News

The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.

Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.

The Innovative CPA Group (ICG) is pleased to announce its merger with T.M. Byxbee Company, P.C. of Hamden, CT. Effective January 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC,” creating a unified team to deliver an expanded suite of accounting, tax, audit, advisory, and consulting services.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

Jay Civitollo and Christopher Nardone were both elected partner at CohnReznick LLP, effected February 1, 2025. Both Jay and Christopher work in the Assurance division.

More than a dozen new laws will take effect Jan. 1 in Connecticut, including changes to absentee ballots, mandatory paid sick leave, and expanded protections for home health care workers.

The new Connecticut Paid Sick Leave Act is shaking things up significantly. If you’re an employer in Connecticut, here’s what you need to know – including a few potential pitfalls to avoid.

A federal appeals court on Thursday reinstated a nationwide injunction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week. In its latest order, the Fifth Circuit Court of Appeals said it was reinstating a lower court's injunction "in order to preserve the constitutional status quo while the merits panel considers the parties' weighty substantive arguments," referring to the panel of judges who will decide the appeal.

Finance transformation has taken accounting departments by storm in the past decade as more and more organizations are asked to do more with less – but it isn’t always easy to know where to start on the finance transformation journey. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

The AICPA Peer Review Board voted in November to approve Peer Review Standards Update (PRSU) No. 2, which aligns peer review standards with new quality management standards that go into effect late next year. The update also clarifies and improves existing technical guidance.

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

The Innovative CPA Group (ICG) proudly continues its tradition of giving back through a series of impactful volunteer initiatives throughout the holiday season. With a strong commitment to fostering community connections and supporting those in need, ICG remains dedicated to making a positive difference during this time of year.

The Connecticut Society of CPAs (CTCPA) will honor 12 outstanding women at the CTCPA Women’s Awards event on Wednesday, January 15, 2025 from 7:30 to 10:30 a.m. at the TPC River Highlands. Awardees will be honored in three categories: Distinguished Service, Women to Watch, and Aspiring CPAs.

Nicola, Yester & Company, P.C. named Katie Anderson a partner and Kristin Lombardo as staff.

Whittlesey, one of New England's largest assurance, advisory, tax, and technology firms, is proud to welcome two new managers, Dale C. Boutot, CPA, and Sarah O’Neill, CPA. These additions to the Firm’s growing leadership team underscore its commitment to excellence, growth, and leadership across its offices.

As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, CTCPA has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

Thank you to all of you who helped us support Connecticut Foodshare for our annual CTCPA Day of Giving. We raised more than $3,000 for the organization - plus hundreds of pounds of food to be disseminated to local food pantries.

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.