News

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.

In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures have an effective date of Jan. 1 for some portions, pending adoption in more than 140 jurisdictions worldwide. IFRS S1 features a global baseline for reporting requirements on the disclosure of sustainability-related risks and opportunities. IFRS S2 features reporting requirements specific to climate-related disclosures, in concert with the reporting framework established by IFRS S1.

This spring, 27 Connecticut residents graduated from the 2023 class of the Connecticut Professionals’ Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture.

This spring, two dozen Connecticut residents graduated from the 2023 Connecticut Professionals’ Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture. The program, focused on the next generation of business leaders, was presented in partnership with six professional organizations: • American Institute of Architects, Connecticut, • CFA Society Hartford, • Connecticut Bar Association, • Connecticut Society of Certified Public Accountants, • Connecticut Young Insurance Professionals, and • Hartford County Bar Association. The program encourages participants to help evolve and grow their careers and industries, professional association groups and companies through dynamic sessions including Legislative Day at the Capitol, Personal Branding, How to Lead a Team Effectively and Efficiently, Business Finance 101, and a Lean Principles and Practices Team-Building Workshop. “The continued success of this collaborative leadership academy is a testament to the strengths and talents of these up-and-coming professionals and the organizations they represent. The leadership skills and relationships they have formed will serve them, their employers, and our community well as they lead through an ever-evolving environment today and into the future,” said Bonnie Stewart, Executive Director and CEO of the Connecticut Society of CPAs. ”The Connecticut Professionals’ Leadership Academy blends classroom education with personal and professional development while networking among peers. Designed to be different than other leadership training programs, participants are exposed to various skill developments, like personal branding, Clifton Strengthsfinder, introduction to being a board member, and meeting like-minded professionals all in a six-month time frame,” said Ryan Keating, CIC of Keating Agency Insurance, a member of the Board of Directors of the Connecticut Young Insurance Professionals. Applications Are Open Now for the 2024 Connecticut Professionals’ Leadership Academy Program application is open to early to mid-career professionals who are members of the partnering organizations seeking leadership training to propel them to the next level of their career. Learn more at www.ctcpas.org/LeadershipAcademy. Congratulations to These 2023 Connecticut Professionals’ Leadership Academy Graduates: American Institute of Architects, Connecticut Jason Levy of Farmington – QA+M Architects David Reilly of Darien – Trillium Architects Misha Semënov-Leiva of Essex – Centerbrook Architects Brian Stancavage of Cheshire – Svigals + Partners Justin Towart of Stratford – Further Architecture Office PLLC CFA Society Hartford Evan Paretti of Bridgeport – Fiducient Advisors Connecticut Bar Association and/or Hartford County Bar Association Jacqueline Betz of Hartford – Kurien Ouellette LLC Brittany Bisson of Cheshire – Saxe Doernberger & Vita, P.C. Sarah Dlugoszewski of Southington – Shipman & Goodwin LLP Dinora Lopez of Glastonbury – Liberty Bank Anne Nye of Andover – Gfeller Laurie LLP Michael Curley of West Hartford – Murtha Cullina LLP Connecticut Society of Certified Public Accountants Erica Ambrosio – Deloitte & Touche LLP Ava DelMastro of Middletown – RSM US LLP Amanda Eckert of Terryville – Deloitte Micah Flashman of New Haven – Razayya Financial, LLC Keegan French of Newington – Marcum LLP Michelle LaVoie of Cromwell – Marcum LLP Viktoriia Mills of Guilford – Fiondella, Milone & LaSaracina LLP (FML) Natalie Olmstead of Avon – The Siegfried Group Ian O'Toole of Branford – Deloitte & Touche LLP Kimberly Purisky of Milford – Beers, Hamerman, Cohen & Burger, PC Joseph Sullivan of Waterbury – CLA (CliftonLarsonAllen) Denisse Zavala of Weatogue – PwC

Whittlesey continues its long‐standing tradition of community service through a range of projects across Connecticut and Western Massachusetts. For over a decade, Whittlesey volunteers have stepped away from their desks to participate in various projects that directly affect the communities where they live and work. This year, more than 100 Whittlesey team members collaborated with the Bushnell Park Foundation, the Diaper Bank of Connecticut, and the Boys and Girls Club of Greater Holyoke in a day dedicated to creating positive and tangible impacts within our local communities. At Bushnell Park and the Boys and Girls Club of Greater Holyoke, teams engaged in general park clean‐ up efforts, including spreading mulch, planting new flower beds, and repairing and painting fences. Meanwhile, volunteers at the Diaper Bank of Connecticut assisted in sorting and repackaging diapers before distributing them to families in need. "Our commitment to service extends far beyond our professional obligations," says Drew Andrews, CEO and Managing Partner at Whittlesey. "We believe in giving back to the communities we are part of, and our annual Community Day is a testament to this belief. We are honored to partner with these remarkable organizations this year and look forward to the impact we can make together." Whittlesey's Community Day is part of a series of initiatives the firm undertakes throughout the year, emphasizing its core belief in the power of community engagement. The firm takes pride in its enduring partnerships with diverse nonprofit organizations and the real‐world impacts they create together.

Whittlesey announced the promotion of Greg LaCasse, CPA, to Partner. Greg is the newest member to join the growing leadership team.

Mark Pires, CPA and senior manager at CironeFriedberg, LLP, joins the prestigious list of accomplished awardees of the 2023 Fairfield County 40 Under Forty award. The award recipients were announced and celebrated on June 14 at The Point at Norwalk Cove, in Norwalk, Conn.

A new or growing business may need to devise creative recruitment strategies to reach the most qualified individuals. In today's labor market, many small and medium-sized businesses face additional hiring challenges thanks to recent inflation and economic fluctuations, which have created uncertainty for both employers and job seekers.

Founded in Hartford in 1961, Whittlesey is the largest Connecticut-based CPA and consulting firm. Recognized as a “Best of the Best Accounting Firm” by Inside Public Accounting, Whittlesey offers a comprehensive array of advisory, audit, client accounting services, tax, cybersecurity, and technology services to a broad range of businesses and individuals.

Anthony W. Cirone, Jr., CPA and managing partner of CironeFriedberg, LLP, has been elected to the Board of Trustees at Union Savings Bank, headquartered in Danbury, Conn.