In response to significant health, economic, education, and travel disruptions resulting in CPA Examination candidate hardships, the Connecticut Board of Accountancy will extend credit periods through June 30, 2025, for CPA Examination credits that expired from January 30, 2020(1) through May 11, 2023(2), which have not been subsequently replaced by new credits for the same sections. (1) The United States Department of Health and Human Services declared a national Public Health Emergency. (2) The United States Department of Health and Human Services announced the expiration of the national Public Health Emergency.
When Accounting Today began presenting this annual selection of technological tools several years ago, "apps" were generally small, limited solutions, often single-purpose, that were primarily meant for mobile use on a phone or tablet; on the rare occasions when they were versions of larger software tools, it was understood that they would be cut down to a minimal number of functions.
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.
Employer and employee priorities continue to clash, a new EY report finds. Leaders “should not underestimate the importance of trust and empathy”.
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 CEO and Managing Partner 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.
The good news is that 66% of all Connecticut businesses surveyed believe they will turn a profit. The bad news from the latest Connecticut Business & Industry Association survey is that about a third believe the business climate in Connecticut is declining, and a whopping 81% are struggling to find experienced workers.
As accounting firms are increasingly targeted with cyberattacks, cybersecurity has become essential for every professional. Between data breaches, phishing attacks and malware, criminals are going after the sensitive financial data held by accountants. The modern accountant, then, must take their cyber defenses seriously for the sake of themselves and their clients.
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.
Deciding if employees should return to the office is a decision CFOs should weigh with consideration for both employee and company needs.
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.
Most CPA firms are steeped in the partner model of ownership, but one of the country's largest firms recently opted to break with that model by establishing an employee stock ownership plan (ESOP).
Certain businesses that receive payments of over $10,000 in cash must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, electronically starting in 2024, the IRS said Wednesday in a news release (IR-2023-157). This new requirement applies to businesses that are required to file at least 10 information returns of one or more types other than Form 8300 in 2024.
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.
Most companies require or encourage employees to work from the office, but 80% of staff continue to work from home or keep a hybrid schedule.
New initiatives will be supported by individuals across the CTCPA membership. Looking for member engagement!
With labor issues continuing to be top of mind, we asked CFOs what new hires have requested lately.
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.
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.