News
Pilot program set to help all stakeholders along the talent pipeline
June 21, 2023
The 150-hour education requirement for CPA licensure has become a target for some who see it as an easy way to ease the talent pipeline issues facing the profession.
Connecticut Among First States to Enact 30-Month CPA Exam Testing Window
June 09, 2023
With just minutes left in the 2023 Connecticut legislative session, Connecticut officially joined the first states to adopt the 30-month CPA Exam testing window recommended by NASBA.
Coalition Including CPAs Calls Attention to New Beneficial Ownership Information Reporting Requirements
May 22, 2023
The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement. BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network (FinCEN).
Senate Bill Would Force Large Private Companies to Register with SEC
September 27, 2022
Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.
Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions
June 10, 2022
A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).
IRS continues work to help taxpayers; suspends mailing of additional letters
February 11, 2022
As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
IRS identifies paused taxpayer notices
February 11, 2022
The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns.
IRS is 'buried' in paper backlog, creating tax season anxiety so high that even tax pros want relief
February 11, 2022
The Internal Revenue Service has a brutal backlog of unfinished tax returns from last year, which has triggered more tax-time anxiety than one could imagine for many tax filers.
Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Chairs
January 06, 2022
Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.
Professional services tax proposals discussed in multiple states
June 21, 2021
Taxation of CPA services was a hot topic in several state legislatures this year as states sought to fix expected revenue shortfalls.