Hartford Business Journal

HBJ091222UF

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HARTFORDBUSINESS.COM | September 12, 2022 35 Putting You on the Path to Success…and to the CPA! MS in Accounting (MSA) Ideal for working professionals: • Flexible, 30 credit, 10 course program • Aligned with CPA academic standards • Curriculum capitalizes on emerging technological trends and analytics • Graduates hired by local, regional, national, and international firms, as well as large public corporations • No GMAT/GRE required in most cases SCHOOL OF BUSINESS The CCSU School of Business is an accredited member of AACSB International – The Association to Advance Collegiate Schools of Business. LEARN MORE ccsu.edu/hbj/msa RNs | LPNs | CNAs | Respiratory Therapists bristolhealth.org/hiring Bristol Health is looking for YOU – an EXCEPTIONAL healthcare worker As an integrated delivery network with deep roots in the community, we make a critical impact on the people we serve. Not only do we want our patients to live their best lives, but we also want our employees and their families to have the resources they need to thrive. When you work here, you can feel confident in knowing that you're making a difference in a place that supports you personally and professionally. Join the team that's delivering healthcare the way it should be! "In the past, [businesses] were making a lot of capital improve- ments because money was fairly cheap," Milone said. "But [some business owners] are thinking twice about whether they need to do that now because money [will cost more] to borrow." Even for businesses that decide to lease versus purchase equipment, there are new lease accounting standards mandated by the Finan- cial Accounting Standards Board (FASB), which go into effect in 2022. The rule change applies to all private companies as of this year, and is designed to create greater transparency around company financials. Under the previous standard, only capital leases — which act as a debt to own the underlying asset — were required to be listed on a company's balance sheet. Operating leases, or payments for the right to use an asset, were considered "off-balance sheet" and accounted for in foot- notes. Milone said his firm has been having proactive conversations about the changes. "These operating leases now have to get recorded on the [business's] balance sheet and that could impact [loan agreement terms] with their bank," Milone said. The bright side Despite the challenges facing small businesses — and concerns about a recession — there has been positive news as well. The recently-passed Inflation Reduction Act has a number of provisions and tax credits that will benefit small companies. The new law doubles the refundable R&D tax credit for small businesses, which can be applied against payroll taxes and other expenses, including product development and technology. CLA's Lattimer said he also has many small businesses – especially manufacturers — looking to expand green technology, and the Inflation Reduction Act offers a 30% tax credit for energy-efficient remodeling. Whittlesey's Andrews said he understands the challenges facing small businesses, including the threat of recession, but remains cautiously optimistic. "There's so much built-up demand in the system," he said. "Maybe we can weather it." It's an optimism that many small business owners feel, despite the headwinds they're confronting. In fact, Goldman Sachs found that while 93% of small business owners are worried about the economy dipping into a recession this coming year, more than two-thirds remain confident about the financial trajectory of their business.

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