News

With the start of the new year comes Connecticut’s General Assembly session. This year, CTCPA has a range of topics that we will be pushing, as well as some other initiatives we plan to be involved in. Here's a snapshot of some of our initiatives:

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to improve the financial accounting for and disclosure of financial activities related to environmental credits and environmental credit obligations. The changes are expected to provide investors with additional decision-useful information by improving the (1) understandability of financial accounting and reporting information about environmental credits and environmental credit obligations and (2) comparability of that information by reducing diversity in practice. Stakeholders are encouraged to review and provide input on the proposed ASU by April 15, 2025.

The Innovative CPA Group (ICG) proudly continues its tradition of giving back through a series of impactful volunteer initiatives throughout the holiday season. With a strong commitment to fostering community connections and supporting those in need, ICG remains dedicated to making a positive difference during this time of year.

The Financial Accounting Standards Board (FASB) today announced the availability of the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also announced the availability of the 2025 DQC Rules Taxonomy (DQCRT) and 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”

Around 15% of households carry medical debt, according to data from the Census Bureau.

The IRS expanded the tax pro account, which now includes the ability to view individual and business taxpayer payments, and made other digital improvements, the agency said, as part of the quarterly update to its strategic operating plan.

Organizations are adopting AI tools at a lower rate than many may have expected.

On Monday, the AICPA Professional Ethics Executive Committee (PEEC) released new ethics guidance related to recruiting services for attest clients. The committee also released an exposure draft related to simultaneous employment with an attest client.

The IRS said Friday that it is providing relief from certain penalties imposed solely for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in certain transfers of partnership interests in calendar year 2024.

The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

Republican leaders in the House and Senate announced the ranking member assignments for the joint committees in the Connecticut General Assembly for the upcoming legislative session.

OPM: Key Benefit Of Guardrails Is That They Also Protect Essential Services

Reporting companies may continue to voluntarily file beneficial ownership information (BOI) reports while the Corporate Transparency Act (CTA), P.L. 116-283, is on hold, the Financial Crimes Enforcement Network (FinCEN) said in an alert this week.

Interest in the implementation of generative artificial intelligence tools has risen among CPA decision-makers in business and industry over the last year, a steady progression that could signal rapid change on the horizon.

As policymakers debate the future of Connecticut’s “fiscal guardrails,” this series of papers offers a data-driven analysis of the guardrails, their impact, and a framework for considering possible adjustments.

Nicola, Yester & Company, P.C. named Katie Anderson a partner and Kristin Lombardo as staff.

Whittlesey, one of New England's largest assurance, advisory, tax, and technology firms, is proud to welcome two new managers, Dale C. Boutot, CPA, and Sarah O’Neill, CPA. These additions to the Firm’s growing leadership team underscore its commitment to excellence, growth, and leadership across its offices.

As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, [State Society] has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.

Analysis fuels advocates for new CT income tax break for families.