News

The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA).

The Treasury Department and the Internal Revenue Service granted a filing exception Wednesday for tax-exempt organizations, saying they don't have to file Form 4626, Alternative Minimum Tax – Corporations, for tax year 2023.

Pay transparency laws are being enacted across the U.S. If you have clients operating across state lines, you know how complicated staying compliant with these laws can be. Business owners need to understand what’s coming and how they can prepare.

GASB issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures.

Looking for accounting talent is no longer just hunting for number crunchers. The digital age has ushered in the art of scouting for a diverse mix of tech wizards and creative thinkers. Think of it as adding fresh beats to classic tunes — it's all about building a lineup that's as diverse in skills as it is in ideas.

From a focus on data integrity and employee upskilling to championing new tools, finance leaders have a multi-dimensional role in AI adoption and use.

Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.

A report issued Thursday by the AICPA and the National Association of State Auditors, Comptrollers and Treasurers (NASACT) details the depth of challenges that need to be overcome to ensure strong accounting, auditing, and finance functions in state and local government and to make it easier for governments to find outside auditors.

The Connecticut Foundation Solutions Indemnity Company (CFSIC) – the captive insurance company set up to provide financial assistance to homeowners whose foundations have crumbled because of the mineral “pyrrhotite” within the concrete – has reached a milestone.

Are you creating or updating your HR policies for 2025? A year-end HR compliance checklist is a great way to help make sure your bases are covered. There's too much at stake to leave compliance to chance. Particularly during the end of the year, there are many moving parts and critical deadlines your business must meet; otherwise, you could face penalties. To help you meet deadlines and compliance requirements, we've compiled a checklist that identifies some of the essential end-of-year tasks.

Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.

The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes (Milton, Helene, Debby, and Beryl) and tropical storm Francine, as well as for people affected by terrorist attacks in Israel.

The Internal Revenue Service announced today in Revenue Procedure 2024-39 PDF. that grants certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return, with relevant schedules and forms.

The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263).

Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said.

Governor Ned Lamont today announced that the Federal Emergency Management Agency (FEMA) is making a schedule change to Connecticut’s two recently opened Disaster Recovery Centers (DRCs) that have been providing in-person support with applying for federal disaster assistance to those impacted by the August 18, 2024, severe storm and flooding.

The Internal Revenue Service released the latest tax gap projections Thursday, which pertain to tax year 2022, showing an increase over the previous projections, with the gap between taxes owed and paid growing to $696 billion.

The new Connecticut Paid Sick Leave Act is shaking things up significantly. If you’re an employer in Connecticut, here’s what you need to know – including a few potential pitfalls to avoid.

More than half of finance leaders believe technology will improve audit quality, but the human element is irreplaceable.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.