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Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (RIN 1506-AB62) Wednesday extending the deadline for companies created or registered in 2024 to file initial beneficial ownership information (BOI) reports to 90 calendar days from the original 30 calendar days.

The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.

Connecticut has passed four directives regarding CPA Exam credit retention.

John Raspante, risk management director at McGowan Pro, was featured in the Accounting Today podcast "Emerging risks for accountants." John and McGowan Pro Senior Vice President Stephen Vono spoke with Dan Hood on the new areas that are sparking claims against firms — and the tools they can use to protect themselves.

Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) on Wednesday that would extend the deadline for companies created or registered in 2024 to file their first beneficial ownership information (BOI) reports. The NPRM (RIN 1506-AB62) would provide 90 days for those companies to file initial reports rather than the original deadline of 30 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered.

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.

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.

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

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo is warning Connecticut employers and residents of an uptick in unemployment benefits fraud due to identity theft. Connecticut is among states being targeted by criminals who are flooding the unemployment system using stolen identities to file for benefits. During the pandemic, stolen identities were available on the dark web for about one dollar. Criminals are still mining this resource to purchase names, Social Security Numbers, birth dates, and other personal information that they use to apply for credit cards, bank loans, and unemployment benefits. Connecticut’s unemployment system is currently receiving several thousand claims per day; CTDOL suspects around 75% are fraudulent and is withholding payment.

In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures have an effective date of Jan. 1 for some portions, pending adoption in more than 140 jurisdictions worldwide. IFRS S1 features a global baseline for reporting requirements on the disclosure of sustainability-related risks and opportunities. IFRS S2 features reporting requirements specific to climate-related disclosures, in concert with the reporting framework established by IFRS S1.

A new or growing business may need to devise creative recruitment strategies to reach the most qualified individuals. In today's labor market, many small and medium-sized businesses face additional hiring challenges thanks to recent inflation and economic fluctuations, which have created uncertainty for both employers and job seekers.

If you own a business with 5 or more employees and do not offer a qualified retirement savings plan, state law requires that you provide a retirement savings option. Initial registration deadlines have passed, but you can still take action by August 31, 2023. Employers can register with MyCTSavings at no cost to the business, or provide a private retirement plan to comply with the law. Learn more and register at https://myctsavings.com/employers/program-details.

Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CVA, CSEP, MST, both associate professors in the Jack Welch College of Business & Technology at Sacred Heart University in Fairfield, wrote the Tax Advisor magazine cover story: 10 good reasons why LLCs should not elect to be S corporations.

Legislative leaders are considering calling a special session after the November election

Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.