News

Today, the PCAOB released a new staff Spotlight report, “Considerations for Audit Firms Using the Work of Specialists

As the busy season ramps up, the risk of cyberattacks increases. Cybercriminals know that heightened workloads, tight deadlines and the influx of client communications create opportunities for exploitation. Whether through phishing emails, intercepted networks or fraudulent disbursement requests, the stakes for CPAs and their clients are high.

If you want to learn what it's really like to be a professional football player, ask a professional football player. If you want to know what it's really like to be a CPA, ask a CPA.

As the clock ticked down, accountants faced the usual last-minute chaos on 31 January. Despite many scrambling to submit tax returns at the very last second, 1.1m missed the deadline.

Lawmakers seek more funds for Medicaid, education while federal funds vanish.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.

Finance leaders struggle to determine generative AI’s costs and benefits, but there are suggestions on how to tackle the problem.

Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year through a service such as Venmo, PayPal, Cash App, StubHub, Etsy and Airbnb, and most won't be expecting it.

Connecticut Attorney General William Tong on Friday announced an initial victory against the Trump administration and said that the state has successfully secured a temporary restraining order against the federal government’s recent freeze on appropriated funds.

The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

The Connecticut Department of Revenue Services (DRS) today announced that it is currently accepting individual state income tax returns for taxable year 2024. The state and federal income tax filing deadline is Tuesday, April 15, 2025.

Officials spent billions of potential surplus dollars in mid-2000s.

Democratic representatives are once again advocating for a child tax credit after a similar effort came up short during the 2024 legislative session. House Bill 5986, An Act Establishing a Refundable Child Tax Credit Against the Personal Income Tax, has the support of over 60 Democratic legislators and aims to provide much-needed financial relief to Connecticut families.

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to increase the safe harbor for companies to avoid determining whether the corporate alternative minimum tax would apply to them.

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.

Governor Ned Lamont today announced that the package of legislative proposals he will ask the Connecticut General Assembly to consider for ratification during the 2025 regular session will include a proposal increasing the oversight and financial stability of Connecticut hospitals, health systems, and medical practices, and ensuring that they continue providing the high quality, accessible, and affordable care that the state’s residents deserve.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and provide input on the proposed ASU by April 22, 2025.