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State Republican lawmakers say a recent survey showing nearly 40% of adults in Connecticut are struggling financially should be “a wake-up call to all state Democrats.” Democrats, however, stress that now is the time to come together across party lines to respond to the needs of Connecticut families.

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

Here’s how leading finance leaders will navigate the generative AI revolution next year.

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.

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.

Another large accounting firm has struck a deal with private-equity investors.

FML’s Destiny Hartmann is one of only 30 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 16th graduating class. Hartmann was selected based on her exceptional leadership skills and professional experience for the four-day Leadership Academy program, which will be held Dec. 9-12 in Durham, N.C.

For an industry that's often stereotyped as stagnant, the world of accounting is changing at unprecedented speed: accounting industry trends include headline-grabbing topics such as AI, automation, ESG consulting, and remote work.

The Connecticut Society of CPAs (CTCPA) will host a Day of Giving social and collection drive to benefit Connecticut Foodshare at the CTCPA office in Rocky Hill on Tuesday, December 3 (#GivingTuesday) from 8 to 9:30 a.m. Participation is open to the public and includes complimentary coffee, hot cocoa, seasonal treats, and an opportunity to connect with CTCPA members and staff. No need to pre-register.

Two of the nation's top 15 accounting firms have joined forces with the completion of CBIZ's acquisition of Marcum LLP.

Paul N. Iannone, CPA, J.D., MST and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, associate professors, and Benoit N. Boyer, Ph.D., retired professor, all in the Jack Welch College of Business and Technology at Sacred Heart University in Fairfield, wrote “Cleaning up intercompany debt” for the November 2024 issue of The Tax Advisor.

The AICPA Assurance Services Executive Committee recently provided an update and held a meeting to discuss the evolution of assurance services and the exciting advancements on the horizon. The critical need for CPAs to adapt to emerging non-financial assurance opportunities, including cybersecurity, blockchain, digital assets, and sustainability, was emphasized. The CPA profession is uniquely positioned to provide assurance inthese new areas, thanks to established frameworks, ethical guidelines, and a legacy of trust.

In October, the CTCPA hosted an informative Town Hall meeting featuring Melissa Travis, FEMA CISA specialist and CEO of the Rhode Island Society of CPAs . Travis delivered crucial insights on business continuity planning, disaster preparedness, and the pressing challenges of cybersecurity.