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If implementing generative AI can make the finance function more agile, it has the potential to be a source of competitive advantage, says Gartner.

If AI tools used for hiring are not thoughtfully implemented, it can create new challenges in the form of biased decision-making and possible litigation.

Accounting firms continue to grapple with significant labor shortages, as veteran employees retire in droves and fewer young graduates enter the field. CTCPA Executive Director Bonnie Stewart, Whittlesey Managing Partner and CEO Drew Andrews, and FML Partner Brian Kelleher were all quoted in the Hartford Business Journal article 'Numbers Crunch: Accounting firms turn to recruiters, high schools, apprenticeships in urgent search for new talent.' More than 300,000 U.S. accountants and auditors left their jobs in the past few years, according to Bureau of Labor Statistics data, leading to a 17% decline in employed accountants compared to 2019.

On August 30, the Biden administration issued a Notice of Proposed Rulemaking from the Department of Labor to extend overtime pay eligibility to more than 3 million workers. The initiative comes following a similar attempt by the Obama administration over eight years ago to revise overtime eligibility regulations under the Fair Labor Standards Act (FLSA). Under the new proposal, employers would be required to provide time-and-a-half pay for eligible workers who work beyond 40 hours per week. The previous threshold for this requirement set in 2019 by the Trump administration—$35,568—would be increased to $55,000.

For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.

Executives and employees believe artificial intelligence is good for business, but employees say some companies are not clear about how they intend to use AI.

Whittlesey, an accounting, advisory, and technology firm, is proud to announce that we have been named a Best of the Best Firm by INSIDE Public Accounting (IPA), an award-winning newsletter for the public accounting profession. Whittlesey is the only Connecticut and Western Massachusetts-based firm to make this list.

All too often, accounting firms are run on the default model, with new owners simply recapitulating the business practices and structures of the firms where they started their careers — but it doesn't have to be that way.

New initiatives will be supported by individuals across the CTCPA membership. Looking for member engagement!

Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).

Generative AI technologies like ChatGPT and Bard aren't the end of the world, as sci-fi antagonists may make them out to be. But they're not demure wallflowers, either. The truth exists somewhere in between, leaving CFOs with many questions but few answers on how to integrate these game-changing tools to maximize efficiency, accuracy and insight into everyday finance and accounting.

Melissa Braun of Whittlesey and Neha Nathwani of UHY LLP were both named to the Hartford Business Journal’s 2023 “40 Under 40” list.

This spring the National Association of State Boards of Accountancy (NASBA) announced an amendment to the Uniform Accountancy Act Model Rules that extends the CPA Exam testing window from 18 months to 30 months. This means that individuals will now have 30 months from receiving their first CPA Exam section passing score to successfully pass the remaining sections.

Whittlesey was recognized again as a Top 200 Accounting Firm in the country by INSIDE Public Accounting (IPA) for 2023. Whittlesey is the only Connecticut-based firm to make the Top 200 List.

A recent rise in software fees has sparked debate among practice owners about how the cost of multiple, interconnecting cloud applications should be packaged and presented to clients, whether price hikes should be passed on and when this should happen.

There is going to be a big gap between accountants who use artificial intelligence and those who don't, says Randy Johnston, executive vice president at K2 Enterprises, who shares ideas for leveraging this transformative technology.

Work/life balance is imperative to attract and retain younger workers. New research shows business leaders aren’t as enthusiastic about flexible working as employees are.

No policy issue has dominated the accounting profession over the past several decades as much as accountant education – specifically, the 150-hour education requirement.

By 2023-2024 CTCPA Chair Timothy Hedley, CPA, Ph.D. of Fordham University