News

In a recent survey of CFOs and other top finance leaders, 38% of respondents say they plan to increase hiring this year, while just 4% plan to decrease it.

The Internal Revenue Service and Security Summit partners today launched the summer “Protect Your Clients; Protect Yourself” campaign, a five-week series highlighting practical steps tax professionals can take to protect client data, their businesses, and themselves from evolving tax-related identity theft threats.

The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance.

On March 19, the U.S. Treasury released the Financial Report of the United States Government for Fiscal Year 2025. For CPAs, the document should feel familiar: audited, accrual-based financial statements accompanied by MD&A, notes, required supplementary information, and an independent auditor’s report. Yet despite its scope and significance, the report remains largely unknown and absent from professional discourse, financial analysis, and policy makers’ conversations.

Four out of five CPAs attending a recent AICPA ENGAGE session said they’ve had clients victimized by a financial scam — and one attendee admitted she also was defrauded.

While most employers say they don’t plan to reduce headcount this year, almost half of employees plan to find a new job in the next six months, a global report shows.

A new report commissioned by accounting software firm Sage aims to identify lingering bottlenecks in the race to implement artificially intelligent systems.

Widely available AI is making payment fraud easier to perpetrate and harder to detect, raising the stakes for controls, verification, and professional skepticism.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to improve investment company financial reporting by amending how investment companies measure the fair value of an equity security that is subject to a contractual sale restriction. Stakeholders are encouraged to review and provide comments on the proposed ASU by July 17, 2026.

Remaining workers often lose confidence in leadership or become less productive.

Governor Ned Lamont today announced that he is directing the Office of the Treasurer to deposit $411.7 million in state surplus funding into the Connecticut Early Childhood Education Endowment , bringing the endowment’s total value to more than $700 million.

The IRS on Monday issued Rev. Proc. 2026-25, which provides a gift tax reporting safe harbor for individual donors who make one or more contributions to Trump accounts under Sec. 530A and satisfy certain conditions.

The IRS believes it did not send any CP53E notices erroneously and is seeking the AICPA’s help in uncovering any examples of taxpayers who should not have received one, an AICPA tax leader said last week.

The global sustainability reporting ecosystem is becoming less fragmented as more of the world’s largest companies begin to adopt or form plans to use the International Sustainability Standards Board (ISSB) standards and European Sustainability Reporting Standards (ESRSs), an updated report from the International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) shows.

The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to receive a $1,000 federal deposit.

The IRS Office of Professional Responsibility (OPR) issued guidance outlining how existing Treasury Circular 230 rules apply to tax practitioners’ use of artificial intelligence (AI), emphasizing that long-standing duties such as due diligence, competence, and confidentiality remain unchanged.

This spring, several Connecticut residents graduated from the 2026 class of the Connecticut Professionals' Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture.

National Taxpayer Advocate Erin M. Collins today released her Fiscal Year 2027 Objectives Report to Congress, highlighting a largely successful 2026 filing season in which the IRS processed nearly 139 million individual tax returns, issued more than 90 million refunds, and successfully implemented extensive tax law changes despite significant operational challenges. The report also identifies areas where taxpayers experienced refund delays and service challenges, including returns suspended during processing for additional review, delays in receiving paper refund checks, and prolonged case resolution times for victims of identity theft, while outlining the Advocate’s priority recommendations as the IRS continues to modernize its technology systems.

Members Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, both associate professors in the Jack Welch College of Business and Technology at Sacred Heart University, wrote the article “One Big Beautiful Exclusion: Exploring the Benefits of the Section 1202 Exclusion for Start-ups” for the May 6 New England Journal of Entrepreneurship.

More than 80 new Connecticut laws will take effect in whole or in part on July 1, 2026.