News

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.

H.R. 736, Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), which would delay FinCEN BOI reporting for one year (until January 1, 2026), passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.

The National Football League’s finance leaders tend to stay in their positions far longer than CFOs in other industries, according to data compiled by CFO.com.

Undergraduate enrollment in college accounting programs increased during the fall semester to its highest level in four years, a 12% increase from the previous fall based on National Student Clearinghouse Research Center data.

If you want to learn what it's really like to be a professional football player, ask a professional football player. If you want to know what it's really like to be a CPA, ask a CPA.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

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.

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.

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

SRC, Certified Public Accountants, P.C. is proud to announce two new partners, John W. Luo, CPA and Shawn R. Gessay, CPA, MSAT.

Late in last year’s legislative session, P.A. 24-132 was passed, increasing the State Single Audit threshold from $300,000 to $500,000 for nonstate entities with a fiscal year beginning July 1, 2024 or after.

Visconti & Associates, P.C., with offices in East Haven and Venice, Florida, is pleased to announce the admission of Peter Visconti, CPA as a member of the firm in the Assurance Division and Margaret Pittala, CPA as a member of the firm in the Tax and Advisory Division. The firm is now operating as Visconti Pittala & Associates LLC.

The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.

Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.

The Innovative CPA Group (ICG) is pleased to announce its merger with T.M. Byxbee Company, P.C. of Hamden, CT. Effective January 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC,” creating a unified team to deliver an expanded suite of accounting, tax, audit, advisory, and consulting services.