News

Hybrid work environments persist during the pandemic

May 13, 2022

Employees at accounting firms and other types of businesses are continuing to work remotely, or at least coming into the office less, as the COVID-19 pandemic continues.

  • business and industry
  • coronavirus
  • practice management

IRS blames old tech in destruction of information returns

May 13, 2022

The IRS said Thursday that it destroyed approximately 30 million unprocessed information returns because its "antiquated technology" forced it to dispose of the paper documents and vowed to process all such information returns that it received in 2021 and 2022.

  • federal tax

IRS blasted for destroying millions of information returns

May 13, 2022

The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately.

  • federal tax

Connecticut Society of CPAs Elects 2022-2023 Leadership

May 12, 2022

The Connecticut Society of Certified Public Accountants (CTCPA) has elected and installed its Board of Directors for the 2022-2023 activity year.

  • member news
  • press room

Growing Pains: Stuck on Excel

May 12, 2022

As a company scales, the spreadsheet software can impede finance’s pursuit of efficiency.

  • business and industry
  • technology and cybersecurity

New quality management standards approved by AICPA Auditing Standards Board

May 12, 2022

The AICPA Auditing Standards Board has approved new quality management standards designed to improve a firm's risk assessment and audit quality.

  • accounting and auditing

Stephen Pedneault Honored as UConn's MSA Professor of the Year

May 12, 2022

Stephen Pedneault, Founder/Owner of Forensic Accounting Services, LLC in Manchester, was honored as the MSA Professor of the Year by the UConn School of Business Accounting Department. Steve has won the award, which is voted on by the students, three times.

  • member news

What every CPA should know about disrupted supply chains

May 12, 2022

Over the last two years, a series of shocks — including factory closures, skyrocketing shipping costs, shortages of material and labor, and the war in Ukraine — has created extreme variability for businesses in practically every industry.

  • business and industry
  • coronavirus
  • practice management

4 In 10 U.S. Workers Report Increased Burnout, Robert Half Research Shows

May 10, 2022

Burnout is a growing issue for many workers, including those who have flexible schedules, new research from talent solutions and business consulting firm Robert Half shows. In a survey of more than 2,400 professionals in the U.S., 41% of respondents said they are more burned out now than a year ago. Results are nearly unchanged from a similar 2021 poll, suggesting more must be done to support employees' mental health and well-being.

  • business and industry
  • career resources
  • practice management

CFO to CEO: 6 Tips to Prepare for the Top Spot

May 10, 2022

Finance chiefs are in a better position than ever to make the jump to CEO.

  • business and industry
  • career resources

Ed Bader Honored as 2022 Robert C. Knox Jr. YMCA Distinguished Leadership Award Recipient

May 10, 2022

The YMCA of Greater Hartford announced Edward F. Bader as the recipient of this year’s Robert C. Knox Jr., YMCA Distinguished Leadership Award on April 21 at the association’s annual meeting. The award is the highest tribute the YMCA pays to its volunteer leaders who exemplify the ideas of the YMCA and their dedication to preserving the responsibilities and opportunities the Y has to offer.

  • member news

FASAB seeks input on proposed amendments related to leases

May 10, 2022

The Federal Accounting Standards Advisory Board (FASAB) is seeking input on proposed amendments intended to clarify the application of lessee and lessor discounting requirements.

  • accounting and auditing

How to be a trailblazer for women in the profession

May 10, 2022

Women are still far behind where they should be in terms of business and accounting leadership, sitting in less than a quarter of C-suite executive offices. Women of color are in only 4% of those positions.

  • diversity

The CPA’s Cybersecurity Imperative

May 10, 2022

Cyber incidents continued their upward trajectory in 2021 – once again breaking records and setting the stage for an even more active 2022, with geopolitical events contributing to an already heightened threat level. And in this environment, CPA firms – which accelerated their digital transformation during the pandemic – are particularly vulnerable to an attack.

  • practice management
  • technology and cybersecurity

GASB Issues Omnibus Statement Addressing Wide Range of Practice Issues

May 09, 2022

The Governmental Accounting Standards Board (GASB) today issued guidance addressing various accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements or during the due process on other pronouncements.

  • accounting and auditing

How to Advise Clients who Fear Market Volatility

May 09, 2022

Clients might lose faith in long-term investing when stock prices fall, but stocks remain a worthy investment when the right strategy is implemented. Here, Bryce Sanders explains why dollar cost averaging might be a good way to help clients face financial fears when it comes to the stock market.

  • personal financial planning
  • practice management

IRS destroyed 30M paper information returns due to backlog

May 09, 2022

The Internal Revenue Service decided to destroy an estimated 30 million paper-filed information return documents in March 2021 because of its inability to process its backlog of paper tax returns, according to a new report.

  • federal tax

Lamont Signs The Budget

May 09, 2022

Alongside Democratic legislative leaders, Gov. Ned Lamont signed the $24 billion budget adjustment Monday that includes $600 million in tax relief.

  • advocacy - state

Democrats anoint Lamont for a second term, praise his handling of economy and pandemic

May 07, 2022

In his acceptance speech, Gov. Ned Lamont plugs his economic record, responds to GOP nominee Bob Stefanowski

  • advocacy - state

GOP nominates Bob Stefanowski for rematch with Gov. Ned Lamont

May 07, 2022

Connecticut Republicans united Friday night behind the rebooted gubernatorial ambitions of Bob Stefanowski, the businessman who outflanked the GOP establishment in 2018 only to lose by three points to Gov. Ned Lamont.

  • advocacy - state