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At the NASBA annual meeting, there was a session on "AI Revolution: Unlocking the Future of Tomorrow," which showcased the remarkable pace at which artificial intelligence is being integrated into various sectors. With 80% of Fortune 500 companies weaving AI into their workflows just nine months after the launch of ChatGPT, it's evident that we stand on the brink of a transformative era.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

Tax ID numbers, Social Security numbers, net income, etc. — CPAs manage a tremendous amount of valuable information for themselves and for their clients. Keeping it safe is a serious responsibility.

The Connecticut Society of CPAs (CTCPA) is sending CPAs and accounting professionals into classrooms across Connecticut in November as part of Accounting Opportunities Experience Month, a nationwide initiative to inspire high school students and help them learn about everything a career in accounting has to offer.

There are striking similarities between the roles and responsibilities of accountants and cybersecurity professionals, particularly in their need for precision, data protection, and thorough scrutiny before adopting new technologies. Both are working with sensitive information in highly regulated environments, making trust a cornerstone of client relationships.

Artificial Intelligence (AI) has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes – AI-generated synthetic media that can convincingly manipulate or fabricate audio, video, and images – have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks. By leveraging deepfakes, they can easily manipulate information, deceive individuals, and exploit vulnerabilities within organizations. The consequences of these attacks can be severe, ranging from financial losses to reputational damage. 

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30

Thousands of candidates attended the latest AICPA/NASBA webinar on Navigating the CPA Exam. In case you missed it, you can view the webinar in its entirety.

The Innovative CPA Group (ICG) is proud to share that one of their founding partners, Lauren Shugrue, CPA, has been awarded the 2024 Women Innovators Award from the Westfair Business Journal. This award recognizes Lauren’s outstanding dedication to her profession, unwavering commitment to driving positive change, and relentless pursuit of excellence.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

Businesses with 5 or more employees who do not offer a retirement plan and have been in business since January 1, 2023 are required to either register and enroll employees in MyCTSavings, or provide another qualified retirement plan. Once enrolled, employees have the option to opt-out, stay with the standard Roth IRA, or customize a Roth IRA by setting the deduction percentage and choosing from several fund options.

Sustainability is rapidly becoming a business requirement – yet so many companies are still dragging their feet. Immediate Past CTCPA Chair Timothy Hedley, PhD, CPA, CFF, CFE, a Fordham University adjunct professor responsible for the college’s ESG literacy programs and initiatives, joins us to share why companies need to care about ESG.

The accounting industry is experiencing a consolidation wave, driven by the ongoing challenges of succession planning for aging partners and the new influence of private equity investment.

Two CTCPA members were named to the Hartford Business Journal's "2024 Lifetime Achievement & C-Suite Honorees": Drew Andrews of Whittlesey and Michael Tedone of Connecticut Wealth Management. Drew was one of two awardees recognized in the "CEO, Medium Company, 76-199 Employees" category, while Michael was one of two awardees in the "Chief Financial Officer, Small Company, Less Than 75 Employees" category.

At the firm's annual state-of-the-firm and company picnic on August 29, Burzenski & Co. recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA.

The Innovative CPA Group (ICG) is honored to share the ongoing community involvement of our partner, Scott Mitchell, CPA and Sal Chieffalo, CPA. As dedicated members of the Immaculate High School Alumni Association, Scott and Sal are currently serving as golf co-chairs for the organization’s 35th annual golf tournament. This year marks their fourth year leading this esteemed event, which serves as a major fundraiser for the school, providing crucial tuition assistance for future students at Immaculate High School.

CTCPA members Jenna Allegretto and Zachary Hunter were recently named partners at Marcum LLP. Jenna is a Partner in the Assurance Services Group of Marcum’s New Haven office, while Zach is Zachary Hunter is a Tax and Business Services Partner in the firm’s Hartford office.