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2024 Class of Connecticut Professionals’ Leadership Academy Graduates

June 19, 2024

This spring, two dozen Connecticut residents graduated from the 2024 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.

  • press room

Meet CTCPA's Graduates of the 2024 Connecticut Professionals' Leadership Academy

June 19, 2024

This spring, several Connecticut residents graduated from the 2024 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.

  • member news
  • press room

25% of big companies have no CFO succession plan in place: report

June 18, 2024

The result is dissonant in a current environment where most finance chiefs agree that risk-taking isn’t especially prudent.

  • business and industry

FTC Chair: New Non-Compete Agreement Rule Raises Floor, But Still Leaves Gaps

June 18, 2024

As the Federal Trade Commission prepares to enforce its ban on non-compete agreements (NCAs), the agency’s chair spoke in Hartford about some of the gaps that could still remain when the rule goes into effect.

  • advocacy - federal

Treasury, IRS release guidance on the prevailing wage and apprenticeship requirements for increased credit and deduction amounts under the Inflation Reduction Act

June 18, 2024

The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy incentives, enacted as a part of the Inflation Reduction Act (IRA).

  • federal tax

Private equity has big plans for small firms

June 17, 2024

About a year ago at AICPA & CIMA ENGAGE, small firm owner Amber Goering, CPA, CGMA, teamed up with David Wurtzbacher, the founder and CEO of a private-equity-backed strategic partner for regional firms, to lead a panel discussion titled, "Small Firm Succession — Are You Ready for the Next Wave of M&A?"

  • practice management

Tax leaders add value when acting strategically: report

June 17, 2024

Those identified as merely “tacticians” may be hampering their professional growth by limited access to resources.

  • federal tax

IRS gives another limited estimated corporate AMT underpayment waiver

June 13, 2024

The IRS provided another limited waiver of the addition to tax under Sec. 6655 for a corporate taxpayer's failure to pay estimated income tax with respect to its Sec. 55 corporate alternative minimum tax (AMT) liability.

  • federal tax

Lamont administration could cut town aid but expects it won’t

June 13, 2024

Governor must find big savings once next CT budget gets underway in July.

  • advocacy - state

Lamont completes review of 175 bills passed in 2024

June 13, 2024

Gov. Ned Lamont finished his review Thursday of the 175 bills passed by the General Assembly in the regular 2024 session, signing one final bill: a measure making numerous unrelated changes to insurance statutes.

  • advocacy - state

9 months into ERC claim processing moratorium, still a waiting game

June 12, 2024

In September 2023, the IRS announced a moratorium on the processing of new employee retention credit (ERC) claims because of what it said was rampant fraud.

  • coronavirus
  • federal tax

Generative AI and Risks to CPA Firms

June 11, 2024

“Write a 1,200-word article regarding how CPA firms can manage risk related to the use of ChatGPT and other forms of generative AI.” This easy ChatGPT request would have resulted in the production of this month’s column in a far more expeditious manner than writing one from scratch, but would it have been as informative or accurate? ChatGPT is an example of generative artificial intelligence (AI), and its popularity has soared since its introduction to the public in November 2022. Given ChatGPT’s versatility, speed, and ability to engage in human-like conversations, it’s easy to see why.

  • practice management
  • technology and cybersecurity

Risk-averse CEOs could be left behind in tech-driven future

June 11, 2024

Leaders who will not sacrifice efficiency today for greater innovation tomorrow may lose their competitive edge, according to a new report.

  • business and industry
  • technology and cybersecurity

KPMG Launches "AI Impact Initiative” to Bring AI Technology to Nonprofits and Enable the AI Workforce of the Future

June 10, 2024

Programs will responsibly enable non-profits to do more good with the latest AI technologies and help equip the future workforces with critical AI skills.

  • member news
  • not-for-profit
  • technology and cybersecurity

PEEC releases exposure drafts on recruiting and tax services

June 10, 2024

The AICPA Professional Ethics Executive Committee (PEEC) on Monday released for public comment exposure drafts on recruiting and tax services for attest clients that, if adopted as final, will apply to members in public practice.

  • federal tax

Michele Ganon, Larry Gramling Honored with Educators of Excellence Awards

June 09, 2024

At the June 6 Recognition Reception, Educators of Excellence ("Eddys") awards were handed out to Michele Ganon of Western Connecticut State University and, posthumously, to the family of longtime University of Connecticut professor and CTCPA past president Larry Gramling.

  • member news
  • press room

2024 AICPA Spring Council Takeaways from Katherine Patnaude and Amber Moore

June 08, 2024

In May, CTCPA Executive Director Bonnie Stewart headed to Orlando, FL with AICPA Council members Katherine Patnaude of PKF O’Connor Davies and Amber Moore of Goldblatt Bokoff for the spring AICPA Council. Katherine and Amber had a front row seat to the profession, gleaning insight on where we stand today

  • member news
  • pipeline

ID theft victims wait longer to receive refunds

June 07, 2024

The amount of time that identity theft victims have to wait for tax refunds has increased as the Internal Revenue Service has shifted priorities, with some victims waiting nearly two years.

  • personal financial planning
  • federal tax

Lamont Mulls Priorities With Special Session Set For June 27

June 07, 2024

Conversations about the General Assembly’s imminent special session loomed after the State Bond Commission meeting Friday, with Gov. Ned Lamont laying out his priorities for the opportunity to address some leftover issues.

  • advocacy - state

Expert warns: IRS has what it needs to pursue more audits

June 06, 2024

The IRS now has enough money that it can hire more experienced workers to audit both companies and individuals, and it does not have to pick and choose among whom to audit, a managing director at Grant Thornton told attendees at AICPA & CIMA ENGAGE 2024 in Las Vegas.

  • accounting and auditing
  • federal tax