News

The Financial Accounting Standards Board (FASB) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the ITC by June 30, 2025.

More than a dozen new laws will take effect Jan. 1 in Connecticut, including changes to absentee ballots, mandatory paid sick leave, and expanded protections for home health care workers.

The new Connecticut Paid Sick Leave Act is shaking things up significantly. If you’re an employer in Connecticut, here’s what you need to know – including a few potential pitfalls to avoid.

Address tax law changes and focus on practice management.

Reviewing and adjusting fees can solve problems with high client demand and low talent supply. Find out how to improve capacity and revenue.

A federal appeals court on Thursday reinstated a nationwide injunction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week. In its latest order, the Fifth Circuit Court of Appeals said it was reinstating a lower court's injunction "in order to preserve the constitutional status quo while the merits panel considers the parties' weighty substantive arguments," referring to the panel of judges who will decide the appeal.

More than 500 property owners, renters, and business owners have benefitted from the Hartford Flood Relief and Compensation Programs, but more money is needed, officials said this week.

Finance transformation has taken accounting departments by storm in the past decade as more and more organizations are asked to do more with less – but it isn’t always easy to know where to start on the finance transformation journey. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

The AICPA Peer Review Board voted in November to approve Peer Review Standards Update (PRSU) No. 2, which aligns peer review standards with new quality management standards that go into effect late next year. The update also clarifies and improves existing technical guidance.

The State Bond Commission approved over $400 million in new state borrowing at its final meeting of the year Friday before saying goodbye to two of its members, who were attending their final meeting.

A wellbeing expert explains the lessons business leaders can learn from athletes and highlights the importance of open conversations around mental health.

As companies pull back their DEI policies, thought leaders on all sides of the political and legal spectrum are advising CFOs to review their DEI policies for potential legal risks.

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 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 Connecticut Society of CPAs (CTCPA) will honor 12 outstanding women at the CTCPA Women’s Awards event on Wednesday, January 15, 2025 from 7:30 to 10:30 a.m. at the TPC River Highlands. Awardees will be honored in three categories: Distinguished Service, Women to Watch, and Aspiring CPAs.

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.