News

The IRS Advisory Council’s (IRSAC’s) annual report included a strong defense of the agency and its employees and criticism of budget and staff cuts amidst passage of a massive bill with more than 100 tax law changes.

Gov. Ned Lamont signed an executive order Jan. 15 designed to improve application and renewal processes for permits, licenses, and certifications.

The Department of the Treasury and the Internal Revenue Service today issued guidance for certain retirement plan administrators, updating safe harbor explanations to reflect tax law changes made after Aug. 6, 2020.

The number of jobs displaced by AI, along with federal government cuts, skyrocketed last year.

Connecticut employers will not face a federal unemployment tax increase in 2026.

The American Institute of CPAs (AICPA) is expressing its support for the Fiscal State of the Nation Act, introduced by Representatives Andy Barr (R-KY) and Scott Peters (D-CA). This bipartisan legislation will promote greater fiscal transparency and require the Comptroller General of the United States to make an annual presentation before a joint hearing of the House and Senate Budget Committees to help key policymakers focus on some of the most important aspects of the consolidated financial statements, including financial and sustainability measures.

Organisations are capturing speed through AI, but much of the reclaimed time is spent correcting or rewriting low-quality AI output, a global report says.

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.