News

Far from lagging behind their larger peers, our special editorial report in association with Sage, State of the nation: AI in accountancy and bookkeeping, shows that small firms are agile enough to make the most of the AI revolution.

Limited resources and a duplicative review process contributed to IRS problems with auditing large partnerships, a government watchdog said in a review issued earlier this month.

Internal audit leaders in an annual survey reported staff and budget cuts in 2025 that rivaled levels observed during the 2008–2009 financial crisis, but they also shared a potential key to organizational support of the audit function.

The IRS wants to deploy artificial intelligence, but workforce reductions that hit tech teams mean the agency has capacity gaps that could impact its ability to do so, according to a new report from Congress’ watchdog, the Government Accountability Office.

The federal tax law passed in 2025 made the paid family and medical leave credit in Sec. 45S permanent and made substantive changes to enhance the credit and expand its availability. In a letter to Treasury and the IRS, the AICPA requested guidance and offered recommendations to update the existing guidance on matters emerging from revisions to Sec. 45S.

Residents exiting Massachusetts took a net of $4.2 billion in adjusted gross income with them in 2023, one of the largest totals in the country, after a tax on millionaires took effect.

As artificial intelligence (AI) reshapes hiring, organizations are finding it more difficult — and time-consuming — to identify skilled talent. A survey from talent solutions and business consulting firm Robert Half found that 67% of U.S. HR leaders say reviewing AI-generated applications has slowed the hiring process, with 20% reporting delays of more than 2 weeks.

The Internal Revenue Service today announced that over 1.3 million people across the nation have unclaimed refunds for tax year 2022 and face an April 15 deadline to submit their tax returns.

Private equity can open doors, but it’s not the only way to scale. Paul Randall, managing partner at RPGCC, shares his view on investment readiness, deal pressure and why independence still works for some firms.

The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2026 GAAP Financial Reporting Taxonomy (GRT) (including the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT)) and the 2026 SEC Reporting Taxonomy (SRT). The FASB also finalized the 2026 DQC Rules Taxonomy (DQCRT) and the 2026 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, the SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”

Margaret Ryan has resigned as director of the agency’s division of enforcement after about six months on the job.

The AICPA Professional Ethics Executive Committee (PEEC) issued an exposure draft proposing revisions to the definition of “attest engagement team” in the AICPA Code of Professional Conduct (the Code). The proposal is intended to align the Code’s use of “attest engagement team” with other AICPA professional standards.

The Private Company Council (PCC) has published its 2025 Annual Report to highlight the PCC’s accomplishments and activities.

During 2025, audit and assurance professionals continued to operate in an environment marked by sustained economic uncertainty, evolving regulatory expectations, ongoing workforce constraints, and rapid advances in technology. Elevated interest rates, continued inflationary pressures in certain sectors, geopolitical instability, and increased focus on supply chains and liquidity heightened risks for many entities and increased the complexity of audit engagements.

The two states are among the last and latest to officially start the process of changing laws that determine how candidates become certified public accountants.

Consistent with applicable law and longstanding practice, the Secretary of the Treasury oversees the operations of all Treasury offices and bureaus, including the Internal Revenue Service. Secretary Scott Bessent’s service as Acting Commissioner of the IRS under the Federal Vacancies Reform Act has expired, and he has not served in that capacity since that time.

The Securities and Exchange Commission initiated only 10 accounting and auditing actions last year — its lowest level in nine years.

The Internal Revenue Service recently unveiled enhancements to the IRS Tax Withholding Estimator to reflect changes to credits and deductions under the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, and other tax benefits.

CTCPA State Tax Group Chair Alan Clavette recently testified before the Connecticut General Assembly’s Finance, Revenue and Bonding Committee in support of the State Tax Group’s proposal, HB 5445 – An Act Concerning the Amortizable Bond Premium Subtraction for Purposes of the Personal Income Tax. More than a dozen group members and CTCPA Executive Director Bonnie Stewart also submitted written testimony supporting the proposal.

Earlier this session, we alerted members to concerns about Sections 1 and 2 of HB 5222. Introduced as part of the Connecticut Department of Consumer Protection (DCP) clean-up bill, these sections would have significantly changed how CPA regulation is enforced in Connecticut by allowing DCP to independently exercise enforcement powers in CPA matters. We are pleased to report that DCP leadership has agreed to remove Sections 1 and 2 from HB 5222.