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The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

The Connecticut Department of Revenue Services (DRS) today announced that it is currently accepting individual state income tax returns for taxable year 2024. The state and federal income tax filing deadline is Tuesday, April 15, 2025.

Democratic representatives are once again advocating for a child tax credit after a similar effort came up short during the 2024 legislative session. House Bill 5986, An Act Establishing a Refundable Child Tax Credit Against the Personal Income Tax, has the support of over 60 Democratic legislators and aims to provide much-needed financial relief to Connecticut families.

Officials spent billions of potential surplus dollars in mid-2000s.

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.

For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.

In this role, she will provide tax planning, preparation and accounting services to individual clients as well as businesses in various industries.

SRC, Certified Public Accountants, P.C. is proud to announce two new partners, John W. Luo, CPA and Shawn R. Gessay, CPA, MSAT.

Late in last year’s legislative session, P.A. 24-132 was passed, increasing the State Single Audit threshold from $300,000 to $500,000 for nonstate entities with a fiscal year beginning July 1, 2024 or after.

Visconti & Associates, P.C., with offices in East Haven and Venice, Florida, is pleased to announce the admission of Peter Visconti, CPA as a member of the firm in the Assurance Division and Margaret Pittala, CPA as a member of the firm in the Tax and Advisory Division. The firm is now operating as Visconti Pittala & Associates LLC.

Finance leaders have a multifaceted role in building and funding cyber defences, including creating and testing an incident response plan.

The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.

Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.

The Innovative CPA Group (ICG) is pleased to announce its merger with T.M. Byxbee Company, P.C. of Hamden, CT. Effective January 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC,” creating a unified team to deliver an expanded suite of accounting, tax, audit, advisory, and consulting services.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

Jay Civitollo and Christopher Nardone were both elected partner at CohnReznick LLP, effected February 1, 2025. Both Jay and Christopher work in the Assurance division.

More than a dozen new laws will take effect Jan. 1 in Connecticut, including changes to absentee ballots, mandatory paid sick leave, and expanded protections for home health care workers.