News

Lamont challenges lawmakers to tap $1.1 billion that universities stashed away.

The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026.

Governor Ned Lamont today announced that he is releasing $30 million in state grants to 46 small towns in Connecticut that will be used to complete a wide variety of infrastructure improvements, such as road safety reconstruction projects, emergency management upgrades, sidewalk and pedestrian safety enhancements, educational and recreational facility upgrades, and other kinds of capital improvement projects.

The state legislature is eyeing a fiscal tactic not seen in half a century to deal with state budget uncertainty. House Speaker Matt Ritter, D-Hartford, said Wednesday morning that a one-year budget was “very much in play” and looking “more and more likely.”

A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.

AI’s impact on finance will continue to deepen, but large staffing cuts are an unlikely result, according to a new Vena Solutions report.

Costs displace talent management as the top benefits decision driver, according to new Lockton research.

One GOP lawmaker got a rare unanimous vote against his amendment after trying a unique political tactic.

Leaders hope to offer $150 per child, up to $450 per household.

If you possess the skill, smarts, and persistence to become a licensed CPA, that should be something to celebrate and declare in your business dealings.

An American Institute of CPAs (AICPA) survey found that women indicated more concerned about their financial situation over the past 12 months than men. The survey was conducted April 1-3 among over 2,000 U.S. adults as a kickoff to National Financial Literacy Month.

Medicaid, social services, special ed increases will be modest.

Five years from now, Generation Z and Millennial employees are expected to comprise more than 70% of the global workforce.

The U.S. House of Representatives passed changes for the federal deduction for state and local taxes (SALT) on Thursday, May 22 as part of President Trump’s tax package. Originally enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), there is currently a $10,000 limit on the SALT deduction. Under the House provision that would take effect in 2025, the SALT cap would rise to $40,000 and phase out for individuals with income over $250,000 and couples over $500,000. Both the SALT cap and the income phaseout would increase by 1% annually from 2026 through 2033.

Danny Pannese, Associate Professor (Accounting and Information Systems) at Sacred Heart University, will be honored with the Connecticut Society of CPA’s Educator of Excellence Award (the “Eddy”) at the CTCPA Recognition Reception on June 10.

The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.

The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”

A new PCAOB publication – “Audit Focus: Auditing Accounting Estimates” – provides auditors with reminders and good practices about accounting estimates, an especially challenging aspect of financial statements.

This is a red flag for CFOs who are outsourcing finance functions to firms that sell themselves as being forward-thinking or technology driven.

The Connecticut Mirror’s 2025 legislation tracker is a tool to help you, our readers, track certain bills as they work their way through the legislative process.