News

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?

On September 14th, 2023, the IRS announced a moratorium until at least the end of the year on the acceptance of new ERC claims. This moratorium was implemented due to the number of fraudulent claims being filed across the nation. In total, the IRS has received 3 million ERC claims, and nearly a fifth of all applications received were submitted in the 90 days before the declaration of the moratorium, indicating a large spike in fraudulent filings. Many businesses have been encouraged to apply by “Tax Promoters.” “Tax Promoters” encourage and pressure businesses across the nation to file, often improperly indicating that businesses are eligible to receive a refund. With this in mind, the IRS has implemented a withdrawal process for those who filed for the credit in err.

The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.

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.

We all need a good sorting through and cleaning out once in while–that goes for both our real-world life and our digital one. While going through your house or clothes is probably a no brainer, why is it important to clean up your digital life as well? The simple answer is it can leave you vulnerable to cyberattacks that can have a serious impact on your life (or even your company’s).

House and Senate leaders on Sunday announced a spending deal for government funding in 2024, the first step to averting a shutdown later this month even as that threat still looms.

Nicola, Yester & Company, P.C. in Glastonbury has elected Edward Fitzgerald, Jr., CPA to Partner as of January 1, 2024. Ed has been with the firm since January of 2018 and focuses on providing attest and tax services to closely held privately owned companies primarily in the industries of construction, manufacturing, and distribution. He also provides personal tax services to business owners and high-net-worth individuals. Ed received his B.A. Degree from Trinity College (2006).

The IRS has released a draft form and draft instructions to the form for the corporate alternative minimum tax (AMT).

Nonprofit organizations must submit applications to the state by March 1, 2024.

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.

Building relationships, assessing the financial situation, and getting to know the business are key when transitioning into a new CFO role at a small business.

As the new year begins, Connecticut is set to implement several new laws and regulations that will impact residents across the state. These changes, ranging from voting rights to minimum wage adjustments, reflect evolving priorities and concerns.

Tired of dry, text-heavy CPA review materials? We've got you covered! The Connecticut Society of CPAs is thrilled to announce a new exclusive partnership with Universal CPA Review! As a valued member of CTCPA, you can now study for FREE with Universal CPA Review's comprehensive CPA review course until August 1, 2024!

Enacted as part of the 2021 National Defense Authorization Act and amending the Bank Secrecy Act, the Corporate Transparency Act (CTA) is intended to close a perceived information gap related to money laundering and other illicit acts.

RSM US LLP (“RSM”) recently presented a $64,550 check to Connecticut Children’s as part of RSM’s Power of Love fundraising efforts related to The RSM Classic, a PGA Tour event for which RSM is the title sponsor. The $64,550 was part of the more than $4.7 million raised through Power of Love in the U.S., Canada, India and El Salvador during 2023.

Each year Bill Mew offers a few thoughts on the year ahead and predicts where he thinks technology will have an impact. He also seeks to expose over-hyped trends that will have far less impact than many expect.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

With 2024 upon us, it's time — or perhaps past time — to start considering what the new year will bring, and for accounting firms to start making plans about how to grow over the next 12 months.