News

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

86% of C-suite leaders plan to increase investment in generative AI technology this year, but the majority of employees feel unprepared for technological changes, a new survey report said.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

Artificial intelligence took the business world by storm in 2024. Countless AI-driven tools that emerged during the past year are boosting efficiency in virtually every industry by automating the tasks that most often bog down business processes. Essentially, AI takes on the business world's day-to-day dirty work, delivering with more accuracy and speed than human workers are capable of providing.

Boosting spending on technology remained ahead of pay increases for the second consecutive year in Gartner's annual survey of CFOs and finance leaders. And while pay increases did maintain second place in terms of planned budget boosts for 2025, the volume of those increases is forecast to tumble.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.

CT has saved 9% of budget on average since 2017.

The Connecticut General Assembly intends to vote next week on a $40 million supplemental appropriation to help local school systems offset rising special education costs in the current fiscal year, legislative leaders said Wednesday.

A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.

Governor Ned Lamont today announced that the fiscal year 2026/2027 biennial budget proposal he presented to the Connecticut General Assembly earlier this month includes a recommendation that the state’s property tax credit, which provides a credit to income tax filers for property tax payments made on eligible property, be increased to $350. Additionally, the governor is proposing to expand eligibility for the credit to include more income tax filers.

The Internal Revenue Service is reportedly planning layoffs of thousands of first-year probationary employees in the midst of tax season, perhaps as soon as this week.

Get ready for a very different regulatory environment.

As a human being, James Maroney is a believer in the potential of artificial intelligence to do good.

AICPA leaders said Sunday the IRS should consider the needs of taxpayers and preparers as officials make plans to carry out President Donald Trump's direction to cut the federal workforce.

The purpose of this Announcement is to provide taxpayers and practitioners with an update as to the availability of the composite income tax return and the pass-through entity tax return for the taxable year starting January 1, 2024. As explained herein, these forms are currently available in and may be filed through the Department’s on-line portal (myconneCT).

The financial advice, accounting and tax industries have a generational problem: The average age of a financial advisor is 56, with nearly a third planning to retire in the next five years, and the average age of accountants and auditors is 44. On top of that, the Great Wealth Transfer means that more millennials and Gen Z clients will be searching for tax, wealth and investment advisors who understand them and their financial needs.

A recent survey commissioned by AARP Research revealed that a large majority of Connecticut residents support the implementation of a state income tax credit for family caregivers.

Finance leaders have spoken to AccountingWEB about adopting AI, the importance of involving their teams early and the risk of quickly getting left behind.

Long tenure in a role points to loyalty and deep industry knowledge, but there can be challenges when you want to move to a new company.