News

56% of leaders report burnout because of a number of internal and external factors, a new survey reveals.

Municipal leaders from Connecticut communities small to large on Thursday demanded that the Lamont administration stop its practice of balancing the state’s budget on the backs of local property taxpayers.

As states explore alternative CPA licensure pathways, CPA society representatives addressed the misconception that they want to remove the 150-hour requirement during a recent webinar.

For the second time in eight days, the Connecticut General Assembly passed two emergency funding bills, but on Wednesday the legislation had the backing of Gov. Ned Lamont, who had vetoed last week’s original bills two days before.

Gov. Ned Lamont and legislative leaders said Tuesday they agreed on a compromise that would deliver $40 million in special education funding and $2.88 million in grants to Planned Parenthood and LGBTQ groups without a veto-override battle Wednesday.

Gov. Ned Lamont returned from India with a new trade deal, a broken arm in a sling, and some stern comments for both major parties in the General Assembly about off-budget plans to increase spending by $42.88 million, mostly on special education.

The Innovative CPA Group announced its merger with Robert J. Creamer, P.C., an accounting firm based in Ridgefield. Effective February 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC. This marks ICG’s fifth successful merger in the past four years.

“There’s been a big push from BioCT and other legislative action groups” to support the increase, said Bill Claffey, a tax attorney and partner at accounting firm Fiondella, Milone & LaSaracina LLP. He participated in a panel discussion during the event.

Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

When Michael Ly launched his CPA firm in 2015, his then-revolutionary work model led to some unexpected, and hilarious, circumstances during interviews with potential employees.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

As artificial intelligence continues to reshape industries and daily life, Connecticut lawmakers are once again proposing legislation to establish guardrails for its use

The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information.

The Internal Revenue Service announced today it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location.

Women in accounting still face outdated bias, inflexibility and a profession slow to change. Ahead of International Women’s Day, Zoe Whitman, founder of The 6 Figure Bookkeeper, reflects on the challenges women continue to face.

The Connecticut Senate met for several hours Tuesday to debate a pair of emergency certification bills – House Bills 7066 and 7067 – that had passed the House the previous evening. Tuesday’s session reflected many of the same viewpoints and arguments previously voiced in the House.

The AICPA Professional Ethics Executive Committee (PEEC) approved revisions to the "Section 529 Plans" interpretation (ET §1.240.070) of the Code of Professional Conduct's "Independence Rule."

The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.

The Connecticut House voted Monday night for two emergency bills, one reflecting a widening disagreement with Gov. Ned Lamont over spending and another responding to President Donald J. Trump’s crackdown on undocumented immigrants and LGBTQ services, including gender-affirming care.

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.