News

Analysts predict deficits unless officials find a balance

Business executive sentiment reflects a growing divide between macroeconomic concerns and own-company optimism, according to the second-quarter AICPA and CIMA Economic Outlook Survey. While optimism about broader economic conditions softened, confidence in individual organizations continued to edge higher, highlighting a cautious but resilient business outlook.

Nearly 100,000 state residents will be receiving letters in the mail starting this week informing them that some or all of their medical debt has been erased under a partnership between the state and the national nonprofit organization Undue Medical Debt.

AI can speed things up for finance teams, but Kevin Phillips says teams need to keep questioning the answers rather than accepting them too quickly.

The maximum contribution amounts for a health savings account (HSA) — which can be used to pay qualified medical expenses — and certain related benchmarks will be slightly higher next year.

Nearly 7 in 10 retirees are concerned about managing their savings so they don’t run out of money, yet a similar share aren’t working with a financial adviser.

RSM US LLP (“RSM”) - a leading provider of consulting, tax and assurance services for the middle market - is celebrating its 100th anniversary, marking a century of advising middle market businesses through periods of economic, operational and technological change.

Two AICPA senior technical committees issued proposed strategic plans for 2027–2030.

The American Institute of CPAs (AICPA) requested the Department of Treasury and the Internal Revenue Service (IRS) provide guidance on proposed regulations for Trump Accounts. The AICPA’s comment letter identified several areas where additional guidance will be needed in future proposed regulations addressing contributions, distributions and investment-related rules.

The Connecticut Society of Certified Public Accountants (CTCPA) elected and installed its Board of Directors for the 2026-2027 activity year at the CTCPA Annual Meeting held recently at the Sheraton Hartford South Hotel in Rocky Hill. With a membership of more than 6,000 in public practice, business and industry, government, and education, the CTCPA’s mission is to advocate on behalf of the accounting profession, foster a professional community among CPAs, and provide professional development opportunities for CPAs in Connecticut.

The Connecticut Society of Certified Public Accountants (CTCPA) honored Rachel Tressy, CPA, CIA, CRMA of Voya Financial, Inc. with the 2026 Jack Brooks Leadership Award recently at the CTCPA Annual Meeting held at the Sheraton Hartford South Hotel in Rocky Hill.

Another 19 bills have received Gov. Ned Lamont’s signature, according to the bill notification list on Lamont’s official website.

Just days before the end of the legislative session, Sen. Rob Sampson, R-Wolcott, presented his fifth amendment after as many hours of debate to a piece of labor legislation. The amendment failed, but Sampson spoke for two hours and 48 minutes that day.

Senate Bill 1, the 2027 budget adjustment bill, became law Tuesday as Gov. Ned Lamont signed it as Public Act 26-68. The bill passed the General Assembly earlier this month with bipartisan support in both legislative houses, clearing the Senate 30-6 and the House of Representatives 127-21.

Over half of recruiters say AI has had a positive impact on hiring, but the majority have caught or suspected AI-enabled candidate fraud in the past year, according to a new report.

The IRS stopped $7 billion in fraudulent refunds in calendar years 2024 and 2025, and it could prevent more fraud if it had earlier access to key information returns, according to an audit report from the Treasury Inspector General for Tax Administration (TIGTA).

The AICPA, in letters to Congress, said it supports legislation in the House and Senate that would codify Treasury’s 2025 interim rule limiting beneficial ownership information (BOI) reporting to foreign-owned entities, saying the bills provide relief for both small businesses and finance professionals.

The IRS updated its FAQs on Notice CP53E with answers to four more questions, including how to determine if the QR code on the notice is legitimate.

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, 2027, when Kristopher E. Knight completes his second term on June 30, 2027.

Attorney General William Tong joined a federal lawsuit on Tuesday against the U.S. Department of Education over new limits to student loan borrowing.