News

The AICPA and the National Association of State Boards of Accountancy (NASBA) are seeking input on proposed changes to the Uniform Accountancy Act (UAA) that would pave the way for states to adopt an additional pathway for CPA licensure.

This year’s report takes a look at how tax departments and their leaders are overcoming various disruptions like legislative and regulatory change, an uncertain talent market, generative AI and more, fostering trust across the organization. Key report findings from 500 CFOs, CEOs and Chief Tax Officers – 25% of which are in the Northeast region, indicate...

The Internal Revenue Service requested public comments on draft Form 7217 PDF and Instructions for draft Form 7217 PDF today.

The Internal Revenue Service’s Independent Office of Appeals (Appeals) today launched a pilot program as part of the IRS’ ongoing transformation efforts to expand online tools and improve user experiences.

Accountants have pretty much always used technology — what else do you call an abacus or a slide rule or an adding machine? — but it is increasingly obvious that, as the world moves through its digital revolution, it has slowly become a technology-driven profession, where powerful software solutions are not enhancements but true necessities for all but the most basic of jobs. This has led to a veritable galaxy of specialized accounting applications, and a veritable universe of other apps that, while not specific to the profession, are nonetheless invaluable to their work.

Governor Ned Lamont today announced that beginning on January 1, 2025, Connecticut’s minimum wage will increase from the current rate of $15.69 per hour to $16.35 per hour.

The AICPA has added to its suite of apprenticeship offerings with the launch of a program that focuses on empowering organizations to recruit new talent or upskill existing employees in entry-level positions.

Connecticut’s pension funds performed better than expected in the most recent fiscal year, showing double-digit returns even as the state continues to play catch-up with its massive unfunded pension liabilities.

Businesses, developers say guardrails are important, but varied state laws create confusion.

The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit.

Earlier this summer, the Private Company Council (PCC) reaffirmed its support for focusing our attention on the financial reporting issues currently most important to U.S. private companies. PCC members unanimously supported conducting preliminary research on:

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) that would clarify certain aspects of the guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative. Stakeholders are encouraged to review and provide input on the proposed ASU by November 25, 2024.

Governor Ned Lamont today announced that the U.S. Small Business Administration (SBA) has opened two Business Recovery Centers in Monroe and Oxford that are now providing in-person assistance to businesses seeking to apply for federal disaster aid for damages incurred due to the severe flooding the western portion of Connecticut experienced on August 18, 2024.

Testing and grading windows for the Core sections of the CPA Exam will quadruple in 2025, providing more flexibility for test takers.

Governor Ned Lamont today announced that President Joe Biden has approved his request for a major disaster declaration due to the historic rainfall and extreme flooding that impacted towns and cities in western Connecticut on August 18, 2024.

The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method (set out in Rev. Proc. 2019-48) will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68.

CFOs think the federal government should address workforce issues over things like outbound investment and AI regulations, according to Deloitte.

To celebrate International Week of Happiness at Work, AccountingWEB spoke to firms to find out what they do to keep their employees cheerful.

The Innovative CPA Group (ICG) is proud to share that one of their founding partners, Lauren Shugrue, CPA, has been awarded the 2024 Women Innovators Award from the Westfair Business Journal. This award recognizes Lauren’s outstanding dedication to her profession, unwavering commitment to driving positive change, and relentless pursuit of excellence.

By understanding influences on clients' decision-making, CPA financial planners can work with them better and operate a practice more effectively, Michael E. Kitces highlighted in a presentation at the AICPA & CIMA ENGAGE conference in June about how to use behavioral finance in a financial-planning practice.