News

A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.

The beneficial ownership information reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) became effective on January 1, 2024. Under the CTA, every “reporting company” must file a beneficial ownership information (BOI) report with the U.S. Financial Crimes Enforcement Network (FinCEN). With the CTA now in effect, many will face the threshold question: “Does my entity need to file a BOI report?”

Emerging technologies continue to divide opinion, says a global report, with employees simultaneously seeing potential for social good and ethics missteps.

Building relationships, assessing the financial situation, and getting to know the business are key when transitioning into a new CFO role at a small business.

Tired of dry, text-heavy CPA review materials? We've got you covered! The Connecticut Society of CPAs is thrilled to announce a new exclusive partnership with Universal CPA Review! As a valued member of CTCPA, you can now study for FREE with Universal CPA Review's comprehensive CPA review course until August 1, 2024!

With 2024 upon us, it's time — or perhaps past time — to start considering what the new year will bring, and for accounting firms to start making plans about how to grow over the next 12 months.

Three years ago, when COVID-19 shook the world, it also shook up how we work. Gone are the days when a nine-to-five routine inside the same four walls was just how things were done. Fresh and flexible approaches have emerged that address both employee desires and business needs. One of these approaches is the hybrid work model.

The talent shortage is currently the biggest challenge in accounting — as the 2023 Top 100 Most Influential People have all attested. But how would this year's top leaders and innovators recommend the profession remedy the this urgent issue?

Individual partners of partnerships and individual shareholders of S corporations can now open IRS business tax accounts, which previously were available only to sole proprietors, the IRS said Monday in launching the second phase of a new online self-service tool for businesses.

Data is fueling the emerging artificial intelligence age — build the right data infrastructure and you will find yourself moving forward much faster.

The business world is undergoing a profound transformation that extends far beyond traditional financial statements and profit margins. The pace of societal change and environmental impacts has elevated the focus around the impact of business activities on the environment and society. Environmental, Social, and Governance (ESG) considerations have often become embedded into the enterprise risk management process, influencing investment decisions, shaping corporate reputations, and impacting regulatory requirements.

As we near the end of 2023, many leaders and employees are asking the same question: What will the workplace look like in 2024?

So, let's assume we've somehow, someway, all come to agreement on what AI is (see previous story) and is not (see previous story). Not sure how we managed to actually accomplish that, but we did, at least in this thought experiment. So we've operationalized all our variables and we can finally say we understand the fundamentals of AI.

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.

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.

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.

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.

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.

Most finance teams are aware of poor data quality, but still use it to make decisions, according to a new survey.

Finance can stay prepared for a potentially bumpy 2024 by focusing on controllable factors, being agile, and carefully managing cash, capital, and expenses.