News

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 Originally enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), there is currently a $10,000 limit on the SALT deduction.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.

The purpose of this notice is to provide those taxpayers who have yet to receive their income tax refunds for taxable year 2024 with a timeline as to when those refunds will be processed.

After 34 years of service, Michael Solakian, CPA, President of Solakian & Company, LLC, is stepping down from the CTCPA Peer Review Committee. Mike also served on the AICPA Peer Review Board for two three-year terms and continues to practice with specialties in non-profit audits as well as performing peer reviews.

Amid a trend of more in-office work, a series of surveys offer perspective on the state of the workplace and reveal how employees feel about their place in the debate.

The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting firms to deduct state and local taxes.

Lamont declares first spending cap emergency since 2007.

Workers’ compensation legislation intended to spare employers crippling increases in insurance premiums passed the General Assembly on Monday, a step towards rapidly resolving a crisis ignited two months ago by a Connecticut Supreme Court decision that reinterpreted a line in a sweeping reforms law passed in 1993.

The IRS issued interim final and proposed regulations Friday (T.D. 10031 and REG-107459-24) lowering the user fee for the Service to issue an estate tax closing letter from $67 to $56.

CT still faces a landmark debate over budget controls in the next few years.

Audit CTO and global solutions group leader Thomas Mackenzie explains how updating technology is reshaping audit quality, talent and regulatory strategy.

The Southern Connecticut State University (SCSU) School of Business recently recognized CTCPA Honorary Member Mark Zampino with its Exceptional Staff Service Award and the Dean’s Outstanding Leadership Team Award. The School presented the awards at its Annual Awards Ceremony on May 8, 2025.

Connecticut’s legislature has taken another step toward building a regulatory framework for artificial intelligence, even as Congress considers federal legislation that could override any state-level efforts for the next decade.