News

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).

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.

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.

Connecticut officials are warning of widespread harm to health care access, state finances, and working families under the newly signed federal budget law.

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.

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.

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.

The Senate vote was split 50-50, with Vice President JD Vance breaking the tie and casting the deciding vote.

The Senate passed its version of the One Big Beautiful Bill Act on Tuesday, sending the measure back to the House, where its fate is uncertain. If the House passes the measure without amendment, it would go to President Donald Trump for his signature to become law.

The Reconciliation Bill being debated in the Senate contains many tax provisions, some of which have changed since the Senate Finance Committee released its proposed legislative language on June 16.

Senate Republicans restored major Medicaid cuts to Donald Trump's signature economic legislation, re-fashioning a key provision to overcome a procedural obstacle.

A revised version of the budget bill that passed a procedural vote in the Senate on Saturday would preserve the state and local tax (SALT) deduction for certain passthrough businesses, including accounting firms ­— a victory for the AICPA if that language becomes law.

One of the most successful filing seasons in recent memory" still had a few potholes — and cutbacks at the Internal Revenue Service portend tougher seasons ahead, according to the latest report to Congress by the National Taxpayer Advocate Erin Collins.