News
Tax complexity still costly despite OBBBA changes
August 27, 2025
Even though the One Big Beautiful Bill Act made substantial changes in the Tax Code, one area where that may not be seen so much is in terms of simplification, according to a new study.
IRS seeks to fill ‘critical vacancies’ as workforce declines 25%
August 25, 2025
The IRS, which has lost about 25% of its workforce this year, is moving to fill some jobs by various means, including asking employees who accepted deferred resignations if they want to stay on the job.
Will budget, staff cuts impede IRS modernization? Former commissioner weighs in
August 22, 2025
Former Commissioner Danny Werfel wouldn’t predict failure for the IRS in its bid to modernize technology with less money and fewer experienced workers while preparing systems for massive changes in the new tax law. But, without seeing a plan, he said he’s dubious the agency will be successful.
Treasury, IRS issue FAQs to address the accelerated termination of several energy provisions under OBBB
August 21, 2025
The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2025-05 relating to the modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, and 179D under the One, Big, Beautiful Bill Act (OBBB).
Court strikes down ban on disclosing Maryland digital ad tax
August 15, 2025
A federal appeals court has ruled unconstitutional a provision of a Maryland digital advertising tax law that prevents companies from displaying the tax charge on a bill.
Tariff revenue jump fails to halt wider budget gap
August 13, 2025
U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn't enough to prevent a widening in the monthly budget deficit — pointing to the federal government's continuing fiscal challenges.
Tax cut impact of OBBBA expected to vary across states
August 13, 2025
A new study from the Tax Foundation estimates that the One Big Beautiful Bill Act will reduce federal taxes on average for individual taxpayers in every state, but the impact will differ in various states.
FASB to Host September 12 Public Roundtable on Its Post-Implementation Review of the Leases Standard
August 12, 2025
The Financial Accounting Standards Board (FASB) today announced it will host a public roundtable on the FASB’s Post-Implementation Review (PIR) of Topic 842, Leases. The roundtable will take place on Friday, September 12, 2025, from 10:00 a.m. to 3:00 p.m. Eastern Daylight Time, at the FASB offices located at 801 Main Avenue, in Norwalk, Connecticut.
Meet Yolanda Durant, IRS Stakeholder Liaison
August 11, 2025
There’s a new IRS Senior Stakeholder Liaison in town! (Well, new to CTCPA members, anyway.) Yolanda Durant has actually been with the Internal Revenue Service since 2012, with a resume that runs the gamut of responsibilities: Senior Individual Taxpayer Advisory Specialist, Tax Compliance Officer, Intake Advocate for the Taxpayer Advocate Department, Customer Service, and Collection Representative.
Caps, credits, contributions: Tax planning for parents under OBBBA
July 30, 2025
The One Big Beautiful Bill Act hiked and enshrined some tax savings for parents into permanent law, but its many provisions will play out differently across financial advisors' client households.
Connecticut One Of 25 States To Sue Over Federal Education Funds
July 15, 2025
Attorney General William Tong is once again taking the Trump administration to court, this time joining a coalition of 25 states in suing the administration over $6.8 billion in federal funding it is withholding from the states.
Next Trump budget bill begins taking shape in House
July 14, 2025
The ink is hardly dry on President Donald Trump's $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn.
Taxpayer Victory – Natural Disasters Act to Deliver Rapid Relief and Certainty, Headed to President’s Desk for Signature
July 11, 2025
The American Institute of CPAs (AICPA) and state CPA societies have strongly advocated Congress to authorize the Internal Revenue Service (IRS) to postpone federal tax deadlines for taxpayers affected by a qualified state-declared disaster upon a declaration by the state governor. Earlier this year, the House of Representatives unanimously passed the Filing Relief for Natural Disasters Act (H.R. 517) and this week the Senate followed suit, passing the bill by unanimous consent. The bill now heads to the President’s desk for his signature.
AICPA: Guidance needed on catch-up contributions under Roth mandate
July 10, 2025
The AICPA requested additional guidance from Treasury and the IRS on catch-up contributions that are designated as Roth contributions in Section 603 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).
Lamont Signs 198 Bills, Vetoes 3 This Legislative Session
July 09, 2025
Gov. Ned Lamont has acted upon all 203 bills approved by the Connecticut General Assembly during the 2025 legislative session, significantly fewer bills than the legislature put forth two years ago.
AICPA recommends changes to mandate ending federal disbursements by paper check
July 07, 2025
Treasury should extend the time frame for mandating the end of paper checks for federal disbursements or at least set rules that make the transition easier for taxpayers, the AICPA said in a letter about Executive Order 14247, Modernizing Payments to and From America’s Bank Accounts.
CT Officials Slam Federal Budget For Deep Cuts To Health Care, SNAP, Safety Net Programs
July 07, 2025
Connecticut officials are warning of widespread harm to health care access, state finances, and working families under the newly signed federal budget law.
Tax provisions in the One Big Beautiful Bill Act
July 07, 2025
Below are details of many of the tax provisions in the One Big Beautiful Bill Act, which was signed into law Friday by President Donald Trump.
House passes One Big Beautiful Bill Act with its many tax changes
July 03, 2025
The House passed the Senate’s version of the One Big Beautiful Bill Act, sending it to President Donald Trump for his signature. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay.
AICPA Applauds Senate Passage of Reconciliation Bill, Encourages House Support
July 01, 2025
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.