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The U.S. Senate passed its reconciliation bill earlier this morning, which removes the limit on pass-through businesses’ state and local tax (SALT) deductions entirely, generating optimism for those affected businesses. The American Institute of CPAs (AICPA) sent a letter to Senate leadership expressing its strong support of tax-related provisions included in the latest version of the One Big Beautiful Bill Act (OBBB) passed by the Senate. Additionally, the AICPA is urging members of the House of Representatives to join their Senate counterparts in preserving this important deduction.

The Senate vote was split 50-50, with Vice President JD Vance breaking the tie and casting the deciding vote.

The Senate passed its version of the One Big Beautiful Bill Act on Tuesday, sending the measure back to the House, where its fate is uncertain. If the House passes the measure without amendment, it would go to President Donald Trump for his signature to become law.

Completing the monthly or quarterly close activities can be lengthy and cumbersome. Many steps are repetitive and manual, which leads to inefficiencies making it difficult to close the books in a timely manner. The good news is there have been significant technology advancements enabling organizations to shorten the financial close cycle while enhancing accuracy and efficiency. Various technological solutions can streamline financial close operations while maintaining financial information integrity. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

Governor Ned Lamont today announced that he has signed into law the biennial state budget bill for fiscal years 2026 and 2027, which makes historic investments to expand access to early childhood education, which is among the costliest item for families, all while holding the line on taxes.

The Reconciliation Bill being debated in the Senate contains many tax provisions, some of which have changed since the Senate Finance Committee released its proposed legislative language on June 16.

Senate Republicans restored major Medicaid cuts to Donald Trump's signature economic legislation, re-fashioning a key provision to overcome a procedural obstacle.

A revised version of the budget bill that passed a procedural vote in the Senate on Saturday would preserve the state and local tax (SALT) deduction for certain passthrough businesses, including accounting firms ­— a victory for the AICPA if that language becomes law.

The AICPA submitted a letter with comments Monday on the Senate Finance Committee reconciliation bill, recommending three changes it said would put most U.S. businesses and many family-owned businesses — known as passthrough entities (PTEs) — on more even tax footing when compared with corporations.

One of the most successful filing seasons in recent memory" still had a few potholes — and cutbacks at the Internal Revenue Service portend tougher seasons ahead, according to the latest report to Congress by the National Taxpayer Advocate Erin Collins.

Business concerns around cybersecurity and data privacy risks have increased over the past year, and many leaders feel unprepared to weather the storm.

CFOs at middle-market companies can expect a base salary of at least $350,000 a year, according to new research by executive search firm JM Search.

This spring more than 90 Whittlesey team members came together across Connecticut and Western Massachusetts to take part in the firm’s 15th Annual Community Day, an event dedicated to service and giving back.

The impact of artificial intelligence on education has progressed exponentially. AI tools like ChatGPT are changing how students engage with coursework and how instructors like me must think about assessment, feedback and professional preparation.

The American Institute of CPAs (AICPA) has expressed concerns with proposals pertaining to the pass-through entity tax (PTET) state and local tax (SALT) deductions in reconciliation bills introduced in the Senate and passed House of Representatives.

Gov. Ned Lamont on Monday announced a veto of a bill that would have made striking workers eligible for unemployment benefits after they have been on strike for 14 consecutive days, saying he wants to protect jobs in Connecticut.

GASB on Monday issued Implementation Guidance Update — 2025, a guide updated for the first time in nearly two years that features questions and answers addressing how to apply GAAP to a variety of GASB standards.

The Governmental Accounting Standards Board is juggling a variety of projects to improve accounting for state and local governments as they come under pressure from the threat of reduced funding from the federal government.

A controversial housing bill intended to address the shortage and high cost of housing in the state will not become law, Gov. Ned Lamont announced Monday.

Billy Long was sworn in as the 51st Commissioner of the Internal Revenue Service on June 16. Long was confirmed by the Senate on June 12.