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Most small businesses are not filing required beneficial ownership information (BOI) reports because they are not sure they need to or because they are procrastinating, according to a poll released Tuesday by Wolters Kluwer.

State also announces milestones for pension debt reduction.

The Financial Accounting Standards Board (FASB) today today published a proposed Accounting Standards Update (ASU) on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities. Stakeholders are encouraged to review and provide input on the proposed ASU by January 17, 2025.

Governor Ned Lamont, Comptroller Sean Scanlon, and Treasurer Erick Russell today are highlighting the release of two reports detailing the significant improvements made in recent years to strengthen the long-term health of Connecticut’s pension funds for retired state workers.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

The Republican majorities in the Senate and House of Representatives will grant President-elect Trump an easier time in refreshing many of the expiring provisions in his 2017 Tax Cuts and Jobs Act, including priorities such as the Qualified Business Income Deduction and 100% bonus depreciation.

State Board of Accountancy (SBOA) staff has recently confirmed that firms that are not performing audits, compilations, or reviews must specifically submit a waiver from peer review requirements annually as part of the firm permit renewal process. If your firm no longer does or has never performed audits, compilations, or reviews, you must submit the Quality Review Waiver Form annually to be in compliance.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the relevance and consistency in application of the induced conversion guidance in FASB Accounting Standards Codification® Subtopic 470-20, Debt—Debt with Conversion and Other Options.

The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025.

Americans age 55 and over hold an estimated $52 billion in their health savings accounts (HSAs), according to HSA investment company Devenir's most recent research. It's no surprise that as clients approach Medicare enrollment, they are increasingly interested in continuing to fund their HSAs to provide for current and future health care expenses.

So far companies are still looking to AI mainly for enhanced efficiencies and productivity, Diligent Institute finds.

The Governmental Accounting Standards Board (GASB) announced today that it has issued two Exposure Drafts: an Exposure Draft of a proposed Statement, Subsequent Events, and an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update—2025.

The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.

State will collect another $1.3 billion next year, but lawmakers can’t spend it.

Changes adopted today by the PCAOB will increase audit firm transparency, bring consistency to the disclosure and calculation of audit firm and engagement metrics, and help the PCAOB conduct its oversight to protect investors

As the year ends, CFOs should focus on these key areas to ensure a smooth close process and improve operational performance.

Governor Ned Lamont today announced that the ongoing trend of decreasing rates in workers’ compensation insurance will result in Connecticut businesses receiving a 6% rate decrease beginning January 1, 2025.

On July 31, 2024, Massachusetts Governor Maura Healey signed the Frances Perkins Workplace Equity Act into law aiming to improve pay transparency and curb wage disparities. Massachusetts is the 5th state to pass pay transparency legislation in 2024 joining Hawaii, Illinois, Maryland, Minnesota, and Vermont. This trend began in 2019 with Colorado. Since then, California, Connecticut, Maryland, Nevada, New York, Rhode Island, and Washington have all passed similar measures.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

The Treasury Inspector General for Tax Administration has launched a social media campaign to commemorate its 25th anniversary, even as the Senate Finance Committee holds hearings on a replacement for the agency's long-time inspector general, who died earlier this year.