News

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.

Finance leaders have spoken to AccountingWEB about adopting AI, the importance of involving their teams early and the risk of quickly getting left behind.

Long tenure in a role points to loyalty and deep industry knowledge, but there can be challenges when you want to move to a new company.

Presidents Day weekend is peak time for IRS phone traffic. Skip the wait by visiting IRS.gov.

House Republican leaders took the first step Wednesday toward enacting trillions of dollars in tax cuts and raising the nation's $36 trillion debt limit, offering a plan that risks rankling quarreling factions in the party.

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.

Lawmakers to explore new fees, but not from tolls.

Accountants are in the midst of a series of changes, ranging from the future of the Internal Revenue Service to the kick-off of tax season.

Connecticut’s nonprofit service providers are facing a dire financial shortfall, with leaders warning Tuesday that a proposed budget cut could result in an effective $19 million loss in the first year, jeopardizing essential services for the state’s most vulnerable residents.

The SEC intends to ask courts to delay proceedings related to legal challenges to the commission's climate rule, according to a statement published Tuesday by the SEC's acting chair.

New presidential administrations typically mean a lot of questions and uncertainty. As Trump takes office, people wonder if the policy changes he promised will be realized. What will the tax implications be for CPA clients and practice owners? Where are interest rates headed? What about inflation?

The AICPA & CIMA's new president and CEO, Mark Koziel, told a group of accountants that the association is preparing for the possibility that the Public Company Accounting Oversight Board might be "rolled up" into the Securities and Exchange Commission under the Trump administration.

Has your firm started work on implementing the new quality management standards? If you haven't already started, it may be challenging getting it done by the Dec. 15, 2025, deadline for having a quality management system in place.

As legal challenges to the reporting rules for beneficial ownership information (BOI) wind their way through the courts, inflation adjustments again increased the civil monetary penalties for violating those rules.

All five of Connecticut’s congressional delegates this week signed on as sponsors of the Taxpayer Data Protection Act, which aims to prevent unauthorized access to taxpayer information housed within the US Treasury Department.

FinCEN promises 30-day delay; AICPA urges longer pause.

Gov. Ned Lamont’s biennial budget address on Wednesday sparked mixed reactions, with housing policy advocates like Open Communities Alliance (OCA) offering both recognition and suggestions for moving forward.