News

The AICPA recommended 183 changes to the IRS’s 2025–2026 Priority Guidance Plan and also encouraged the agency to continue to pursue tax simplification.

Leaders say saving rules likely to evolve as federal aid shrinks.

Over six dozen Connecticut laws, including the state’s next budget and bond package, will wholly or partially take effect on July 1.

The One Big Beautiful Bill Act, as passed by the House and whose revised text was released Monday by Republicans on the Senate Finance Committee, includes a number of significant tax provisions for both corporate taxpayers and nonprofits.

New York’s accounting policy advisors secured two legislative wins this week, with CPA licensing reform and e-signature expansion both passing in the same session.

The PCAOB has released its “Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers(PDF).” Under federal law, the PCAOB has the responsibility to oversee firms that audit broker-dealers registered with the U.S. Securities and Exchange Commission.

Generative AI use can enhance workforce creativity, but the value is more pronounced in employees with specific abilities, new research finds.

The Senate on Thursday voted to confirm Billy Long, a former Missouri congressman, as IRS commissioner.

Extortion attempts leap by 46% over a recent six-month period, with manufacturing and construction sectors bearing the brunt.

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.

A week after it passed the General Assembly, House Bill 5002 is still causing a ruckus in Hartford, with Republicans urging Gov. Ned Lamont to “just veto it” in a series of statements and the governor expressing hesitancy over the bill’s version of fair-share legislation known as “Towns Take the Lead.”

The accountant shortage isn’t going away, but CFOs can change how they compete for talent.

In Rev. Proc. 2025-23, the IRS on Monday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.

The IRS budget would decline 37% from fiscal year 2025 to fiscal year 2026 and the number of IRS employees would decrease 20% over the same period, according to the annual Congressional Budget Justification released by Treasury.

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.

Gov. Ned Lamont credited hard work and clever negotiation between the legislative and executive branches for passage of “an honestly balanced budget” that did not raise residents’ tax rates.

After 12 hours of debate and a series of failed Republican amendments, the Connecticut Senate approved a new, two-year state budget for fiscal years 2026 and 2027, unchanged from the one it received Monday night from the House. The budget is the result of a deal negotiated by legislative leaders and Gov. Ned Lamont.

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).

The legislation, which awaits signing by Governor Ned Lamont, includes a provision enabling licensed CPAs form other states in “good standing” to practice in Connecticut.

Package to be adjusted to lessen hospital tax increase.