News

While AI agents promise automation and efficiency, accountants remain cautious and products are still thin on the ground. Could autonomous AI be trusted to tackle routine tasks, or is the profession still waiting for the tech to mature?

It took nearly 10 hours, but the Appropriations Committee approved a draft of a two-year, 2026-27 state budget Tuesday that represents an increase over the one proposed by Gov. Ned Lamont in February.

A merger of top-15 accounting firms Baker Tilly and Moss Adams will create the nation’s sixth-largest advisory CPA firm.

Measure to phase out car tax also passes but faces uphill climb.

Businesses previously buoyed by easy credit and low interest rates now face tightening liquidity, higher borrowing costs and strained supply chains.

Forbes recently released the inaugural America’s Best-In-State CPAs list. Created exclusively by Forbes editorial staff, it is a compilation of the finest CPAs active in public practice, culled from a collection of candidates sourced through independent nominations and recognitions from numerous associations of CPAs. Those nominated were rated on a range of weighted criteria, including expertise, innovation, thought leadership, experience, and service to the community and to their profession.

Faced with a slumping economy and likely big cuts in federal aid, state legislators are once again weighing whether to turn delinquent taxpayers over to collection agencies — and block renewal of their driver’s licenses or vehicle registrations.

Gitlin & Company has promoted Evan Vold, CPA, MSAT, EA to Partner/Member. He brings more than 15 years of experience in tax representation, preparation, and planning, serving both individuals and business with exceptional professionalism and care. He is dedicated to professional growth and community involvement. He serves as the volunteer Treasurer of his Church and is an active member of his Rotary Club.

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.

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

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.

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.