the Skillset for Today's CFO Is Changing
Scott Simmons is the managing director at Crist Kolder Associates, an executive search firm. Simmons focuses on searches for CFOs, chief operating officers, and corporate board members. He details the firm’s annual Volatility Report and shares...
Going extinct: why corporate giants die
The average company lifespan has shrunk to 17 years – and even the most successful firms can succumb.
How Wayfair Impacts Companies and Accountants
The Supreme Court’s Wayfair Inc. decision clearly has a far-reaching in the world of sales tax collection, so how exactly will it impact you and your business clients? Bill Sheridan, Chief Communications Officer for the Maryland Association of...
Regulatory fatigue? FATCA inaction may risk noncompliance
Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA, which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to address the potential for tax evasion, lack of planning in response to...
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small...
AI, machine learning, deep learning: Say what?!?
Artificial intelligence (AI) is already changing the nature of our lives. When you ask Siri for a restaurant recommendation or when you tell Alexa to play your favorite song, you're interacting with AI. AI has also been making its way into the...
IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to...

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  Finding the Value in Fair Value

By Gretchen G. Naso, CVA

Over the past 15 years, fair value accounting has evolved to become a part of many private companies’ financial statements. This evolution has not come without controversy. Due to its heavy reliance on assumptions and professional judgment, fair value reporting is dismissed by critics as an art, not a science, and is often considered unreliable.

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  Connecticut CPA magazine feature
U.S. Department of Labor’s New Fiduciary Rule Now Applies
Expands definition of investment advice

By George J. Kasper, J.D., LL.M., Pullman & Comley; Member, CTCPA Employee Benefit Plans Interest Group

Last year the U.S. Department of Labor (DOL) released a controversial new fiduciary regulation (the “Fiduciary Rule” or “Rule”) and related exemptions that impact investment advisers to certain retirement plans, IRAs, and other similar arrangements. The Rule has garnered much attention due to its broad application not only to financial institutions and their advisers, but others who provide services to plan sponsors, participants, and retirement account owners as well. In the midst of ongoing debate, legal challenges, and a directive from President Trump, the DOL delayed the Fiduciary Rule “applicability date” until June 9, 2017.

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  Connecticut CPA magazine feature
Making Work Work for the 21st Century: Exploring the Benefits of Workflex

By Cassidy J. Solis, Workplace Flexibility Program Specialist, Society for Human Resource Management

The 21st century workplace requires policies and practices that are responsive to employee needs and enable them to have more control over how they accomplish their work and responsibilities. That’s why top employers are making effective and flexible work – or “workflex” – a fundamental part of their strategy to attract and retain the best talent.

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  Recovering Losses From Employee Theft and Embezzlement

By Stephen A. Pedneault, CPA/CFF, CFE, Forensic Accounting Services, LLC

Individuals are stealing at an alarming rate, and the subsequent losses range from hundreds of thousands to millions of dollars. Over the past 10 years, the frequency of employee fraud has reached epidemic levels, yet only a fraction of these cases ever become public. Most are quietly resolved – for many reasons, but primarily to avoid negative publicity.

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