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CT tax revenue in free fall, adding $1.1B in red ink for next 2 years (CT Mirror)
While the media have reported projected revenue deficits of $200 to $300 million this week, the CT Mirror now places that number at $500 million.
Republicans Unveil 'Confident Connecticut' State Budget Proposal
Today, the Senate and House Republicans revealed a budget they state "closes the current projected state deficit over the next two years without new taxes and without pushing state expenses onto towns, cities or hospitals."
Trump’s Tax Reform Priorities Unveiled
The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum...
Gov. Malloy Issues Statement on Budget Impasse
Governor Dannel Malloy issued a statement on April 25 that he is "profoundly disappointed that neither Democrats nor Republicans could produce a budget that makes responsible progress toward addressing our fiscal challenges."
Legislative Advisory: April 21, 2017
Members of the Connecticut Society of CPAs have asked us to keep them informed of legislative issues as these issues develop. Accordingly, here is a CTCPA Legislative Advisory for your review and consideration. This CTCPA Legislative Advisory...
With Tax Day Over, Tax Freedom Day is Approaching
Tax Freedom Day is April 23, marking the day when the United States has earned enough to pay its total tax bill for the year, minus future tax debt to cover the federal deficit.  Tax Freedom Day is derived by computing federal, state, and local...
Is Time Still Money? Americans Say Cost More Important than Time When Making Purchases
Time is money, the old adage goes. But many Americans value their money more than their time, according to a new survey from the American Institute of CPAs (AICPA). The survey explores whether Americans are more likely to opt for extra money in...
ASB Proposes Auditing Standard Specific to ERISA Plan Financial Statement Audits; Comments Sought through August 21
The AICPA’s Auditing Standards Board has issued Exposure Draft , Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, specific to audits of...
IRS Failed to Deactivate IP PIN Program After Data Breach
The IRS dropped the ball in administering its Identity Protection Personal Identification Number (IP PIN) Program, leaving millions of taxpayers who were identity theft victims vulnerable and failing to strengthen the application despite a...
New Era Begins for Uniform CPA Exam
The next generation of the Uniform CPA Examination  launched on April 1, with greater emphasis placed on “higher-order cognitive skills” now required of new CPAs.  The updated version of the exam was released by the American...