News

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.

RSM US LLP (“RSM”) recently presented a $64,550 check to Connecticut Children’s as part of RSM’s Power of Love fundraising efforts related to The RSM Classic, a PGA Tour event for which RSM is the title sponsor. The $64,550 was part of the more than $4.7 million raised through Power of Love in the U.S., Canada, India and El Salvador during 2023.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

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.

No one likes to think about it, but as we age, some of us will become critically ill or injured, and some of us will experience a long-term disability. Family emergencies and obligations can also call CPAs away from their businesses for long periods of time. What would happen to our clients in such a scenario? When a client needs attestation services to obtain financing or satisfy loan covenants, or another client needs to have a tax return prepared by a certain deadline, who will complete the work? Potentially negative effects, such as missed opportunities or damage to a client’s business, are risk exposures that can come into play when a CPA becomes ill or disabled. CPAs who have not yet taken the time to develop a continuation plan may be: 1) inviting future lawsuits against themselves or their estates; and 2) leaving their spouses, families, and heirs with the daunting task of trying to figure out what to do. What kind of contingency plan do you have in place in the event of an emergency? If the answer is “none,” what can you do now to get a plan in development and underway?

Ask yourself the following question: What will my spouse or immediate heirs do with my practice if I die or become disabled? Would your spouse or children be able to take over the management of your practice? What would become of all your hard work and effort with your practice and clients? How can you preserve the value of your professional accounting practice, which may be the largest asset in your estate? In the event of death or temporary or permanent disability, a practice continuation agreement helps protect your practice, the business interests of your clients, and the financial interests of you and your family. It can also be used as a vehicle for retirement.

In late March, a 44-year-old CPA-triathlete was getting ready for a morning run before a busy day at work. While getting dressed, he suddenly had a massive stroke. His wife was able to call an ambulance and get help quickly, but the CPA was in a coma for a week and hospitalized for several months thereafter. The CPA was a sole practitioner, and the April 15 tax deadline was approaching. His wife, who had no prior experience with his business, was thrust into having to address the impending deadline, all while juggling her career, their three children, his care, and her feelings and emotions.

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.

Why is retaining talent consistently ranked as one of the greatest management challenges impacting the accounting and finance profession? What really drives the profession's perpetually higher-than-average turnover rates? The 2023 Illinois Society of CPAs Insight Special Feature, "Righting Retention," aims to answer those questions and more.

Rolleri & Sheppard CPAs, LLP has promoted Jayme White, CPA to Partner effective January 1, 2024.

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.

(Rocky Hill, CT) – The Connecticut Society of CPAs (CTCPA) will honor 14 outstanding women at the CTCPA Women’s Awards event on Wednesday, January 17, 2024 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 (a new category for 2024). This is the fifth year the CTCPA has honored outstanding females in the profession.

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.

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.

CironeFriedberg, LLP welcomed Jack Kneisel, CPA as Audit Manager. In this role, he will provide audit and accounting services to clients in many industries. Kneisel brings 8 years of audit and accounting experience with a specialization in commercial real estate. He received his Bachelor of Science in Accounting from Elon University and is a Certified Public Accountant in the State of Connecticut. Prior to joining CironeFriedberg, Kneisel was Assurance Manager at a large global accounting firm, where he developed a strong foundation of audit and accounting skills. Tony Cirone, CironeFriedberg’s managing partner, says “We are happy to welcome Jack to our team and look forward to his many contributions providing high level audit services to our clients.”

The Connecticut Society of CPAs (CTCPA) will host a Day of Giving social and collection drive to benefit Connecticut Foodshare and Connecticut Children’s Medical Center at the CTCPA office in Rocky Hill on Tuesday, November 28 (#GivingTuesday) from 8 to 10:00 a.m.

As the busy season lumbers into view, Lucy Cohen offers some practical and effective tips to help you banish burnout.

The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.

Reliance on generative artificial intelligence (GenAI) in the financial reporting space is rapidly expanding, as is reliance on auditors to play a leading role in all aspects of the revolution.

CT repaid $1.2 B borrowed during pandemic to pay jobless benefits.