News

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 (RAISED) – An Act Concerning the Amortizable Bond Premium Subtraction for Purposes of the Personal Income Tax. More than a dozen group members 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.

The bigger bonuses are part of a $1 billion initiative announced by the Big Four firm in 2024 which aims to attract more people to the accounting profession.

An agreement between professional accounting bodies in North America’s three largest countries will extend cross-border practice mobility for CPAs through the end of 2028.

Schellman is the latest large firm to execute a flip within its private-equity-driven ownership model.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations providing guidance regarding the pilot program for Trump Accounts, which are a new type of individual retirement account for eligible children. Trump Accounts and the Trump Account Pilot Program were established under the One, Big, Beautiful Bill enacted on July 4, 2025.

Industry advocates and small business owners argue that the credit would help boost the economy and spur innovation in the state.

The Innovative CPA Group is pleased to announce that Michael Palombella has joined the firm as a Director. Michael brings extensive experience in tax planning, compliance, and strategic advisory services, serving closely held businesses and high-net-worth individuals with proactive, solutions-oriented guidance.

Can Connecticut become the Silicon Valley of quantum tech? Comptroller Sean Scanlon thinks it’s at least a possibility.

After issuing a decrease last year, the IRS on Tuesday posted slightly higher depreciation limitations for passenger automobiles. These limits are updated annually for inflation, based on the automobile component of the Chained Consumer Price Index for Urban Consumers.

The American Institute of CPAs (AICPA) is signaling its strong support for a bipartisan bill which contains 63 provisions designed to improve tax administration and reduce the burdens on taxpayers and their preparers. The Taxpayer Assistance and Service (TAS) Act, introduced by Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR), addresses important tax provisions that the AICPA has long-advocated for, including...

The Internal Revenue Service published, for tax year 2025, a new schedule that taxpayers will use to realize important tax benefits of the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors.

Gov. Ned Lamont informed Democratic legislative leaders in a conference call Monday afternoon he intends to use his line-item authority to strike references to earmarks and other spending from the emergency-certified bill passed last week.

The General Law Committee is considering a privacy bill that would restrict how Connecticut state and law enforcement agencies use automated license plate readers, including Flock cameras.

Tougher penalties for tax preparers who break the law are included in a sweeping bipartisan Senate bill designed to overhaul IRS operations and strengthen taxpayer service.

As entry-level tasks are automated, the focus of training will shift to judgment, simulation, and continuous upskilling.

The move, issued as part of a wider set of recommendations to the IRS, would “promote fairness and ease administrative burden,” the CPA group said.

Following the release of the Department of Education’s Notice of Proposed Rulemaking (NPRM) titled Reimagining and Improving Student Education, the American Institute of CPAs (AICPA) submitted its response acknowledging the Departments efforts to clarify the definition of “professional,” and urging the incorporation of similar language into the final rule, making the intent clear within the Code of Federal Regulations itself.