News

Officials spent billions of potential surplus dollars in mid-2000s.

The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to increase the safe harbor for companies to avoid determining whether the corporate alternative minimum tax would apply to them.

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.

Governor Ned Lamont today announced that the package of legislative proposals he will ask the Connecticut General Assembly to consider for ratification during the 2025 regular session will include a proposal increasing the oversight and financial stability of Connecticut hospitals, health systems, and medical practices, and ensuring that they continue providing the high quality, accessible, and affordable care that the state’s residents deserve.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and provide input on the proposed ASU by April 22, 2025.

The governor circumvented contract rules, like those protecting budget caps, in 2019.

For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.

An executive order signed by President Donald Trump regarding IRS hiring should not affect the use of seasonal employees for the tax filing season, an AICPA vice president said Tuesday.

Does your firm have fun during busy season? If not, consider scheduling activities that build community, bring levity to the office, and help keep staff stay motivated through the busiest time of the year.

Governor Ned Lamont today announced that the package of legislative proposals that he will ask the Connecticut General Assembly to consider for ratification during the 2025 regular session will include a proposal containing several initiatives to strengthen Connecticut’s resilience against the impacts of extreme weather events and climate change.

Democratic Senate leaders announced two more of their high-priority bills Tuesday: a bill to combat price gouging and a bill to protect public health at the state level from federal interference. Republicans, however, are skeptical of what they characterize as “government overreach.”

Finance leaders with kids share how they have been able to meet the demands of a CFO role while also being attentive to and active in their children’s lives.

The Connecticut Department of Revenue Services (DRS) today released the state’s tax gap report, required under Public Act 23-204 sec. 374. This year’s report analyzes data from the 2022 tax year and estimates Connecticut’s net tax gap at $2.998 billion. This reflects the difference between the calculated gross tax gap of $3.702 billion and the approximately $704 million expected to be collected through ongoing DRS enforcement actions.

The state offices of Policy and Management and Fiscal Analysis issued their corrected consensus revenue estimates earlier this week, showing a small increase in projected revenue for the upcoming four years.

IRS Commissioner Danny Werfel announced Friday that he would resign.

CPA certification changes, return-to-office initiatives, data leveraging, workforce collaboration and a roadmap to a CEO position will likely be on CFO radars this year.

Democrats’ ‘Ratepayers First Act,’ proposed Thursday, is less a solution than a process by which they hope to find one.

In this role, she will provide tax planning, preparation and accounting services to individual clients as well as businesses in various industries.