News
Republican senators consider $30K SALT cap in Trump tax bill
June 11, 2025
Republican senators are considering placing a $30,000 cap on the state and local tax deduction as a compromise between current law and the more generous limit in the House's version of President Donald Trump's tax bill, a key GOP negotiator said.
53 CPA societies back AICPA in PTET SALT deduction effort
June 06, 2025
Eliminating the state and local tax deduction for service-based passthrough entities would “result in a tax increase for accountants throughout the country,” according to a letter addressed to leaders of the Senate Finance Committee by the AICPA and CPA societies from 53 states and jurisdictions.
AICPA publishes additional resources in push to preserve PTET SALT deduction
June 04, 2025
A follow-up letter to congressional finance leaders last week and a new “Fact or Fiction” analysis underscore the AICPA’s opposition to several tax provisions in the House-approved budget bill, most notably the limitation of the passthrough entity tax/state and local tax (PTET SALT) deduction for specified service trades or businesses (SSTBs).
AICPA Continues Opposition to Proposed Limitations on PTET SALT Deductions, Provides Recommendations
May 30, 2025
Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.
Is private equity’s pushback on the CPA credential a regulatory issue?
May 30, 2025
The decision to make non-audit CPAs stop using the credential may be less of a private equity strategy and more of a compliance response to regulatory structures.
IRS hotline questions resolved faster in 2025; concern grows about agency’s future
May 28, 2025
A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.
House passes budget reconciliation bill with changes to tax provisions
May 22, 2025
The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.
AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers
May 21, 2025
The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”
AICPA protests tax deduction changes for accounting firms
May 19, 2025
The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting firms to deduct state and local taxes.
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.