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Economic optimism, hiring plans rise despite continued concern about inflation

March 07, 2024

As winter fades into the spring, optimism is on the rise — 43% of finance executives share a sunnier outlook on the U.S. economy, according to the latest quarterly survey released by AICPA & CIMA.

  • business and industry
  • practice management

DOL Enacts New Independent Contractor Test

March 06, 2024

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

  • accounting and auditing
  • business and industry
  • practice management
  • advocacy - federal

SEC adopts climate-related disclosure rule

March 06, 2024

The SEC on Wednesday adopted a long-awaited rule for climate-related disclosures.

  • business and industry
  • advocacy - federal

Federal court rules Corporate Transparency Act unconstitutional

March 05, 2024

On March 1, 2024, Judge Liles Burke of the U.S. District Court in Huntsville, Alabama, held that the Corporate Transparency Act — and the beneficial ownership information reporting mandate it includes — is unconstitutional, because it exceeds the powers granted to Congress by the Constitution.

  • business and industry
  • practice management
  • boi

Plaintiffs: FinCEN should pause all CTA enforcement

March 05, 2024

The Financial Crimes Enforcement Network (FinCEN) should pause all enforcement of the Corporate Transparency Act (CTA), P.L. 116-283, and its required beneficial ownership information (BOI) reporting until a legal challenge works its way through the courts, plaintiffs who won the first round of the case said Tuesday.

  • business and industry
  • practice management
  • boi

With 340,000 fewer accountants, companies pay the price

March 01, 2024

Mistakes continued to pile up this earnings season in the wake of Lyft Inc.'s market-roiling typo: Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the Securities and Exchange Commission.

  • accounting and auditing
  • business and industry

Artificial Intelligence Takes Center Stage In Committee Debate

February 29, 2024

The Connecticut General Assembly’s General Law Committee held a wide ranging public hearing on Thursday to explore the potential impacts, both good and bad, of artificial intelligence on a host of issues of interest to the state.

  • advocacy - state

IRS renews focus on targeting high-income nonfilers

February 29, 2024

Over 125,000 high-income people who have not filed federal tax returns since 2017 will be mailed letters advising that they must file returns or explain why they don't need to file a return, the IRS said Thursday.

  • federal tax

Lawmakers Want Connecticut To Adopt A More Equitable Tax Code

February 29, 2024

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

  • state tax
  • advocacy - state

NPAG national pipeline surveys open for responses

February 29, 2024

The National Pipeline Advisory Group (NPAG) on Thursday opened the response period for its national pipeline survey and its survey for college students, which will shape profession-wide efforts to address the accounting talent shortage.

  • accounting and auditing
  • business and industry
  • career resources
  • practice management
  • advocacy - state
  • advocacy - federal

The key to reducing errors with AI: Technology acceptance

February 29, 2024

To err is human. To seek help is superhuman. Gartner recently asked controllers about how often they or their peers make financial errors, as well as their thoughts on causes. Though survey respondents weren't asked about the significance of the errors cited, 59% acknowledged "several errors per month."

  • business and industry
  • technology and cybersecurity

CT task force encourages use, regulation of artificial intelligence

February 28, 2024

A state task force on artificial intelligence believes the use of AI in both government and the private sector merits exploration while regulatory measures should be in place to protect consumers from harm.

  • technology and cybersecurity
  • advocacy - state

IRS announces delay for Form 1042 e-filing requirement

February 28, 2024

Based on comments from withholding agents about difficulties in transitioning to the electronic filing of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, the IRS said Tuesday that it is delaying the e-filing requirement.

  • federal tax

IRS: How to correct an electronically filed return rejected for a missing Form 8962

February 28, 2024

The Internal Revenue Service reminds taxpayers that an electronically filed tax return will be rejected if the taxpayer is required to reconcile advance payments of the premium tax credit (APTC) on Form 8962, Premium Tax Credit (PTC), but does not complete the form in the software and submit it with their tax return.

  • federal tax

CT Community Nonprofit Alliance Highlights Ongoing Funding Shortfall For Key Service Providers

February 27, 2024

Connecticut’s nonprofit community service providers urged lawmakers Monday to find an additional $186 million to fund their work next year or risk some agencies shutting down, as well as higher downstream costs for things like untreated addiction, hunger, homelessness, or an inability to get healthcare.

  • not-for-profit

C-suite goal: Keep up with new technology

February 26, 2024

Executive leaders are just like everyone else — aiming to stay current with today's ever-changing workplace.

  • business and industry
  • technology and cybersecurity

Report: CT income tax cuts would slow – not reverse – tax inequity

February 26, 2024

Poor households still face effective state and municipal tax rate of 32%.

  • advocacy - state

1 in 4 Employees Say Financial Stress Lowers Their Productivity: Report

February 24, 2024

A SoFi survey indicates stress over personal finances may affect employee productivity, and HR may be underestimating the consequences.

  • business and industry
  • personal financial planning
  • practice management

Debate Brews Over State-Level Child Tax Credit

February 23, 2024

Policymakers and advocates disagree on what, if anything, the Connecticut legislature should do after data from the U.S. Census showed child poverty doubled nationwide. But at least two organizations are making an argument with data to back their push for a state-level child tax credit to address the issue.

  • advocacy - state

FinCEN guide lists rules for some financial institutions' access to BOI

February 23, 2024

Treasury' Financial Crimes Enforcement Network (FinCEN) released a guide for rules regarding access to beneficial ownership information (BOI) by some financial institutions, including rules regarding customer consent.

  • business and industry
  • practice management
  • boi