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Are You Exempt from Reporting Under the Corporate Transparency Act?

January 09, 2024

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?”

  • business and industry
  • practice management
  • boi

Employees ‘unsure' of company ethics guidelines for AI

January 02, 2024

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

  • business and industry
  • practice management
  • technology and cybersecurity
  • boi

6 Tips to Successfully Transition to a Small Business CFO Role

January 01, 2024

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.

  • business and industry

FREE Access to Universal CPA Review for CTCPA Members Until Aug. 1, 2024

January 01, 2024

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!

  • business and industry
  • career resources
  • practice management

Accounting in 2024: The year ahead in numbers

December 29, 2023

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.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

How to Make the Hybrid Work Model a Success in Your Organization

December 23, 2023

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.

  • business and industry
  • practice management

The 2023 Top 100 People: Fixing the pipeline problem

December 20, 2023

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?

  • accounting and auditing
  • business and industry
  • practice management

IRS expands access to business tax accounts, adds features

December 19, 2023

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.

  • business and industry
  • practice management
  • federal tax

Want to Leverage the Power of AI? It Starts With a Solid Data Foundation

December 19, 2023

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

  • business and industry
  • technology and cybersecurity

Connecticut CPA Magazine Excerpt: The Role Accountants Can Play in Preparing for Future ESG Requirements

December 18, 2023

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.

  • accounting and auditing
  • business and industry
  • not-for-profit
  • practice management

Key Workplace Trends You Need To Know For 2024

December 18, 2023

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

  • business and industry
  • career resources
  • practice management

What can AI do, anyway?

December 18, 2023

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.

  • business and industry
  • practice management
  • technology and cybersecurity

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.

  • business and industry
  • career resources
  • practice management

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.

  • business and industry
  • personal financial planning
  • practice management
  • federal tax

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.

  • business and industry
  • practice management
  • technology and cybersecurity

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.

  • business and industry
  • practice management
  • state tax
  • advocacy - state

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.

  • business and industry
  • practice management

9 in 10 Finance Leaders Knowingly Making Decisions Off Bad Data

December 06, 2023

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

  • business and industry
  • technology and cybersecurity

Navigating an uncertain 2024 — and beyond

December 01, 2023

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

  • business and industry

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.

  • business and industry
  • practice management
  • technology and cybersecurity