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The AICPA Professional Ethics Executive Committee (PEEC) on Thursday released an exposure draft of proposed revisions to the AICPA Code of Professional Conduct (the Code). The exposure draft is the first of a five-phase approach to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs).

After 12 hours of debate and a series of failed Republican amendments, the Connecticut Senate approved a new, two-year state budget for fiscal years 2026 and 2027, unchanged from the one it received Monday night from the House. The budget is the result of a deal negotiated by legislative leaders and Gov. Ned Lamont.

A follow-up letter to congressional finance leaders last week and a new “Fact or Fiction” analysis underscore the AICPA’s opposition to several tax provisions in the House-approved budget bill, most notably the limitation of the passthrough entity tax/state and local tax (PTET SALT) deduction for specified service trades or businesses (SSTBs).

The legislation, which awaits signing by Governor Ned Lamont, includes a provision enabling licensed CPAs form other states in “good standing” to practice in Connecticut.

Package to be adjusted to lessen hospital tax increase.

Biennial borrowing plan draws strong bipartisan support.

With sustainability disclosures no longer optional extras, the responsibility for reporting them is shifting to become a finance function issue.

Governor Ned Lamont today announced that he will soon sign into law legislation that takes a step forward in reducing electric bills, delivering Connecticut consumers nearly $400 million in annual savings, as well as laying the groundwork for longer term reductions in public benefits charges and cuts in supply, delivery, and transmission fees.

Greg brings more than 15 years of experience in public accounting, providing tax, accounting, and consulting services to closely held businesses, their owners, and nonprofit entities. His background includes extensive work in industries such as construction, manufacturing, investment advisory, architecture, wholesale distribution, real estate, and professional services.

The two-year, $55.8 billion budget that passed out of the Connecticut House of Representatives on a mostly party-line vote late Monday night remains within the state budget cap despite increasing spending by $2.63 billion over the next two fiscal years.

New estimated data from the National Student Clearinghouse Research Center shows a 12% increase in spring 2025 undergraduate accounting enrollment compared to the prior year. The increase amounted to an additional 29,312 students.

Lawmakers expected to adopt new biennial plan before the 2025 legislative session closes Wednesday.

Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.

The Connecticut House of Representatives on Friday debated and approved Senate Bill 8, An Act Concerning Protections For Workers and Enhancements to Workers’ Rights, a labor bill that would allow workers engaged in labor disputes to access unemployment benefits.

The decision to make non-audit CPAs stop using the credential may be less of a private equity strategy and more of a compliance response to regulatory structures.

The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.

The Internal Revenue Service today issued its annual Data Book detailing the agency's activities during fiscal year 2024 (Oct. 1, 2023 – Sept. 30, 2024). This year’s edition marks the publication’s 30-year anniversary; the first Data Book covered fiscal years 1993 and 1994 and was available in 1995. Prior to 1993, the IRS published annual reports, which date back to 1863. The Data Book provides a fiscal year statistical overview of the agency’s operations including returns received, revenue collected, taxpayer services provided, tax returns examined (audits), efforts to collect unpaid taxes and other details about the work of the IRS.

Lamont challenges lawmakers to tap $1.1 billion that universities stashed away.

The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026.

Governor Ned Lamont today announced that he is releasing $30 million in state grants to 46 small towns in Connecticut that will be used to complete a wide variety of infrastructure improvements, such as road safety reconstruction projects, emergency management upgrades, sidewalk and pedestrian safety enhancements, educational and recreational facility upgrades, and other kinds of capital improvement projects.