News
Connecticut Businesses Predict Profits, Face Hiring Woes
September 15, 2023
The good news is that 66% of all Connecticut businesses surveyed believe they will turn a profit. The bad news from the latest Connecticut Business & Industry Association survey is that about a third believe the business climate in Connecticut is declining, and a whopping 81% are struggling to find experienced workers.
Is It Time for a Career Break? 3 Finance Leaders Tell Their Reset Stories
September 15, 2023
Many executives step away from employment to focus on their health and wellness while taking stock of their careers. Here’s how three of them did it.
Cybersecurity for CPAs: Beware the inside threat
September 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. The modern accountant, then, must take their cyber defenses seriously for the sake of themselves and their clients.
Optimism on the rise among large-company CFOs, according to survey
September 12, 2023
CFOs haven't felt this good about the economy in more than a year. Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to Deloitte's 2023 Q3 CFO Signals survey. That's the highest mark since the first quarter of last year, when 64% of CFOs were positive about the economy. CFOs are also optimistic about their own companies' financial prospects and their expectations for year-over-year growth.
Labor Department Proposes New Overtime Salary Threshold
September 08, 2023
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.
The Return to Office Battle: What's the Right Approach?
September 08, 2023
Deciding if employees should return to the office is a decision CFOs should weigh with consideration for both employee and company needs.
Employees to leaders: Be transparent about AI use
September 06, 2023
Executives and employees believe artificial intelligence is good for business, but employees say some companies are not clear about how they intend to use AI.
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
August 31, 2023
Certain businesses that receive payments of over $10,000 in cash must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, electronically starting in 2024, the IRS said Wednesday in a news release (IR-2023-157). This new requirement applies to businesses that are required to file at least 10 information returns of one or more types other than Form 8300 in 2024.
Hybrid Jobs Surge 29% YoY; Remote Jobs Decline
August 29, 2023
Most companies require or encourage employees to work from the office, but 80% of staff continue to work from home or keep a hybrid schedule.
What New and Prospective Hires Are Demanding: CFO Peer Audit
August 25, 2023
With labor issues continuing to be top of mind, we asked CFOs what new hires have requested lately.
Thomson Reuters Future of Professionals Report Predicts AI will Have a Transformational Impact on Professional Work by 2028
August 23, 2023
Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.
Corporate Transparency Act/Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms
August 22, 2023
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).
Generative AI plays a role in everyday finance
August 21, 2023
Generative AI technologies like ChatGPT and Bard aren't the end of the world, as sci-fi antagonists may make them out to be. But they're not demure wallflowers, either. The truth exists somewhere in between, leaving CFOs with many questions but few answers on how to integrate these game-changing tools to maximize efficiency, accuracy and insight into everyday finance and accounting.
Connecticut Adopts 30-Month CPA Exam Testing Window: FAQs on Timing and Implementation
August 17, 2023
This spring the National Association of State Boards of Accountancy (NASBA) announced an amendment to the Uniform Accountancy Act Model Rules that extends the CPA Exam testing window from 18 months to 30 months. This means that individuals will now have 30 months from receiving their first CPA Exam section passing score to successfully pass the remaining sections.
More employers using counteroffers to retain staff, report finds
August 16, 2023
The summer Labour Market Outlook found that employers are increasingly using counteroffers in response to skill shortages, with some planning pay reviews over the next year.
Accountants face up to the cost of cloud app stacks
August 15, 2023
A recent rise in software fees has sparked debate among practice owners about how the cost of multiple, interconnecting cloud applications should be packaged and presented to clients, whether price hikes should be passed on and when this should happen.
ESG's Biggest Miss: Supply Chain Visibility
August 11, 2023
As ESG efforts gain traction, they may be distracting companies from other social impact issues, like the use of slave labor in supply chains.
Flexibility and financial security are not negotiable, Gen Z says
August 11, 2023
Work/life balance is imperative to attract and retain younger workers. New research shows business leaders aren’t as enthusiastic about flexible working as employees are.
Experiential Learning: An Evolution in How Knowledge Is Obtained by Prospective CPAs
August 10, 2023
No policy issue has dominated the accounting profession over the past several decades as much as accountant education – specifically, the 150-hour education requirement.
66% of Financial Services Leaders Would Quit If Forced to Return to Office
August 09, 2023
Companies that mandate full-time office commitments are likely to experience turnover among leadership, data suggests.