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The number of students earning U.S. postsecondary accounting degrees fell sharply in the 2021-22 academic year, according to a biennial American Institute of CPAs (AICPA) report on trends related to accounting graduation rates, the CPA Exam and hiring demand by accounting firms. Some 47,067 students earned a bachelor’s degree in accounting in the 2021-22 school year, down 7.8% from the previous year, according to 2023 Trends: A Report on Accounting Education, the CPA Exam and Public Accounting Firms’ Hiring of Recent Graduates. The number of students who earned a master’s degree in accounting, meanwhile, fell 6.4% to 18,238. In the previous Trends report, the comparative rates of decline were 2.8% and 8.4%, respectively.

David Goldfarb has been a volunteer at Saint Francis Hospital, part of Trinity Health of New England, for more than ten years. David is one of the hospital’s volunteer patient care representatives, visiting with patients on a cardiac unit. He seeks to ensure patients are satisfied with the care they are receiving during their stay at Saint Francis. “I want to make sure that the patients I visit are having as good a day as possible,” said David. “During the early times of the pandemic, when volunteers were not allowed in the hospital, I missed this work so much and I was so happy when I was finally able to return. I like meeting the patients. If I can make a patient feel a little better, it makes me feel good.”

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) on Wednesday that would extend the deadline for companies created or registered in 2024 to file their first beneficial ownership information (BOI) reports. The NPRM (RIN 1506-AB62) would provide 90 days for those companies to file initial reports rather than the original deadline of 30 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered.

Cybercriminals love to exploit a crisis – and unfortunately during a time of turmoil like we’ve seen in recent years, data incidents are more prevalent now than ever before. Infiltration can happen anywhere and with an even greater frequency considering the dependence on technology by industries worldwide.

Practitioners preparing for the new AICPA quality management (QM) standards now have access to a practice aid designed to help their cause. The free practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm's Accounting and Auditing Practice, is available in versions for sole practitioners and for small- and medium-sized firms.

In response to significant health, economic, education, and travel disruptions resulting in CPA Examination candidate hardships, the Connecticut Board of Accountancy will extend credit periods through June 30, 2025, for CPA Examination credits that expired from January 30, 2020(1) through May 11, 2023(2), which have not been subsequently replaced by new credits for the same sections. (1) The United States Department of Health and Human Services declared a national Public Health Emergency. (2) The United States Department of Health and Human Services announced the expiration of the national Public Health Emergency.

If implementing generative AI can make the finance function more agile, it has the potential to be a source of competitive advantage, says Gartner.

If AI tools used for hiring are not thoughtfully implemented, it can create new challenges in the form of biased decision-making and possible litigation.

Accounting firms continue to grapple with significant labor shortages, as veteran employees retire in droves and fewer young graduates enter the field. CTCPA Executive Director Bonnie Stewart, Whittlesey Managing Partner and CEO Drew Andrews, and FML Partner Brian Kelleher were all quoted in the Hartford Business Journal article 'Numbers Crunch: Accounting firms turn to recruiters, high schools, apprenticeships in urgent search for new talent.' More than 300,000 U.S. accountants and auditors left their jobs in the past few years, according to Bureau of Labor Statistics data, leading to a 17% decline in employed accountants compared to 2019.

On August 30, the Biden administration issued a Notice of Proposed Rulemaking from the Department of Labor to extend overtime pay eligibility to more than 3 million workers. The initiative comes following a similar attempt by the Obama administration over eight years ago to revise overtime eligibility regulations under the Fair Labor Standards Act (FLSA). Under the new proposal, employers would be required to provide time-and-a-half pay for eligible workers who work beyond 40 hours per week. The previous threshold for this requirement set in 2019 by the Trump administration—$35,568—would be increased to $55,000.

For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.

Whittlesey, an accounting, advisory, and technology firm, is proud to announce that we have been named a Best of the Best Firm by INSIDE Public Accounting (IPA), an award-winning newsletter for the public accounting profession. Whittlesey is the only Connecticut and Western Massachusetts-based firm to make this list.

New initiatives will be supported by individuals across the CTCPA membership. Looking for member engagement!

Whittlesey was recognized again as a Top 200 Accounting Firm in the country by INSIDE Public Accounting (IPA) for 2023. Whittlesey is the only Connecticut-based firm to make the Top 200 List.

No policy issue has dominated the accounting profession over the past several decades as much as accountant education – specifically, the 150-hour education requirement.

By 2023-2024 CTCPA Chair Timothy Hedley, CPA, Ph.D. of Fordham University

On September 30, 2023, the CTCPA Peer Review Committee will lose a valued member as Nancy Hayes concludes her service on the committee after some 35 years. A partner at Carter, Hayes + Associates, P.C. in Hamden, Nancy has served as committee chair multiple times and on peer review subcommittees exhibiting the highest levels of professionalism. Without its volunteers, the peer review program in Connecticut could not exist. Nancy’s efforts along with the rest of the committee help firms stay compliant with complex accounting and auditing standards. Nancy’s deep knowledge, calm demeanor, and clear council will be missed!

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo is warning Connecticut employers and residents of an uptick in unemployment benefits fraud due to identity theft. Connecticut is among states being targeted by criminals who are flooding the unemployment system using stolen identities to file for benefits. During the pandemic, stolen identities were available on the dark web for about one dollar. Criminals are still mining this resource to purchase names, Social Security Numbers, birth dates, and other personal information that they use to apply for credit cards, bank loans, and unemployment benefits. Connecticut’s unemployment system is currently receiving several thousand claims per day; CTDOL suspects around 75% are fraudulent and is withholding payment.

CironeFriedberg, LLP announced the promotion of David C. Moseman, CPA to Partner in Charge of Tax services and Nicholas DaPaz, CPA to Partner in Charge of Audit services for the firm.