News

The AICPA Professional Ethics Executive Committee (PEEC) approved revisions to the "Section 529 Plans" interpretation (ET §1.240.070) of the Code of Professional Conduct's "Independence Rule."

The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.

The Connecticut House voted Monday night for two emergency bills, one reflecting a widening disagreement with Gov. Ned Lamont over spending and another responding to President Donald J. Trump’s crackdown on undocumented immigrants and LGBTQ services, including gender-affirming care.

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.

Budget hikes for technology are far higher than those for other key expense categories.

Artificial intelligence is shaking up the accounting world, but the firms thriving in this new era aren’t just embracing technology, they’re making sure their people are on board first.

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

86% of C-suite leaders plan to increase investment in generative AI technology this year, but the majority of employees feel unprepared for technological changes, a new survey report said.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

Artificial intelligence took the business world by storm in 2024. Countless AI-driven tools that emerged during the past year are boosting efficiency in virtually every industry by automating the tasks that most often bog down business processes. Essentially, AI takes on the business world's day-to-day dirty work, delivering with more accuracy and speed than human workers are capable of providing.

Boosting spending on technology remained ahead of pay increases for the second consecutive year in Gartner's annual survey of CFOs and finance leaders. And while pay increases did maintain second place in terms of planned budget boosts for 2025, the volume of those increases is forecast to tumble.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.

CT has saved 9% of budget on average since 2017.

The Connecticut General Assembly intends to vote next week on a $40 million supplemental appropriation to help local school systems offset rising special education costs in the current fiscal year, legislative leaders said Wednesday.

A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.

Governor Ned Lamont today announced that the fiscal year 2026/2027 biennial budget proposal he presented to the Connecticut General Assembly earlier this month includes a recommendation that the state’s property tax credit, which provides a credit to income tax filers for property tax payments made on eligible property, be increased to $350. Additionally, the governor is proposing to expand eligibility for the credit to include more income tax filers.

The Internal Revenue Service is reportedly planning layoffs of thousands of first-year probationary employees in the midst of tax season, perhaps as soon as this week.

Get ready for a very different regulatory environment.

As a human being, James Maroney is a believer in the potential of artificial intelligence to do good.