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Experts suggest five tactics that can keep finance team members motivated, engaged, and performing well in their role.

There are many reasons why you may want to purchase an accounting firm. Perhaps you are looking to increase your geographic reach, expand into a new area of practice, or add quality staff. Regardless of the reason, this article can help you navigate the process and help reduce the risk when purchasing an accounting firm.

Employees who feel trusted by their employers feel empowered to do their best work. Improved employee output can, in turn, fuel consumer trust.

The burden of choice is very real for accounting firms these days. From the constant stream of new technologies and the proliferation of new firm models, to the emerging demand for services in CAS, ESG, cannabis and beyond, one of the most critical choices firm leaders can make is which to pursue, and which to ignore.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

Michael Sabol of MahoneySabol, Drew Andrews of Whittlesey, and CTCPA Marketing and Communications Director Kirsten Piechota were quoted in “Accounting merger activity heats up as aging partners eye retirement, firms look for growth” in the Hartford Business Journal.

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) have approved revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards), as well as the NASBA Fields of Study document. The Standards changes, which include additional options for virtual learning, were effective Jan. 1, 2024.

The beneficial ownership information reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) became effective on January 1, 2024. Under the CTA, every “reporting company” must file a beneficial ownership information (BOI) report with the U.S. Financial Crimes Enforcement Network (FinCEN). With the CTA now in effect, many will face the threshold question: “Does my entity need to file a BOI report?”

If a former firm partner turned artificial intelligence (AI) expert feels overwhelmed with the current rate of change related to generative AI (Gen AI) tools like ChatGPT, where does that leave CPAs charged with advising clients, work teams, or both?

Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?

Hear from the experts on risk management considerations relating to accounting firm mergers and acquisitions.

Starting January 1, 2024, a significant number of businesses are required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million[3] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.

Emerging technologies continue to divide opinion, says a global report, with employees simultaneously seeing potential for social good and ethics missteps.

Through its discussions, the Task Force has narrowed its discussions on a structured experiential learning program that would provide for education, documented experience, and other elements that would provide an equivalent path to licensure without the need of having a fifth year to complete a 150-hours education program that would appear on an accredited transcript.

No one likes to think about it, but as we age, some of us will become critically ill or injured, and some of us will experience a long-term disability. Family emergencies and obligations can also call CPAs away from their businesses for long periods of time. What would happen to our clients in such a scenario? When a client needs attestation services to obtain financing or satisfy loan covenants, or another client needs to have a tax return prepared by a certain deadline, who will complete the work? Potentially negative effects, such as missed opportunities or damage to a client’s business, are risk exposures that can come into play when a CPA becomes ill or disabled. CPAs who have not yet taken the time to develop a continuation plan may be: 1) inviting future lawsuits against themselves or their estates; and 2) leaving their spouses, families, and heirs with the daunting task of trying to figure out what to do. What kind of contingency plan do you have in place in the event of an emergency? If the answer is “none,” what can you do now to get a plan in development and underway?

Ask yourself the following question: What will my spouse or immediate heirs do with my practice if I die or become disabled? Would your spouse or children be able to take over the management of your practice? What would become of all your hard work and effort with your practice and clients? How can you preserve the value of your professional accounting practice, which may be the largest asset in your estate? In the event of death or temporary or permanent disability, a practice continuation agreement helps protect your practice, the business interests of your clients, and the financial interests of you and your family. It can also be used as a vehicle for retirement.

In late March, a 44-year-old CPA-triathlete was getting ready for a morning run before a busy day at work. While getting dressed, he suddenly had a massive stroke. His wife was able to call an ambulance and get help quickly, but the CPA was in a coma for a week and hospitalized for several months thereafter. The CPA was a sole practitioner, and the April 15 tax deadline was approaching. His wife, who had no prior experience with his business, was thrust into having to address the impending deadline, all while juggling her career, their three children, his care, and her feelings and emotions.

The business world is undergoing a profound transformation that extends far beyond traditional financial statements and profit margins. The pace of societal change and environmental impacts has elevated the focus around the impact of business activities on the environment and society. Environmental, Social, and Governance (ESG) considerations have often become embedded into the enterprise risk management process, influencing investment decisions, shaping corporate reputations, and impacting regulatory requirements.

Why is retaining talent consistently ranked as one of the greatest management challenges impacting the accounting and finance profession? What really drives the profession's perpetually higher-than-average turnover rates? The 2023 Illinois Society of CPAs Insight Special Feature, "Righting Retention," aims to answer those questions and more.

In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.