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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 amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the...
401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
State Boards Consider Technology Pathway
Attendees at NASBA’s Eastern and Western Regional Meetings are being asked to consider the concept of a Technology Pathway leading to the CPA license. Executive Vice President Colleen Conrad and Vice President – State Board Relations Dan Dustin...
View Louis Bucari's 'Hot Topics with the DRS' Slides
Connecticut Department of Revenue Services Legal Counsel Louis Bucari talked "Hot Topics with the DRS" to a packed house at the June 21 Easton CONNection - and was gracious enough to allow us to share his slides with our members. Louis addressed...
DRS Issues Guidance Regarding Treatment of Bonus Depreciation for Connecticut Income Tax Purposes
The Department of Revenue Services (DRS) recently issued guidance on treatment and decoupling of bonus depreciation for Connecticut income tax purposes, the result of new federal (Tax Cuts and Jobs Act of 2017) and state ( Public Act 18-49 )...
DRS Issues Implementation Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax
On May 31, 2018, Governor Malloy signed Public Act 18-49 , An Act Concerning an Affected Business Entity Tax, Various Provisions Related to Certain Business Deductions, the Estate and Gift Tax Imposition Thresholds, the Tax Treatment of Certain...
GASB Establishes New Implementation Guidance to Assist Stakeholders with Recent Pronouncements
The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements. Implementation Guide No. 2018-1, Implementation...
Better Late Than Never? Speaker, Gov. Say Plan for Special Session
Just days after the Connecticut General Assembly failed to pass legislation that would have allowed the state to legalize sports gambling, the U.S. Supreme Court cleared the way for states to do just that. In a decision released Monday,...
Kevin Sullivan, one of Malloy’s original appointees, to leave DRS
Kevin Sullivan, the commissioner of revenue services since Gov. Dannel P Malloy took office in January 2011, will step down for a private-sector job on May 10, the day after the General Assembly adjourns its regular session for 2018. Malloy...
Finance Committee Moves To Delay Bond Covenant
The Finance, Revenue, and Bonding Committee approved a bill Thursday that will delay implementation of what many are referring to as the “bond lock.” The 26-25 party line vote, which involved some Democratic members switching their votes...