News

The American Institute of CPAs (AICPA) today released the results of its 2025 National Management of an Accounting Practice (MAP) Survey revealing that firms across the country are reporting strong revenue growth and continued increases in staff compensation at all levels.

Regarding the skills needed to succeed in accounting and finance roles, less-experienced employees and their managers aren’t on the same spreadsheet.

The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties.

Senate President Pro Tem Martin M. Looney of New Haven said he sees little chance of a special session before mid-October

The National Association of State Boards of Accountancy (NASBA) today announced the launch of its new NASBA CPA Mobile App (App), designed to give CPA Exam candidates a convenient, mobile-friendly way to prepare for, apply to, and stay informed about the Uniform CPA Examination—anytime, anywhere.

Flexibility is driving loyalty for older workers as younger peers adopt AI, a shift CFOs must navigate across pay, policy and technology.

Governor Ned Lamont today announced that beginning on January 1, 2026, Connecticut’s minimum wage will increase from the current rate of $16.35 per hour to $16.94 per hour.

The AICPA updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.

Most workers are using tools not provided by their employers, and few see any type of internal oversight.

The Treasury Department's list of 68 jobs that are eligible for tax exemptions on tips has leaked to the media and includes occupations ranging from bartenders and food servers to entertainers, performers and digital content creators.

Experts in personal financial services recommend helping clients keep economic shocks in perspective, simplify their finances, and try out aspects of retirement life.

A draft version of Form W-2, Wage and Tax Statement, for 2026 includes boxes and codes for reporting qualified tips and qualified overtime compensation that can be deducted temporarily under the provisions of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.

The Public Company Accounting Oversight Board (PCAOB) announced that it is postponing for one year, to December 15, 2026, the effective date for QC 1000, A Firm’s System of Quality Control, and other new and amended PCAOB standards, rules, and forms adopted by the Board on May 13, 2024. The Board’s action also postpones the related rescission date of certain rules and standards that are currently in force.

While a flexible work schedule continues to be the norm, companies across the board have been requiring more days in the office with each passing month.

Even though the One Big Beautiful Bill Act made substantial changes in the Tax Code, one area where that may not be seen so much is in terms of simplification, according to a new study.

HarperWhitfield P.C., with offices in Farmington and Weatogue (Simsbury), announced that Norbert Jurkiewicz of Farmington has joined the firm as a supervisor. Norbert brings more than 12 years of diverse public accounting experience spanning tax, audit, fiduciary services, and client advisory support. Prior to joining HarperWhitfield, he worked as a Senior Associate and Supervisor in Glastonbury, where he led engagements for a wide variety of clients including software companies, engineering firms, medical practices, and government contractors.

The Public Company Accounting Oversight Board (PCAOB) today announced the formation of the Smaller Firm Resource Group, an advisory group of professionals from smaller audit firms.

PwC’s campus hiring cuts show how technology is reshaping accounting and raises new questions about the profession’s future.

The IRS, which has lost about 25% of its workforce this year, is moving to fill some jobs by various means, including asking employees who accepted deferred resignations if they want to stay on the job.

Former Commissioner Danny Werfel wouldn’t predict failure for the IRS in its bid to modernize technology with less money and fewer experienced workers while preparing systems for massive changes in the new tax law. But, without seeing a plan, he said he’s dubious the agency will be successful.