News

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2026. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).

Employees with shorter workweeks are more likely to experience positive health changes and better work fulfilment, and those improvements can provide workforces with job resources to accelerate professional and personal growth.

In a survey conducted recently by The Harris Poll on behalf of the American Institute of CPAs (AICPA), Americans were asked which type of tax filing and payment relief would be helpful after experiencing a natural disaster:

Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday that it plans to postpone the effective date of a rule bringing certain investment advisers within the standards of its anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs as it revisits the rule.

MahoneySabol, a regional certified public accounting firm based in Glastonbury, announced the promotion of Casey O’Brien, CPA to Partner. O’Brien brings nearly two decades of public accounting experience to his new leadership role.

MahoneySabol, a regional certified public accounting firm based in Glastonbury, announced the appointment of Crystal Germanese as a Partner in the firm's Tax Department. With over 20 years of experience working closely with privately held businesses and their owners, Germanese combines deep technical knowledge with a personalized approach to navigating complex tax matters. She brings a wealth of experience and a strong commitment to client care to her new role.

In CT, $84 million in federal funding for projects to enhance climate resilience is at risk.

Productivity is lacking in the workplace, according to a Microsoft survey, with technology posing both as the problem and the solution.

Attorney General William Tong is once again taking the Trump administration to court, this time joining a coalition of 25 states in suing the administration over $6.8 billion in federal funding it is withholding from the states.

Just two weeks old, biennial budget underfunds worker benefits by $210 million.

Just about eight in 10 of respondents in a recent survey by enterprise tech firm Zuora said their finance teams are “swamped” with manual tasks.

Organizations with specific, crafted plans for AI adoption are already seeing tangible ROI, according to a large survey of professionals.

The larger the accounting firm, the fewer CPAs it has on staff, according to new data from Inside Public Accounting.

The ink is hardly dry on President Donald Trump's $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn.

Succession is a journey that can take several years, so the timing is important and it needs to be a choice, not a crisis.

For the second year in a row, Connecticut legislators decided not to regulate AI for businesses, but they did pass a law that criminalizes deepfake revenge porn and provides education funding for artificial intelligence.

The American Institute of CPAs (AICPA) and state CPA societies have strongly advocated Congress to authorize the Internal Revenue Service (IRS) to postpone federal tax deadlines for taxpayers affected by a qualified state-declared disaster upon a declaration by the state governor. Earlier this year, the House of Representatives unanimously passed the Filing Relief for Natural Disasters Act (H.R. 517) and this week the Senate followed suit, passing the bill by unanimous consent. The bill now heads to the President’s desk for his signature.

The AICPA requested additional guidance from Treasury and the IRS on catch-up contributions that are designated as Roth contributions in Section 603 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).

The partners of Glastonbury accounting firm Nicola Yester & Company, P.C. are pleased to announce their newest partner, Angelina Mancarella. Angelina merged with the firm in 2025 as part of a merger with Paquette Mancarella & Company LLC, and focuses her practice on providing tax and accounting services to businesses in a wide variety of industries, including construction, manufacturing, and other professional services.

The Internal Revenue Service encourages taxpayers who requested an extension to file their returns now rather than wait until the Oct. 15 deadline. IRS Free File makes it easy.