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FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
Funding cliff for community health centers puts staffing, patients at risk
Federal funding for community health centers is nearing expiration this year. And both health professionals and politicians are warning, that may have some impacts on Connecticut centers and patients. Laying people off of work isn’t something that CEO Nichelle Mullins wants to do just before the holidays. But if federal funding for Charter Oak Health Center in Hartford stops coming, she may have to.
Consumers support U.S. economy as business spending slumps
U.S. economic growth slowed less than expected in the third quarter as a further contraction in business investment was offset by resilient consumer spending, further allaying financial market fears of a recession. The Federal Reserve cut interest rates for the third time this year on Wednesday amid lingering threats to the longest expansion on record from uncertainty over trade policy, slowing global growth and Britain’s departure from the European Union.
Elections bring new focus on college debt, which burdens CT students more than others
Like many young couples who are starting a life together today, Dan and Sherry Agabiti carry a burden that’s largely unique to their generation – a large amount of college debt. Dan Agabiti, 28, is a Rhode Island native who wanted the experience of attending college away from home. He enrolled as an out-of-state student at the University of Connecticut against the counsel of friends and family who warned him it would cost too much.
How CPAs can prepare for the California Consumer Privacy Act
Last week, California Governor Gavin Newsom signed into law six amendments to the California Consumer Privacy Act, the comprehensive state privacy law that will go into effect Jan. 1, 2020, creating new compliance issues for CPAs and their clients. CCPA will “become the most stringent privacy law of any single state,” explained Anthony Pugliese, CEO of the California Society of CPAs, who spoke to Accounting Today about the wide-ranging effects of the new legislation on the eve of it being...
Fallout from Trump's trade wars felt by economies around the world
The collateral damage of the United States’ trade wars is being felt from the fjords of Iceland to the auto factories of Japan. Central bank governors and finance ministers traded grim tales of suffering economies at the International Monetary Fund and World Bank fall meetings in Washington this week. Some also noted how far U.S. policy had shifted from the 1940s, when Washington co-founded the IMF.
Kiplinger: CT, NY are 2nd and 3rd least-tax-friendly states
Connecticut and New York are respectively the second- and third-least-tax-friendly states in the nation, according to the latest annual ranking by personal finance magazine Kiplinger. The publication ranks states according to the sum of income, sales, property and gas taxes paid by a hypothetical married couple with two dependent children, an earned income of $150,000, and qualified dividends of $10,000. Illinois was judged the least tax-friendly in the country.
CT considers ‘next steps’ after judge tosses suit challenging SALT tax
A federal court on Monday dismissed a lawsuit by Connecticut and three other high-income states seeking to overturn a new cap on the deductibility of state and local income taxes on federal returns. The so-called state and local income tax, or SALT, cap was limited to $10,000 during a massive federal tax overhaul in 2017. The limit is an amount Connecticut, New York, New Jersey and Maryland said hurt wealthy states with high property taxes.
Judge tosses suit by CT, other ‘blue states,’ that challenged SALT cap
A federal court on Monday dismissed a lawsuit by Connecticut and three other high-income states seeking to overturn a new cap on the deductibility of state and local income taxes on federal returns. The so-called state and local income tax, or SALT, cap was limited to $10,000 during a massive federal tax overhaul in 2017. The limit is an amount Connecticut, New York, New Jersey and Maryland said hurt wealthy states with high property taxes.
IRS releases new Tax Gap estimates; compliance rates remain substantially unchanged from prior study
The Internal Revenue Service today released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation's tax compliance rate is substantially unchanged from prior years. The gross tax gap is the difference between true tax liability for a given period and the amount of tax that is paid on time. "Voluntary compliance is the bedrock of our tax system, and it's important it is holding steady," said IRS Commissioner Chuck Rettig.