News

The Innovative CPA Group is pleased to announce that Michael Palombella has joined the firm as a Director. Michael brings extensive experience in tax planning, compliance, and strategic advisory services, serving closely held businesses and high-net-worth individuals with proactive, solutions-oriented guidance.

Can Connecticut become the Silicon Valley of quantum tech? Comptroller Sean Scanlon thinks it’s at least a possibility.

After issuing a decrease last year, the IRS on Tuesday posted slightly higher depreciation limitations for passenger automobiles. These limits are updated annually for inflation, based on the automobile component of the Chained Consumer Price Index for Urban Consumers.

The American Institute of CPAs (AICPA) is signaling its strong support for a bipartisan bill which contains 63 provisions designed to improve tax administration and reduce the burdens on taxpayers and their preparers. The Taxpayer Assistance and Service (TAS) Act, introduced by Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR), addresses important tax provisions that the AICPA has long-advocated for, including...

The Internal Revenue Service published, for tax year 2025, a new schedule that taxpayers will use to realize important tax benefits of the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors.

Gov. Ned Lamont informed Democratic legislative leaders in a conference call Monday afternoon he intends to use his line-item authority to strike references to earmarks and other spending from the emergency-certified bill passed last week.

The General Law Committee is considering a privacy bill that would restrict how Connecticut state and law enforcement agencies use automated license plate readers, including Flock cameras.

Tougher penalties for tax preparers who break the law are included in a sweeping bipartisan Senate bill designed to overhaul IRS operations and strengthen taxpayer service.

As entry-level tasks are automated, the focus of training will shift to judgment, simulation, and continuous upskilling.

The move, issued as part of a wider set of recommendations to the IRS, would “promote fairness and ease administrative burden,” the CPA group said.

Following the release of the Department of Education’s Notice of Proposed Rulemaking (NPRM) titled Reimagining and Improving Student Education, the American Institute of CPAs (AICPA) submitted its response acknowledging the Departments efforts to clarify the definition of “professional,” and urging the incorporation of similar language into the final rule, making the intent clear within the Code of Federal Regulations itself.

Should Connecticut workers pay income tax on income they receive from tips or work beyond the standard 40-hour week? About a dozen Republican representatives say no.

The Internal Revenue Service today announced the launch of a new web page that allows taxpayers to confidentially report suspected tax fraud, scams, evasion, or other tax-related illegal activities, as well as internal-facing improvements that will enhance how referrals are used to stop illegal activity.

Gov. Ned Lamont refused Thursday to rule out vetoing portions of the emergency bill speeding through the General Assembly towards his desk, wary over the inclusion of provisions that provide new earmarks or clarify badly written ones already in the budget.

The Association of International Certified Professional Accountants (AICPA and CIMA), in partnership with North Carolina State University’s Enterprise Risk Management (ERM) Initiative, has released a global study examining how executives perceive the opportunities and risks of artificial intelligence (AI) across regions, industries, and organizational sizes. The survey, including responses from 1,735 executives across eight regions and eight industries, points to an increasingly uneven AI landscape across the enterprise: while a subset of “AI‑Transformed Entities” is capitalizing on strategic gains, most organizations lack the talent, systems, and governance capabilities required to deploy AI effectively.

As the state Senate prepared to vote on a number of bills Wednesday, the Republican caucus decried the emergency certification designation applied to a pair of them.

New legislation can quickly change how CPAs advise families, especially when it introduces an entirely new type of savings and investment vehicle for children. That’s what H.R. 1, P.L. 119-21, also known as the One Big Beautiful Bill Act, did with the creation of Sec. 530A “Trump” accounts.

The General Assembly is poised to take an “emergency” shortcut to pass legislation that would, among other things, provide millions in earmarks and other grants to select communities and groups, extend a moratorium on addressing racial imbalances in schools and set worker-friendly standards on warehouses.

The Securities and Exchange Commission’s outdated views on disclosures ignore technology and misattribute the decline in public companies to disclosure overload, writes CFA Institute’s Sandy Peters.

Fewer taxpayers say they would consider trusting artificial intelligence (AI) over hiring a tax professional to file their taxes this year compared with 2025, and the percentage slipped across all generations, according to the second annual U.S. Tax Filing Report by an invoice automation company.