News

What separated the Democratic primary election overturned Wednesday by a Bridgeport Superior Court judge from previous elections in Connecticut’s largest city was not allegations of absentee ballot fraud, but rather physical evidence to prove it, Sen. Marilyn Moore said Thursday.

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

The Department of Consumer Protection notified adult-use cannabis licensees that beginning December 1, 2023, transaction limits for adult-use customers will increase to 1/2 ounce of raw flower or the equivalent per transaction. The limit for medical marijuana patients is unchanged and they may purchase up to 5 ounces per month and are not subject to individual transaction limits.

The Internal Revenue Service is once again extending for another year the transition period during which taxpayers have 45 days to perfect a research credit claim for refund before the IRS makes its final decision about the claim. They will now have through Jan. 10, 2025, to perfect the claim.

The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS. Known as IRS Energy Credits Online or IRS ECO, this free electronic service is secure, accurate and requires no special software. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles.

The results are in! The public accounting profession’s premier benchmarking tool helps firms understand how they perform compared to others and better manage their business. Firms are able to benchmark their operations with those similar in size and region and also against top-performers, through a dynamic survey platform.

In honour of Black History Month, Will Cole chats with Deloitte director Ololade Adesanya on how her experiences in accountancy have helped her to be successful in the profession and how firms can better support those from underrepresented backgrounds.

On Oct. 12, 2023, the Internal Revenue Service released the long-awaited, updated tax gap estimates. The tax gap measures how much the U.S. Treasury loses annually due to taxpayer non-compliance.

While pension debt grabs headlines, retiree health care funding is worse off.

But a large majority of employees say their companies need to be more transparent about how it can improve workflows.

Connecticut has passed four directives regarding CPA Exam credit retention.

How well do you know the new quality management standards for firms that perform audit and accounting engagements? Find out with this quiz.

Working to implement an effective budgeting process sets CFOs up for a successful budgeting season.

The onslaught of client requests related to COVID-19 overwhelmed many small firms, creating a new norm that didn't ease at the same pace as the pandemic.

The Internal Revenue Service today reminded the nearly 800,000 active tax return preparers that they can take the first step in their filing season readiness by renewing their Preparer Tax Identification Numbers (PTINs) now.

The Internal Revenue Service is trying to deal with a series of challenges that the billions in additional funding from the Inflation Reduction Act will help alleviate, but not completely address.

Despite widespread reports of declines in accounting students, Purdue University in West Lafayette, Indiana, is defying the trend and seeing accounting enrollments growing dramatically.

A new legislative panel began Monday the fraught task of identifying ways to eliminate the regressive and widely disparate motor vehicle property tax and replacing the revenue which Connecticut towns and cities rely on to run municipal governments.

Attorneys general in 32 states including Connecticut are suing Meta — the company that owns Instagram and Facebook — arguing the social media giant intentionally used harmful features designed to addict young people, Attorney General William Tong said Tuesday.