News
Firms plan to raise fees next year
November 06, 2024
Over half of accounting and tax firms plan to increase fees across all services in 2025, according to a new survey.
AICPA board approves update to peer review standards
November 05, 2024
The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.
Election Day Roundup: Despite Bumps And More Than 740k Early Ballots, Turnout Stayed Brisk In Connecticut On Election Day
November 05, 2024
Connecticut voters turned out en masse Tuesday to cast their ballots, despite a large number of voters having already participated in early voting and submitting absentee ballots.
Exciting Progress on the CPA Exam: A Recap of the AICPA Presentation
November 05, 2024
At the recent NASBA annual meeting, the AICPA and NASBA delivered an update on the progress of the CPA exam, highlighting significant advancements and future initiatives that promise to enhance the candidate experience.
Incoming AICPA CEO Mark Koziel Addresses Fall Council
November 05, 2024
At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.
Navigating the Complex World of Alternative Practice Structures
November 05, 2024
During a recent session at the NASBA Annual Meeting, the complexities and misconceptions surrounding private equity (PE) investments in accounting firms were thoroughly discussed. There is no one-size-fits-all strategy when it comes to the diverse structures of private equity.
The 2024 Best Firms for Young Accountants
November 05, 2024
Each year, Accounting Today and Best Companies Group recognize the 100 Best Firms to Work For in the U.S. — and then we pick the 10 Best Firms for Young Accountants from among those, based on the responses of their younger staff to a comprehensive employee survey.
The Future of the Accounting Profession: Insights from Barry Melancon
November 05, 2024
At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.
Unlocking the Future: Insights from the AI Revolution Meeting
November 05, 2024
At the NASBA annual meeting, there was a session on "AI Revolution: Unlocking the Future of Tomorrow," which showcased the remarkable pace at which artificial intelligence is being integrated into various sectors. With 80% of Fortune 500 companies weaving AI into their workflows just nine months after the launch of ChatGPT, it's evident that we stand on the brink of a transformative era.
42% of US employees don’t want a promotion: Trial Balance
November 04, 2024
A recent survey by Randstad suggests that the future CFO talent pool may be shrinking for reasons beyond the growing shortage of qualified talent.
FASB Issues Standard That Improves Disclosures about Income Statement Expenses
November 04, 2024
The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.
PCAOB Updates Standard-Setting and Rulemaking Agendas Following Significant Modernization Progress in 2024
November 04, 2024
The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.
Planning for 2025's tax brackets and retirement rules
November 04, 2024
Cooling inflation will bring some relief in the form of slightly lower taxes next year. An average inflationary adjustment of 2.8% under IRS guidance for 2025 released earlier this month came in lower than the 5.4% hike for this year and a boost of more than 7% across the seven federal income brackets in 2023, according to an analysis by the nonpartisan, nonprofit Tax Foundation.
Upcoming 2024 Municipal Revaluations in Connecticut
November 04, 2024
A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>
C-suite looks to integrate cybersecurity across budgets, strategy
November 03, 2024
Companies with more mature cybersecurity approaches expect to increase cybersecurity spending and better integrate their cyber strategy into overall transformation plans.
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
November 02, 2024
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
Fraudsters get $47 million from practitioner priority service line scheme
November 01, 2024
The IRS was ineffective in its efforts to stop a scheme involving fraudsters calling the practitioner priority service telephone line, resulting in estimated losses of over $47 million, the Treasury Inspector General for Tax Administration (TIGTA) said in a report dated Oct. 22 (TIGTA Rep't No. 2025-IE-R001).
Mark Peterson Delivers Key Insights at AICPA Fall Council Meeting
November 01, 2024
At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.
PCAOB Publishes New Supplement to Staff Guidance Concerning the Remediation Process
October 31, 2024
Audit firms are encouraged to review the supplement and other resources providing transparency around remediation, a critical step in PCAOB inspections and the PCAOB’s efforts to protect investors and improve audit quality.
AT Think: Let's put accounting on top again
October 30, 2024
In recent years, there's been growing concern about the future of accounting. Discussions around AI replacing accountants, overworked staff and the ongoing talent shortage have all contributed to a less-than-ideal perception of the profession. But I believe in the future of accounting, and I also believe that it's up to us, as accountants, to make it great again.