News
CFO succession planning: Tips for exiting your company the right way
October 01, 2024
Three C-suite executives offer advice on how to seamlessly transition chief financial officer duties to a successor.
Key skills for CPAs in business and industry
October 01, 2024
Leaders from corporate finance and the profession share their advice for upskilling and reskilling for the next era of management accounting.
New Data Privacy Protections Lead List Of New Laws Taking Effect Today
October 01, 2024
A raft of changes to how Connecticut law protects sensitive medical information, minors from online threats, and misuse of social media lead a group of dozens of new laws that take effect today.
PCAOB inspectors offer advice in areas of risk
October 01, 2024
PCAOB inspectors repeatedly noted the value of using experts in a report focused on emerging areas of risks in public company audits.
Tax planning for the SALT cap
October 01, 2024
Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.
A look at some new CT laws taking effect on Oct. 1
September 30, 2024
Nearly 60 new Connecticut laws will take effect on Oct. 1, including legislation concerning line-of-duty deaths, home care worker protections and police body cameras.
GenAI and the Future of Tax: KPMG's Tax Reimagined Report Unveiled
September 30, 2024
This year’s report takes a look at how tax departments and their leaders are overcoming various disruptions like legislative and regulatory change, an uncertain talent market, generative AI and more, fostering trust across the organization. Key report findings from 500 CFOs, CEOs and Chief Tax Officers – 25% of which are in the Northeast region, indicate...
IRS releases draft Form 7217, Partners Report of Property Distributed by a Partnership, for public comment
September 30, 2024
The Internal Revenue Service requested public comments on draft Form 7217 PDF and Instructions for draft Form 7217 PDF today.
Independent Office of Appeals Secure Messaging Program Office launches ‘Corporate Group Mailbox’ pilot for large business taxpayers with multiple representatives
September 30, 2024
The Internal Revenue Service’s Independent Office of Appeals (Appeals) today launched a pilot program as part of the IRS’ ongoing transformation efforts to expand online tools and improve user experiences.
Top apps for accountants 2024
September 30, 2024
Accountants have pretty much always used technology — what else do you call an abacus or a slide rule or an adding machine? — but it is increasingly obvious that, as the world moves through its digital revolution, it has slowly become a technology-driven profession, where powerful software solutions are not enhancements but true necessities for all but the most basic of jobs. This has led to a veritable galaxy of specialized accounting applications, and a veritable universe of other apps that, while not specific to the profession, are nonetheless invaluable to their work.
Governor Lamont Announces Connecticut’s Minimum Wage Will Increase to $16.35 on January 1, 2025
September 27, 2024
Governor Ned Lamont today announced that beginning on January 1, 2025, Connecticut’s minimum wage will increase from the current rate of $15.69 per hour to $16.35 per hour.
New AICPA apprenticeship program expands accounting talent opportunities
September 27, 2024
The AICPA has added to its suite of apprenticeship offerings with the launch of a program that focuses on empowering organizations to recruit new talent or upskill existing employees in entry-level positions.
$608.2 Million Deposited Into Connecticut’s Underfunded Pensions
September 26, 2024
Connecticut’s pension funds performed better than expected in the most recent fiscal year, showing double-digit returns even as the state continues to play catch-up with its massive unfunded pension liabilities.
CT companies put AI to work, but regulation remains uncertain
September 26, 2024
Businesses, developers say guardrails are important, but varied state laws create confusion.
IRS opens new process for payroll companies, third-party payers to help clients resolve incorrect claims for the Employee Retention Credit
September 26, 2024
The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit.
Chair outlines Private Company Council’s top 4 priorities
September 25, 2024
Earlier this summer, the Private Company Council (PCC) reaffirmed its support for focusing our attention on the financial reporting issues currently most important to U.S. private companies. PCC members unanimously supported conducting preliminary research on:
Governor Lamont Announces Business Recovery Centers Open in Monroe and Oxford To Provide In-Person Assistance With Applying for Federal Disaster Aid From August Flooding
September 25, 2024
Governor Ned Lamont today announced that the U.S. Small Business Administration (SBA) has opened two Business Recovery Centers in Monroe and Oxford that are now providing in-person assistance to businesses seeking to apply for federal disaster aid for damages incurred due to the severe flooding the western portion of Connecticut experienced on August 18, 2024.
CPA Exam update: Core sections to offer more testing windows in 2025
September 24, 2024
Testing and grading windows for the Core sections of the CPA Exam will quadruple in 2025, providing more flexibility for test takers.
Governor Lamont Announces President Biden Approves His Request for a Major Disaster Declaration Due to August Severe Flooding in Western Connecticut
September 24, 2024
Governor Ned Lamont today announced that President Joe Biden has approved his request for a major disaster declaration due to the historic rainfall and extreme flooding that impacted towns and cities in western Connecticut on August 18, 2024.
IRS increases special per diem rate for business travel
September 24, 2024
The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method (set out in Rev. Proc. 2019-48) will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68.