News

Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will serve as acting IRS commissioner — the fourth since President Donald Trump took office Jan. 20.

Treasury and the IRS, in Notice 2025-23, announced the intent to remove basis-shifting transaction-of-interest (TOI) regulations. The notice, published Thursday, also provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements or maintain lists required by the regulations.

The Financial Accounting Foundation (FAF) annual report details its activities throughout 2024, highlighting how FASB and GASB engage with stakeholder groups to create and improve GAAP. The report includes an update to FAF’s 2022 strategic plan and includes perspectives from FAF leadership.

Leaders in the Connecticut arts and humanities fields, who drive a large part of the state’s tourism industry, warned of the “devastating” effects that the Trump administration’s decision to slash arts funding will have on them Thursday afternoon at the Legislative Office Building in Hartford.

For the first half of his career in law enforcement, working as a police officer in South Florida, Chase Fopiano did not think cyberattacks on police agencies were a serious threat.

Lamont remains wary about progressive CT tax hikes.

Fears about artificial intelligence are less about replacing people and more about diminishing the value of human skills, according to a global survey.

Governor Ned Lamont announced that he is encouraging businesses, nonprofits, and municipalities in Connecticut that have been impacted by recent actions from the federal government to report that information to the state so that it can be compiled into a central database and provide state policymakers with a better understanding of how these directives are affecting various groups, geographical regions, and sectors of the economy.

Members of the House of Representative’s Tax Equity Caucus and advocates called on the Connecticut General Assembly and the governor on Tuesday morning to support what they called “economic populism” in the form of tax relief for middle class and working class people.

The American Institute of CPAs (AICPA) is signaling its strong support for bipartisan legislation to establish the accounting profession as a career pathway through Science, Technology, Engineering and Math (STEM). H.R. 2911, the Accounting STEM Pursuit Act, introduced by Representatives Young Kim (R-CA) and Haley Stevens (D-MI), would allow K-12 grant funding to be used for accounting education, with a focus on improving access for underrepresented students. This will help ensure future leaders are highly skilled and prepared to meet the public's evolving needs.

A bipartisan House of Representatives bill that would add accounting to the STEM education program has strong support from the AICPA.

Employee stock ownership plans (ESOPs) have gained popularity among accounting firms in response to some of the profession’s biggest trends — the influx of private equity (PE), the struggle to recruit and retain staff, and the need to fund partner retirements.

A proposed tax on sweetened beverages returned to the Connecticut legislature on Monday, reviving a years-long debate over the balance between public health policy, small business burdens, and the goal providing free school meals to all students.

A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.

A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.

Warning of a potential recession and “flurry” of layoffs, Connecticut’s state Senate leadership are looking for the state Department of Labor to take a proactive approach to a potential surge in unemployment.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the Appointments Committee is seeking nominations for new members of the Private Company Council (PCC). New member terms will be for three years beginning January 1, 2026, and ending on December 31, 2028, with the possibility of reappointment to an additional three-year term.

In the final days of tax season, tax professionals have been grinding through their clients' tax returns while trying to reassure them in the midst of reports of layoffs and budget cuts at the Internal Revenue Service and the uncertain path of tax cuts legislation in Congress.

Whether you’re a digital nomad or someone who’s worked outside your home state for just one day, you might be aware that states can tax income that out-of-state workers earn within their borders.

The newest quiet labor trend is slowly eroding workplace productivity and is likely going unnoticed by many companies until it’s too late.