News

Middletown saw its grand list shrink ‘for the first time in recent memory’ because of the car tax valuation changes.

As part of its reduction-in-force (RIF) plan, the IRS on Tuesday said it was offering three voluntary separation programs, including an early retirement program available to workers with the most seniority.

Bend guardrails, use rainy day fund or both to deal with federal cuts and a shaky economy? The debate is on.

Use these tips to help guide communication toward successful renewals.

Internal Revenue Service employees are being offered a last opportunity to accept a voluntary buyout offer as the Supreme Court blocked a ruling requiring the Treasury Department and other federal agencies to rehire thousands of fired probationary employees. The acting commissioner of the IRS is reportedly among those who plan to accept the buyout offer after she was bypassed on an agreement to share confidential taxpayer data with the Department of Homeland Security's Immigration and Customs Enforcement unit.

The pandemic-era employee retention credit (ERC) officially ends April 15, but its legacy will live on in delayed payments to the businesses it was designed to help, fraudulent activity related to its claims, and confusion not only for taxpayers and tax professionals but also for the IRS.

Connecticut's accounting profession was well-represented in the Hartford Business Journal's "2025 Power 50," with three CTCPA members making the list: Drew Andrews (Managing Partner and CEO of Whittlesey P.C.), Susan Jackson (Office Managing Partner of KPMG LLP in Hartford), and Melissa Ferrucci (Office Managing Partner of CohnReznick’s Connecticut offices). The “Power 50,” Connecticut’s most influential leaders, was chosen by the Hartford Business Journal’s news team.

Renters and housing developers could benefit from a housing bill that advanced Friday out of the Judiciary Committee.

Yes, every candidate for retirement is different. But, whether you’re an individual beginning to eye retirement or a financial planner with a constant eye on helping your clients successfully retire, a snapshot of the typical would-be retiree can provide perspective worth considering.

About 7,000 probationary IRS workers who lost their jobs in February and were placed on administrative leave in March will return to work later this month, according to an email they received Tuesday.

A finance professional and a social impact entrepreneur discuss how being neurodivergent has affected them at work and explore ways organisations can be more inclusive.

External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements.

Lamont, other Democrats pounced on Trump tariffs, not waiting for details.

Whether you are approaching retirement age, want to spend more time with your family, or looking to start something new, selling your CPA firm requires proper preparation. Careful consideration of timing and paying attention to details can help ensure a smooth process when you are ready to sell your CPA firm.

In a letter to the House of Representatives, the American Institute of CPAs (AICPA) endorsed four bipartisan bills, all of which have received overwhelming support in the House. These bills, which were also included in the recent Senate discussion draft, will improve transparency and fairness for taxpayers and are strongly supported by the AICPA.

The Financial Accounting Standards Board (FASB) today announced the release of an FASB Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. The educational paper, which does not change or modify current generally accepted accounting principles (GAAP), was prompted by input from private company stakeholders, including the Private Company Council.

The PCAOB has released its 2024 Annual Report(PDF). The Annual Report discusses how the PCAOB advanced its investor-protection mission during fiscal year 2024 and provides the PCAOB’s financial results, including audited financial statements, the auditor’s report, and management’s report on internal control over financial reporting.

In today’s rapidly evolving technological landscape, the use of generative AI is gaining currency in the accounting profession. Not only are CPA firms integrating generative AI into administrative workflows, but a growing number of firms are investigating how deploying generative AI can help them more efficiently deliver solutions to clients. Generative AI options range from publicly available platforms to custom-built systems and include essential programs that also make use of generative AI, such as technical research software. Regardless of the platform or software, CPAs are increasingly asking, “Should we inform our clients about our use of generative AI, and if so, how?“

Connecticut lawmakers announced the formation of the state’s first Artificial Intelligence Caucus last week, highlighting the rapid spread of AI in everyday life and the need to ensure that it serves the public interest.

The Governmental Accounting Standards Board (GASB) issued a Preliminary Views (PV) today for public comment on proposals associated with accounting and financial reporting for severe financial stress and probable dissolution disclosures.