News

The decision to make non-audit CPAs stop using the credential may be less of a private equity strategy and more of a compliance response to regulatory structures.

The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.

The Internal Revenue Service today issued its annual Data Book detailing the agency's activities during fiscal year 2024 (Oct. 1, 2023 – Sept. 30, 2024). This year’s edition marks the publication’s 30-year anniversary; the first Data Book covered fiscal years 1993 and 1994 and was available in 1995. Prior to 1993, the IRS published annual reports, which date back to 1863. The Data Book provides a fiscal year statistical overview of the agency’s operations including returns received, revenue collected, taxpayer services provided, tax returns examined (audits), efforts to collect unpaid taxes and other details about the work of the IRS.

Lamont challenges lawmakers to tap $1.1 billion that universities stashed away.

Governor Ned Lamont today announced that he is releasing $30 million in state grants to 46 small towns in Connecticut that will be used to complete a wide variety of infrastructure improvements, such as road safety reconstruction projects, emergency management upgrades, sidewalk and pedestrian safety enhancements, educational and recreational facility upgrades, and other kinds of capital improvement projects.

The state legislature is eyeing a fiscal tactic not seen in half a century to deal with state budget uncertainty. House Speaker Matt Ritter, D-Hartford, said Wednesday morning that a one-year budget was “very much in play” and looking “more and more likely.”

AI’s impact on finance will continue to deepen, but large staffing cuts are an unlikely result, according to a new Vena Solutions report.

A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.

Costs displace talent management as the top benefits decision driver, according to new Lockton research.

Leaders hope to offer $150 per child, up to $450 per household.

One GOP lawmaker got a rare unanimous vote against his amendment after trying a unique political tactic.

If you possess the skill, smarts, and persistence to become a licensed CPA, that should be something to celebrate and declare in your business dealings.

An American Institute of CPAs (AICPA) survey found that women indicated more concerned about their financial situation over the past 12 months than men. The survey was conducted April 1-3 among over 2,000 U.S. adults as a kickoff to National Financial Literacy Month.

Medicaid, social services, special ed increases will be modest.

Five years from now, Generation Z and Millennial employees are expected to comprise more than 70% of the global workforce.

The U.S. House of Representatives passed changes for the federal deduction for state and local taxes (SALT) on Thursday, May 22 as part of President Trump’s tax package. Originally enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), there is currently a $10,000 limit on the SALT deduction. Under the House provision that would take effect in 2025, the SALT cap would rise to $40,000 and phase out for individuals with income over $250,000 and couples over $500,000. Both the SALT cap and the income phaseout would increase by 1% annually from 2026 through 2033.

Danny Pannese, Associate Professor (Accounting and Information Systems) at Sacred Heart University, will be honored with the Connecticut Society of CPA’s Educator of Excellence Award (the “Eddy”) at the CTCPA Recognition Reception on June 10.

The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.

The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”

A new PCAOB publication – “Audit Focus: Auditing Accounting Estimates” – provides auditors with reminders and good practices about accounting estimates, an especially challenging aspect of financial statements.