News
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path
May 13, 2025
The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.
With Florida’s CPA oversight bill stalled, what’s next?
May 13, 2025
Though Florida’s House of Representatives passed a bill that would eliminate licensing boards like the state’s Board of Accountancy, the state Senate has rejected the move for now.
AI regulation ban tucked into GOP tax bill
May 12, 2025
A powerful House committee has tucked language preventing states from regulating artificial intelligence into President Donald Trump's massive tax and spending bill, a move that would benefit many of the U.S.'s largest tech and AI companies.
Trump seeks tax hike on wealthy earning $2.5M or more
May 09, 2025
President Donald Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package.
AICPA makes recommendation for updated Form 8971 instructions
May 02, 2025
The AICPA on Thursday sent a letter to the IRS with recommendations to two areas of new instructions to Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The AICPA understands that Treasury and the IRS are considering updating the form instructions for the final regulations.
CT headed for second-largest surplus in state history
April 30, 2025
But it’s unclear whether officials will tap $2.3 billion windfall to mitigate cuts in federal aid.
House finance budget bill nixes PCAOB, curbs CFPB funding
April 30, 2025
The House Financial Services Committee passed a budget bill Wednesday that eliminates the Public Company Accounting Oversight Board and caps the Consumer Financial Protection Bureau's budget at roughly $249 million, a drastic reduction from its recent budgets.
AICPA monitoring proposed changes to public company auditing oversight
April 29, 2025
AICPA leadership is monitoring a legislative proposal that would defund the PCAOB, saying in a statement Monday that it “is committed to supporting the drivers of audit quality.”
CT Businesses, Health Departments Report Severe Impact of Tariffs, Federal Cuts
April 29, 2025
The Trump administration’s tariffs have directly impacted several Connecticut businesses relying on motors, batteries, magnets, and rubber goods imported from China, according to data submitted through the state’s Federal Impact Reporting portal launched earlier this month.
CT, 18 states sue Trump administration over K-12 DEI guidance and threats to funding
April 25, 2025
CT’s William Tong joined coalition of state AGs to challenge Education Department’s interpretation of civil rights laws.
Tong Joins Lawsuit Against Trump Tariffs
April 23, 2025
Connecticut will join 11 other states in suing the Trump administration to halt what Attorney General William Tong called the president’s “lawless” tariff policies, Tong announced Wednesday afternoon.
Steps to prepare for tariff volatility and a possible restructuring wave
April 22, 2025
Businesses previously buoyed by easy credit and low interest rates now face tightening liquidity, higher borrowing costs and strained supply chains.
Faulkender named fourth acting IRS commissioner this year
April 21, 2025
Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will serve as acting IRS commissioner — the fourth since President Donald Trump took office Jan. 20.
Financial Accounting Foundation issues annual report
April 18, 2025
The Financial Accounting Foundation (FAF) annual report details its activities throughout 2024, highlighting how FASB and GASB engage with stakeholder groups to create and improve GAAP. The report includes an update to FAF’s 2022 strategic plan and includes perspectives from FAF leadership.
Trump is shifting cybersecurity to the states, but many aren’t prepared
April 18, 2025
For the first half of his career in law enforcement, working as a police officer in South Florida, Chase Fopiano did not think cyberattacks on police agencies were a serious threat.
AICPA Signals Strong Support for Legislation Recognizing Accounting as STEM
April 15, 2025
The American Institute of CPAs (AICPA) is signaling its strong support for bipartisan legislation to establish the accounting profession as a career pathway through Science, Technology, Engineering and Math (STEM). H.R. 2911, the Accounting STEM Pursuit Act, introduced by Representatives Young Kim (R-CA) and Haley Stevens (D-MI), would allow K-12 grant funding to be used for accounting education, with a focus on improving access for underrepresented students. This will help ensure future leaders are highly skilled and prepared to meet the public's evolving needs.
AICPA backs bill that would add accounting to STEM program
April 15, 2025
A bipartisan House of Representatives bill that would add accounting to the STEM education program has strong support from the AICPA.
Business advocacy group seeks destruction of millions of BOI records
April 14, 2025
A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.
Financial Accounting Foundation Board of Trustees Seeks Nominations for Private Company Council Members
April 14, 2025
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the Appointments Committee is seeking nominations for new members of the Private Company Council (PCC). New member terms will be for three years beginning January 1, 2026, and ending on December 31, 2028, with the possibility of reappointment to an additional three-year term.
IRS offers 3 voluntary separation programs as RIF gains steam
April 09, 2025
As part of its reduction-in-force (RIF) plan, the IRS on Tuesday said it was offering three voluntary separation programs, including an early retirement program available to workers with the most seniority.