News

Extortion attempts leap by 46% over a recent six-month period, with manufacturing and construction sectors bearing the brunt.

Republican senators are considering placing a $30,000 cap on the state and local tax deduction as a compromise between current law and the more generous limit in the House's version of President Donald Trump's tax bill, a key GOP negotiator said.

A week after it passed the General Assembly, House Bill 5002 is still causing a ruckus in Hartford, with Republicans urging Gov. Ned Lamont to “just veto it” in a series of statements and the governor expressing hesitancy over the bill’s version of fair-share legislation known as “Towns Take the Lead.”

The accountant shortage isn’t going away, but CFOs can change how they compete for talent.

In Rev. Proc. 2025-23, the IRS on Monday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.

The IRS budget would decline 37% from fiscal year 2025 to fiscal year 2026 and the number of IRS employees would decrease 20% over the same period, according to the annual Congressional Budget Justification released by Treasury.

Eliminating the state and local tax deduction for service-based passthrough entities would “result in a tax increase for accountants throughout the country,” according to a letter addressed to leaders of the Senate Finance Committee by the AICPA and CPA societies from 53 states and jurisdictions.

Gov. Ned Lamont credited hard work and clever negotiation between the legislative and executive branches for passage of “an honestly balanced budget” that did not raise residents’ tax rates.

The AICPA Professional Ethics Executive Committee (PEEC) on Thursday released an exposure draft of proposed revisions to the AICPA Code of Professional Conduct (the Code). The exposure draft is the first of a five-phase approach to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs).

After 12 hours of debate and a series of failed Republican amendments, the Connecticut Senate approved a new, two-year state budget for fiscal years 2026 and 2027, unchanged from the one it received Monday night from the House. The budget is the result of a deal negotiated by legislative leaders and Gov. Ned Lamont.

A follow-up letter to congressional finance leaders last week and a new “Fact or Fiction” analysis underscore the AICPA’s opposition to several tax provisions in the House-approved budget bill, most notably the limitation of the passthrough entity tax/state and local tax (PTET SALT) deduction for specified service trades or businesses (SSTBs).

The legislation, which awaits signing by Governor Ned Lamont, includes a provision enabling licensed CPAs form other states in “good standing” to practice in Connecticut.

Package to be adjusted to lessen hospital tax increase.

Biennial borrowing plan draws strong bipartisan support.

The accounting talent shortage has reached a near-crisis level, with all indications that the trend will continue for some time.

With sustainability disclosures no longer optional extras, the responsibility for reporting them is shifting to become a finance function issue.

Governor Ned Lamont today announced that he will soon sign into law legislation that takes a step forward in reducing electric bills, delivering Connecticut consumers nearly $400 million in annual savings, as well as laying the groundwork for longer term reductions in public benefits charges and cuts in supply, delivery, and transmission fees.

Greg brings more than 15 years of experience in public accounting, providing tax, accounting, and consulting services to closely held businesses, their owners, and nonprofit entities. His background includes extensive work in industries such as construction, manufacturing, investment advisory, architecture, wholesale distribution, real estate, and professional services.

The two-year, $55.8 billion budget that passed out of the Connecticut House of Representatives on a mostly party-line vote late Monday night remains within the state budget cap despite increasing spending by $2.63 billion over the next two fiscal years.

New estimated data from the National Student Clearinghouse Research Center shows a 12% increase in spring 2025 undergraduate accounting enrollment compared to the prior year. The increase amounted to an additional 29,312 students.