News

The IRS on Monday issued Rev. Proc. 2026-25, which provides a gift tax reporting safe harbor for individual donors who make one or more contributions to Trump accounts under Sec. 530A and satisfy certain conditions.

The IRS believes it did not send any CP53E notices erroneously and is seeking the AICPA’s help in uncovering any examples of taxpayers who should not have received one, an AICPA tax leader said last week.

The global sustainability reporting ecosystem is becoming less fragmented as more of the world’s largest companies begin to adopt or form plans to use the International Sustainability Standards Board (ISSB) standards and European Sustainability Reporting Standards (ESRSs), an updated report from the International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) shows.

The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to receive a $1,000 federal deposit.

The IRS Office of Professional Responsibility (OPR) issued guidance outlining how existing Treasury Circular 230 rules apply to tax practitioners’ use of artificial intelligence (AI), emphasizing that long-standing duties such as due diligence, competence, and confidentiality remain unchanged.

This spring, several Connecticut residents graduated from the 2026 class of the Connecticut Professionals' Leadership Academy, a program designed to strengthen leadership skills, develop and build relationships, and create a collaborative professional services community. This landmark program brings together professionals from various industries and backgrounds, including accounting and finance, law, insurance and architecture.

National Taxpayer Advocate Erin M. Collins today released her Fiscal Year 2027 Objectives Report to Congress, highlighting a largely successful 2026 filing season in which the IRS processed nearly 139 million individual tax returns, issued more than 90 million refunds, and successfully implemented extensive tax law changes despite significant operational challenges. The report also identifies areas where taxpayers experienced refund delays and service challenges, including returns suspended during processing for additional review, delays in receiving paper refund checks, and prolonged case resolution times for victims of identity theft, while outlining the Advocate’s priority recommendations as the IRS continues to modernize its technology systems.

Members Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, both associate professors in the Jack Welch College of Business and Technology at Sacred Heart University, wrote the article “One Big Beautiful Exclusion: Exploring the Benefits of the Section 1202 Exclusion for Start-ups” for the May 6 New England Journal of Entrepreneurship.

More than 80 new Connecticut laws will take effect in whole or in part on July 1, 2026.

The Supreme Court’s decision Monday to deny certiorari in Murrin lets stand a Third Circuit holding that the Sec. 6501(c)(1) unlimited period for the assessment of tax applies when a fraudulent return is filed with the intent to evade tax, regardless of whether the intent is that of the taxpayer or another person, including the taxpayer’s return preparer.

Change management related to technology, including the rise of artificial intelligence (AI), ranked as CPA firms’ leading issue by expected impact in the next five years, according to the latest CPA Firm Top Issues Survey.

Slow and steady wins the race, according to younger workers. They want to develop on their terms rather than rapidly climb the corporate ladder, a stance that challenges employers to reconsider how talent is rewarded in the workplace.

The IRS’s outside technology advisory panel called on Congress to provide stable, multiyear funding; expand the use of artificial intelligence; and simplify tax administration. It also warned that resource constraints and complexity risk undermining recent modernization gains.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to make targeted improvements to interest rate risk hedging and net investment hedging accounting guidance. Stakeholders are encouraged to review and provide comments on the proposed ASU by August 17, 2026.

The gap between projected and actual return could widen further with increasing investments in complex new tools.

About one-fourth of callers to two IRS telephone lines during three months in 2025 did not receive quality customer service, a watchdog report dated June 10 said.

Top 15 firm Crowe LLP announced a new private-equity agreement. Global investment firm KKR will make a “significant equity investment” in Crowe, a deal that is expected to close during the third quarter of 2026, according to a news release.

This Policy Statement addresses the exemption from the sales and use tax for “nonelectronic school supplies” under Conn. Gen. Stat. § 12-412(128). This Policy Statement (A) identifies a list of qualifying “nonelectronic school supplies”, and (B) sets forth criteria concerning when a purchase is made for business purposes.

Finance teams are uniquely positioned to restore confidence by pairing AI tools with human judgment, stronger oversight and practical upskilling.

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division announced it will rescind the Biden-era overtime rule, more than a year after federal courts vacated the rule (the “2024 Rule”). The recission formally ends the DOL’s effort to increase the salary threshold for overtime exemption eligibility under the Fair Labor Standards Act (FLSA).