News

The pandemic-era employee retention credit (ERC) officially ends April 15, but its legacy will live on in delayed payments to the businesses it was designed to help, fraudulent activity related to its claims, and confusion not only for taxpayers and tax professionals but also for the IRS.

Connecticut's accounting profession was well-represented in the Hartford Business Journal's "2025 Power 50," with three CTCPA members making the list: Drew Andrews (Managing Partner and CEO of Whittlesey P.C.), Susan Jackson (Office Managing Partner of KPMG LLP in Hartford), and Melissa Ferrucci (Office Managing Partner of CohnReznick’s Connecticut offices). The “Power 50,” Connecticut’s most influential leaders, was chosen by the Hartford Business Journal’s news team.

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.

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 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?“

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)

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.

The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.

The Connecticut House voted Monday night for two emergency bills, one reflecting a widening disagreement with Gov. Ned Lamont over spending and another responding to President Donald J. Trump’s crackdown on undocumented immigrants and LGBTQ services, including gender-affirming care.

Artificial intelligence is shaking up the accounting world, but the firms thriving in this new era aren’t just embracing technology, they’re making sure their people are on board first.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

H.R. 736, Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), which would delay FinCEN BOI reporting for one year (until January 1, 2026), passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.

The National Football League’s finance leaders tend to stay in their positions far longer than CFOs in other industries, according to data compiled by CFO.com.

Undergraduate enrollment in college accounting programs increased during the fall semester to its highest level in four years, a 12% increase from the previous fall based on National Student Clearinghouse Research Center data.

If you want to learn what it's really like to be a professional football player, ask a professional football player. If you want to know what it's really like to be a CPA, ask a CPA.