News

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations on eligible investments for Trump Accounts, a new type of traditional IRA under the Working Families Tax Cuts.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to clarify how the current definition of cash equivalents applies to certain digital assets, such as stablecoins, and to increase transparency about the significant components of cash equivalents. Stakeholders are encouraged to review and provide comments on the proposed ASU by November 19, 2026.

The Internal Revenue Service and Security Summit partners today reminded tax professionals to protect client data with a Written Information Security Plan.

Two CTCPA members were named to the Hartford Business Journal's '40 Under Forty' list: Jay Civittolo of CohnReznick LLP and Jason Correia of CLA.

A firm's first full-time employee is a major milestone — one that requires more thought and planning that you might expect, according to Rebecca Himango, the founder of illuminHR, who walks firms through building up the infrastructure they need to support a growing workforce.

QC 1000 Questions and Answers is the latest in the PCAOB’s efforts to provide implementation information and resources

The act, which eases educational requirements needed to become a certified public accountant, must now undergo a 30-day congressional review.

Increasing weaponization of artificial intelligence by cybercriminals accounts for much of the increase.

More than one in four data breaches are AI-enabled, according to an annual IBM report. The shifting threat landscape has prompted C-suite leaders to rethink the use of AI agents in security.

The Department of the Treasury and the Internal Revenue Service today provided guidance to simplify and standardize the rollover process by issuing sample forms for direct rollovers to or from a retirement plan, as required under the SECURE 2.0 Act section 324.

The Financial Crimes Enforcement Network (FinCEN) will issue a final rule (RIN 1506-AB67) that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act, Title 64 of P.L. 116-283, Treasury said Tuesday in a news release.

Nancy S. Wyman, a prescient voice of caution about Connecticut’s unfunded pension liability as state comptroller, then the lieutenant governor who gave Democrats a crucial tie-breaking vote as the presiding officer in an evenly divided state Senate, died Wednesday. She was 80.

Accolades are pouring in for Connecticut’s first elected female comptroller and 108th lieutenant governor, Nancy Wyman. Wyman died early Wednesday, according to Gov. Ned Lamont’s office. She was 80.

Most taxpayers experienced a relatively normal 2026 filing season, but those who relied on paper returns, paper refund checks, or IRS in-person customer service faced longer delays as staffing losses and technology problems slowed agency operations, according to a U.S. Government Accountability Office (GAO) report.

Gov. Ned Lamont defeated liberal challenger Josh Elliott in a primary Tuesday that tested Democrats’ allegiance to a more moderate incumbent, who guided Connecticut through a pandemic and presided over an unprecedented string of budget surpluses and a major tax cut.

Sen. Doug McCrory, a veteran Democratic lawmaker of more than two decades, lost a bid to hold onto his state Senate seat representing Hartford, Bloomfield and Windsor in one of the state’s most closely watched legislative primaries on Tuesday night.

Luke Bronin, the former mayor of Hartford who campaigned on the need for new voices in Congress, soundly defeated long-time incumbent U.S. Rep. John Larson in the Democratic primary on Tuesday, all but guaranteeing Bronin the seat.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations providing guidance to employers that choose to make contributions to Trump Accounts for employees or their dependents. The proposed regulations also clarify nondiscrimination requirements for employers offering Trump Account contribution programs and dependent care assistance programs.

Last week, the AICPA’s Professional Ethics Executive Committee (PEEC) discussed revised changes to guidance in the AICPA Code of Professional Conduct related to firm independence and alternative practice structures, such as those funded by private-equity investments. PEEC also discussed revising the definition of “network firm” and adding a new interpretation prohibiting attest client investment in firms.

A global survey shows that regular AI use makes employees feel more self-sufficient, but AI is also replacing informal interactions that foster learning.