News

The federal government shutdown that began just after midnight Wednesday morning could have wide-ranging and long-lasting effects on the state, according to Gov. Ned Lamont.

All IRS staffers will work during the first five business days of a potential government shutdown, according to a lapsed appropriations contingency plan posted Monday.

A lot of tax planning during the first half of 2025 was focused on what might happen if the individual provisions of the Tax Cuts and Jobs Act were allowed to expire at the end of 2025. Thanks to the One Big Beautiful Bill Act, officially H.R. 1, P.L 119-21 (and unofficially the OBBBA), however, Congress has generally extended those provisions and made them permanent.

The Internal Revenue Service and Treasury Department announced paper refund checks for individual taxpayers will be phased out beginning Sept. 30, 2025, per the executive order from President Trump signed in March.

The National Association of State Boards of Accountancy (NASBA) has relaunched CPAMobility.org, a modernized, online resource that helps Certified Public Accountants determine where and how they can practice across state lines. Practice privilege, or CPA mobility, laws allow CPAs in good standing to serve clients in other state

The president’s campaign promise of no taxes on tips and no taxes on overtime pay was fulfilled with the signing of the tax law, H.R. 1, in July 2025. With only four months left in the year, employees who receive this additional compensation and employers who need to understand their requirements are starting to ask how this will be put into action.

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) today released for public comment an exposure draft of proposed changes to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards)

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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).