News

Yes, every candidate for retirement is different. But, whether you’re an individual beginning to eye retirement or a financial planner with a constant eye on helping your clients successfully retire, a snapshot of the typical would-be retiree can provide perspective worth considering.

About 7,000 probationary IRS workers who lost their jobs in February and were placed on administrative leave in March will return to work later this month, according to an email they received Tuesday.

A finance professional and a social impact entrepreneur discuss how being neurodivergent has affected them at work and explore ways organisations can be more inclusive.

External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements.

Lamont, other Democrats pounced on Trump tariffs, not waiting for details.

Whether you are approaching retirement age, want to spend more time with your family, or looking to start something new, selling your CPA firm requires proper preparation. Careful consideration of timing and paying attention to details can help ensure a smooth process when you are ready to sell your CPA firm.

In a letter to the House of Representatives, the American Institute of CPAs (AICPA) endorsed four bipartisan bills, all of which have received overwhelming support in the House. These bills, which were also included in the recent Senate discussion draft, will improve transparency and fairness for taxpayers and are strongly supported by the AICPA.

The Financial Accounting Standards Board (FASB) today announced the release of an FASB Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. The educational paper, which does not change or modify current generally accepted accounting principles (GAAP), was prompted by input from private company stakeholders, including the Private Company Council.

The PCAOB has released its 2024 Annual Report(PDF). The Annual Report discusses how the PCAOB advanced its investor-protection mission during fiscal year 2024 and provides the PCAOB’s financial results, including audited financial statements, the auditor’s report, and management’s report on internal control over financial reporting.

In today’s rapidly evolving technological landscape, the use of generative AI is gaining currency in the accounting profession. Not only are CPA firms integrating generative AI into administrative workflows, but a growing number of firms are investigating how deploying generative AI can help them more efficiently deliver solutions to clients. Generative AI options range from publicly available platforms to custom-built systems and include essential programs that also make use of generative AI, such as technical research software. Regardless of the platform or software, CPAs are increasingly asking, “Should we inform our clients about our use of generative AI, and if so, how?“

Connecticut lawmakers announced the formation of the state’s first Artificial Intelligence Caucus last week, highlighting the rapid spread of AI in everyday life and the need to ensure that it serves the public interest.

Following focused efforts by the PCAOB to drive improvement, the aggregate Part I.A deficiency rate across firms is expected to drop seven percentage points year over year.

Education Secretary Linda McMahon notified CT officials late Friday.

At the March State Board of Accountancy meeting, the issue of advertising attestation services and peer review enrollment was addressed. Previously, the Department of Consumer Protection (DCP) prohibited CPAs from advertising attestation work unless they were enrolled in the peer review program.

We’re delighted to see two CTCPA members honored on the Hartford Business Journal’s “2025 Women in Business” list: - Melissa L. Ferrucci – CohnReznick (Office Managing Partner, Connecticut Offices) - Susan DeRosa Jackson – KPMG LLP (Office Managing Partner, Hartford)

Technology modernization isn't just another item on the corporate agenda—it ranks among the top four strategic priorities for IT leaders in 2025, according to Robert Half’s latest Demand for Skilled Talent report. That’s no doubt why 55% of technology and IT leaders cited technical debt as their primary barrier to accomplishing their goals.

The Innovative CPA Group announced its merger with Robert J. Creamer, P.C., an accounting firm based in Ridgefield. Effective February 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC. This marks ICG’s fifth successful merger in the past four years.

“There’s been a big push from BioCT and other legislative action groups” to support the increase, said Bill Claffey, a tax attorney and partner at accounting firm Fiondella, Milone & LaSaracina LLP. He participated in a panel discussion during the event.

When Michael Ly launched his CPA firm in 2015, his then-revolutionary work model led to some unexpected, and hilarious, circumstances during interviews with potential employees.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.