News

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-11 PDF that provides taxpayers with guidance on the permanent 100% additional first year depreciation deduction for eligible depreciable property acquired after Jan. 19, 2025, provided by the One, Big, Beautiful Bill. The notice also provides guidance on certain qualified sound recording productions that the OBBB added as property that may be eligible for the additional first year depreciation deduction.

On paper, confidence appears to be rising among CFOs at large North American companies. Beyond the paper trail, that confidence appears to be buoyed by belief in the transformative power of technology.

The financial close process is a cornerstone of organizational performance, yet it remains one of the most resource-intensive and error-prone activities. While technology and process optimization have been widely adopted to accelerate close cycles, the human element – how teams are organized and deployed – often determines success.

Fifty-two out of Connecticut’s 151 state representatives were present for all of the 381 votes taken in the Connecticut House during the regular 2025 legislative session, thus ending up with perfect voting records.

At last month’s AICPA Conference on Current SEC and PCAOB Developments, George Botic continued his tradition of educating while entertaining fellow CPAs regarding the audit — this time in his role as acting chair of the PCAOB.

Savers with qualifying MyCTSavings accounts were notified in November that their payroll contributions would be automatically increased by 1% in January 2026. Savers can opt-out of the increase or change their contribution rate at any time by logging into their online account. Annual Increases can help savers meet their retirement savings goals more quickly, without having to remember to make the change themselves. The Annual Increases occur each year until a saver reaches a maximum of 10%.

Taxpayers may be able to take advantage of new deductions that could reduce taxable income and increase refunds due to the One, Big, Beautiful Bill, passed by Congress in July 2025. Provisions from the new law can have a significant effect on federal taxes, credits and deductions. The legislation includes four prominent provisions for individuals: the “deduction for seniors,” “no tax on tips,” “no tax on overtime” and “no tax on car loan interest.” Taxpayers claiming these deductions should use Schedule 1-A and see the related instructions.

Workers earning minimum wage in Connecticut will get a small bump in pay, about $24 a week for full-time workers, after the state’s automatic increase went into effect this week.

Finance chiefs are entering the year facing new pressures around talent, tax policy, capital allocation and risk.

The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

After decades of attempts, modernization of the IRS’s information technology systems will be completed by 2028, former Acting IRS Commissioner Michael Faulkender said during Thursday’s AICPA Town Hall webcast.

The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

Under a new U.S. Postal Service (USPS) rule effective December 24, 2025, the USPS has clarified that a machine-applied postmark indicates the date the item is first processed by USPS using an automated sorting machine, which may be later than the day it was received by the post office. That means a document received by the post office on time could end up with a postmark dated after the deadline.

The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.

From workslop and microshifting to conscious unbossing, the language of work this year reflected complicated operational and talent risks for CFOs.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-09 PDF regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful Bill.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-10 PDF related to changes to the Premium Tax Credit made under the One Big, Beautiful Bill and to related provisions that no longer apply.

[Commissioner Mark Boughton is] pleased to present the Annual Report of Taxes and Fees collected by the Connecticut Department of Revenue Services (DRS) during the 2024-25 fiscal year. Our report provides a comprehensive overview of the revenue DRS collected, thanks to the tireless efforts of our dedicated staff. Our agency reached significant milestones this year as we focused on our most important mission: Achieving the highest level of taxpayer compliance and contributing to Connecticut’s fiscal and economic well-being.

We wrapped up our annual Conference on Current SEC and PCAOB Developments last week, and it’s hard to pick a single theme or highlight from the sheer volume of information presented and professional networking packed into a few days.

The AICPA Professional Ethics Executive Committee (PEEC) voted Friday to issue the exposure draft of Proposed Revisions Related to Alternative Practice Structures, which features updated guidelines related to independence rules and private-equity investments.