News

Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.

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.

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.

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 Originally enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), there is currently a $10,000 limit on the SALT deduction.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.

After 34 years of service, Michael Solakian, CPA, President of Solakian & Company, LLC, is stepping down from the CTCPA Peer Review Committee. Mike also served on the AICPA Peer Review Board for two three-year terms and continues to practice with specialties in non-profit audits as well as performing peer reviews.

The Southern Connecticut State University (SCSU) School of Business recently recognized CTCPA Honorary Member Mark Zampino with its Exceptional Staff Service Award and the Dean’s Outstanding Leadership Team Award. The School presented the awards at its Annual Awards Ceremony on May 8, 2025.

The Connecticut Society of Certified Public Accountants (CTCPA) has elected and installed its Board of Directors for the 2025-2026 activity year at its Annual Meeting held at the Sheraton Hartford South Hotel in Rocky Hill on May 14.

The Connecticut Society of Certified Public Accountants (CTCPA) honored Mike Maksymiw, Jr., CPA of Aprio Firm Alliance with the 2025 Jack Brooks Leadership Award at the CTCPA Annual Meeting held at the Sheraton Hartford South Hotel in Rocky Hill on May 14.

The Connecticut Society of Certified Public Accountants (CTCPA) honored the recipients of its first-ever CTCPA Impact Award at the CTCPA 2025 Annual Meeting held at the Sheraton Hartford South Hotel in Rocky Hill on May 14.

The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.

It’s not common to have legislation proposed that no one speaks against. That’s the case, however, for House Bill 7020, which would offer more flexibility for state residents to become certified public accountants.

Many private schools across Connecticut object to a bill to eliminate tax exemptions for faculty and staff housing for private secondary schools, saying they already contribute to the towns where they're located and this could affect their operations.

Bringing someone new onto the team is more than just handling forms and saying hello. It's your first real opportunity to show them what it means to be part of your organization — and to lay the groundwork for their long-term success and sense of belonging.

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

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.

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.