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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.

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.

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.

But it’s unclear whether officials will tap $2.3 billion windfall to mitigate cuts in federal aid.

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 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.”

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’s William Tong joined coalition of state AGs to challenge Education Department’s interpretation of civil rights laws.

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.

Businesses previously buoyed by easy credit and low interest rates now face tightening liquidity, higher borrowing costs and strained supply chains.

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.

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.

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.

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.

A bipartisan House of Representatives bill that would add accounting to the STEM education program has strong support from the AICPA.

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.

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.

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.

Internal Revenue Service employees are being offered a last opportunity to accept a voluntary buyout offer as the Supreme Court blocked a ruling requiring the Treasury Department and other federal agencies to rehire thousands of fired probationary employees. The acting commissioner of the IRS is reportedly among those who plan to accept the buyout offer after she was bypassed on an agreement to share confidential taxpayer data with the Department of Homeland Security's Immigration and Customs Enforcement unit.

The pandemic-era employee retention credit (ERC) officially ends April 15, but its legacy will live on in delayed payments to the businesses it was designed to help, fraudulent activity related to its claims, and confusion not only for taxpayers and tax professionals but also for the IRS.