News

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports. FinCEN has issued five Notices extending the filing deadlines to for reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is designated both by the Federal Emergency Management Agency as qualifying for individual or public assistance and by the Internal Revenue Service as eligible for tax filing relief. Please refer to the applicable Notice for specific information.

Tax ID numbers, Social Security numbers, net income, etc. — CPAs manage a tremendous amount of valuable information for themselves and for their clients. Keeping it safe is a serious responsibility.

Governor Ned Lamont today announced that he has received notification from the Federal Emergency Management Agency (FEMA) informing him that the major disaster declaration President Joe Biden approved for Fairfield County, Litchfield County, and New Haven County as a result of the historic rainfall and extreme flooding that region of Connecticut received on August 18, 2024, has been amended to include the governor’s request for FEMA’s Public Assistance Program.

The Connecticut Society of CPAs (CTCPA) is sending CPAs and accounting professionals into classrooms across Connecticut in November as part of Accounting Opportunities Experience Month, a nationwide initiative to inspire high school students and help them learn about everything a career in accounting has to offer.

There are striking similarities between the roles and responsibilities of accountants and cybersecurity professionals, particularly in their need for precision, data protection, and thorough scrutiny before adopting new technologies. Both are working with sensitive information in highly regulated environments, making trust a cornerstone of client relationships.

Artificial Intelligence (AI) has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes – AI-generated synthetic media that can convincingly manipulate or fabricate audio, video, and images – have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks. By leveraging deepfakes, they can easily manipulate information, deceive individuals, and exploit vulnerabilities within organizations. The consequences of these attacks can be severe, ranging from financial losses to reputational damage. 

Medicaid, retirement benefits, drive nearly $400 million in projected cost overruns.

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 PDF and proposed regulations to provide guidance for the Energy Efficient Home Improvement Credit.

The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA).

The Treasury Department and the Internal Revenue Service granted a filing exception Wednesday for tax-exempt organizations, saying they don't have to file Form 4626, Alternative Minimum Tax – Corporations, for tax year 2023.

Pay transparency laws are being enacted across the U.S. If you have clients operating across state lines, you know how complicated staying compliant with these laws can be. Business owners need to understand what’s coming and how they can prepare.

GASB issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures.

Looking for accounting talent is no longer just hunting for number crunchers. The digital age has ushered in the art of scouting for a diverse mix of tech wizards and creative thinkers. Think of it as adding fresh beats to classic tunes — it's all about building a lineup that's as diverse in skills as it is in ideas.

From a focus on data integrity and employee upskilling to championing new tools, finance leaders have a multi-dimensional role in AI adoption and use.

Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.

A report issued Thursday by the AICPA and the National Association of State Auditors, Comptrollers and Treasurers (NASACT) details the depth of challenges that need to be overcome to ensure strong accounting, auditing, and finance functions in state and local government and to make it easier for governments to find outside auditors.

The Connecticut Foundation Solutions Indemnity Company (CFSIC) – the captive insurance company set up to provide financial assistance to homeowners whose foundations have crumbled because of the mineral “pyrrhotite” within the concrete – has reached a milestone.

Are you creating or updating your HR policies for 2025? A year-end HR compliance checklist is a great way to help make sure your bases are covered. There's too much at stake to leave compliance to chance. Particularly during the end of the year, there are many moving parts and critical deadlines your business must meet; otherwise, you could face penalties. To help you meet deadlines and compliance requirements, we've compiled a checklist that identifies some of the essential end-of-year tasks.

Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.

The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes (Milton, Helene, Debby, and Beryl) and tropical storm Francine, as well as for people affected by terrorist attacks in Israel.