News
AI in Hiring: 4 Steps to Avoid Legal Headaches
September 19, 2023
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.
People-centric leadership can improve resilience, report finds
September 19, 2023
Employer and employee priorities continue to clash, a new EY report finds. Leaders “should not underestimate the importance of trust and empathy”.
Bonnie Stewart, Drew Andrews, and Brian Kelleher Quoted in HBJ Article on Accounting Talent Crunch
September 18, 2023
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.
Child Poverty Doubles Nationwide; Debate Rages Over Tax Credits
September 18, 2023
Policymakers and advocates disagree on what, if anything, the Connecticut legislature should do next session after data from the U.S. Census last week showed child poverty doubled nationwide.
Connecticut's Minimum Wage to Increase by 69 Cents in January
September 18, 2023
Connecticut’s minimum wage will rise to $15.69 in January under the first annual adjustment required by a 2019 law tying the wage to the employment cost index.
Connecticut Businesses Predict Profits, Face Hiring Woes
September 15, 2023
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.
IRS orders immediate stop to new Employee Retention Credit processing
September 15, 2023
To protect taxpayers from scams, the IRS has ordered an immediate stop to new Employee Retention Credit processing amid a surge of questionable claims, concerns from tax professionals, and aggressive marketing to ineligible applicants, posing unacceptable risk to businesses and the tax system.
IRS previews changes in R&D tax credit form
September 15, 2023
The Internal Revenue Service released a sneak peak Friday of some of the changes it's hoping to make to the form for claiming research tax credits.
Is It Time for a Career Break? 3 Finance Leaders Tell Their Reset Stories
September 15, 2023
Many executives step away from employment to focus on their health and wellness while taking stock of their careers. Here’s how three of them did it.
Cybersecurity for CPAs: Beware the inside threat
September 13, 2023
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.
CT poised to take another huge chunk out of pension debt
September 12, 2023
State will have sent $7.7 billion in surplus into pensions since 2020.
IRS clarifies rules for new corporate alternative minimum tax
September 12, 2023
The Department of Treasury and the Internal Revenue Service today issued Notice 2023-64PDF to provide additional interim guidance designed to help corporations determine whether the new corporate alternative minimum tax (CAMT) applies to them and how to compute the tax.
Optimism on the rise among large-company CFOs, according to survey
September 12, 2023
CFOs haven't felt this good about the economy in more than a year. Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to Deloitte's 2023 Q3 CFO Signals survey. That's the highest mark since the first quarter of last year, when 64% of CFOs were positive about the economy. CFOs are also optimistic about their own companies' financial prospects and their expectations for year-over-year growth.
CT's high cost of living has slowed economic recovery, report says
September 08, 2023
Connecticut’s economic growth has lagged the rest of the country since both the pandemic recession and the Great Recession, costing the state an estimated 250,000 jobs and potentially billions of dollars in tax revenue, according to a report from child advocacy and economic policy group CT Voices for Children.
IRS vows new enforcement efforts aided by AI
September 08, 2023
In what he described as "the start of sweeping, historic effort," IRS commissioner Danny Werfel announced a plan to focus more tax enforcement efforts on the wealthy and those who abuse the law. While some of the plans are familiar — such as auditing more millionaires — the specificity is new, particularly an announced focus on large partnerships.
Labor Department Proposes New Overtime Salary Threshold
September 08, 2023
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.
The Return to Office Battle: What's the Right Approach?
September 08, 2023
Deciding if employees should return to the office is a decision CFOs should weigh with consideration for both employee and company needs.
New Law Raises Connecticut Public Charities Audit Threshold as of July 1, 2023
September 07, 2023
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.
Cybercriminals up the ante with new phishing attacks
September 06, 2023
Security experts are warning of a new wave of cyberattacks, where hackers utilise the free account functionality offered by established software to embed malicious links or details into communications.
Employees to leaders: Be transparent about AI use
September 06, 2023
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.