News
11 Hiring, Recruiting, and Talent Acquisition Trends on the Rise in 2024
December 14, 2023
With 2024 here, finding and keeping talent remains a top priority for many business leaders. That's largely due to lasting impacts on the professional landscape over the past few years: many employees are continuing to reevaluate their priorities and values, emerging Gen Z workers are making business owners evaluate benefits and recruitment strategies, and mass resignations and a highly competitive talent marketplace have created both challenges and opportunities for employers.
CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
December 14, 2023
In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.
IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023
December 14, 2023
The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Cybersecurity for CPAs: Don't leave the door open
December 13, 2023
As accounting firms are increasingly targeted with cyberattacks, cybersecurity has become essential for every professional. Between data breaches, phishing attacks and malware, criminals are going after the sensitive financial data held by accountants. Modern accountants, then, must take their cyber defenses seriously for the sake of themselves and their clients.
Nearly Half of M&A Deals Wind Up in Accounting Disputes
December 13, 2023
Last year saw a significant amount of disputes around earn-out agreements and working capital adjustments during M&A transactions, according to new research.
The Big Change Coming to Connecticut Unemployment Compensation Law
December 12, 2023
Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.
More CPA decision-makers hesitate to hire amid economic concerns
December 07, 2023
Following a partly sunny summer forecast for the U.S. economy, the outlook among CPA decision-makers again clouded in the latest quarterly survey released Thursday by AICPA & CIMA, together as the Association of International Certified Professional Accountants.
IRS expands work on aggressive Employee Retention Credit claims; 20,000 disallowance letters being mailed, more action and voluntary disclosure program coming
December 06, 2023
As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.
The client tug of war: Small vs large
December 04, 2023
Would you rather have 100 small clients or 10 big ones? An Any Answers post grappled with this debate as accountants discussed balancing stability and diversification against the potential for deeper partnerships and higher revenue.
2023's major trends in accounting tech: Cloud, automation, AI and more
November 29, 2023
Since March, when the weekly Vendor Spotlight feature first launched, we have showcased 34 accounting solutions providers of all shapes and sizes — a wide variety of companies that, despite their differences, all focus on providing the tools that have become a necessity for any professional looking to guide their clients through the slings and arrows of this outrageous modern economy.
FinCEN extends BOI reports deadline for certain companies
November 29, 2023
Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (RIN 1506-AB62) Wednesday extending the deadline for companies created or registered in 2024 to file initial beneficial ownership information (BOI) reports to 90 calendar days from the original 30 calendar days.
ESOPs: A transition tool to the future
November 28, 2023
The use of employee stock ownership plans as a tool to transition ownership has a number of attractive benefits that may well be overlooked by accounting firms.
Inclusion in accounting: By the numbers
November 26, 2023
The accounting profession is suffering from serious talent shortages, caused by both a slowing pipeline of entry-level accountants and the ongoing leakage of experienced professionals to other industries or to retirement. And yet firms remain slow to grasp the value of diversity, equity and inclusion initiatives for tapping new sources of talent and boosting retention rates.
95% of Accountants Satisfied With Current Role
November 20, 2023
Good pay, global job opportunities, and job security topped the list of reasons, according to a ShareFile survey of accountants.
Art of Accounting: Looking forward to the next 10 years
November 20, 2023
My first thought for a 10th anniversary column was to describe the changes in the last 10 years. A second reaction was to recall my greatest columns. I then realized that looking back or even at the present were exercises in vanity and would not provide any takeaways. To be successful you need to look to the future and be anxious to adopt the changes that are quickly occurring.
Demand for GenAI Skills Explodes in 2023
November 20, 2023
More than 10,000 jobs seeking wherewithal in generative AI have been posted so far this year.
Gen Z Set to Outnumber Baby Boomers in the Workforce
November 16, 2023
Pivotal culture changes are ahead, as Gen Z workers become a more dominant presence in the workplace.
Internal auditors optimistic on economy, talent but risks remain
November 16, 2023
Internal auditors are less worried about economic uncertainty and talent availability going into 2024, despite ongoing risks in both areas, with most focus going instead into technology-related areas.
How artificial intelligence can help save accounting
November 15, 2023
Whether or not you're on the artificial intelligence (AI) bandwagon, you'll want to pay attention to the rapid advances in the generative pretrained transformer, better known as GPT, the large learning model used by ChatGPT.
Companies With Flexible Remote Work Policies Outperform On Revenue Growth: Report
November 14, 2023
mployees frustrated with their CEOs’ return-to-office mandates have tried arguing that remote work is linked with greater productivity. That it helps the environment with fewer commutes and improves diversity by broadening the talent pool. Now, they may have another argument to get their CEOs’ attention: Higher revenue growth.