News

Legislative leaders are optimistic about compromise.

Gov. Ned Lamont’s biennial budget address prompted a range of reactions from advocacy groups, nonprofits, and local officials on Wednesday, with some arriving even before the completion of a morning briefing by his budget chief, Office of Policy and Management Secretary Jeff Beckham.

IRS employees who work in "critical filing season positions" are exempt from the voluntary resignation program offered to federal government employees until May 15, according to an email sent Wednesday.

Gov. Ned Lamont released a two-year, $55.2 billion budget proposal for the upcoming 2026-2027 biennium on Wednesday with a focus on expanding access to child care, providing a small tax cut to Connecticut residents, and allowing for some small but significant changes to the state’s hotly debated fiscal guardrails.

$50 income tax cut also included in $55.2 billion, two-year budget Lamont will present to lawmakers Wednesday.

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.

$50 income tax cut also included in $55.2 billion, two-year budget Lamont will present to lawmakers Wednesday.

New Hampshire is fighting back. The Granite State's latest move to protect businesses from sales tax legislation, HB 135, was introduced on Jan. 8, 2025. It states that "no New Hampshire business shall be required to collect sales taxes for a foreign jurisdiction [a.k.a., another state] unless mandated by Congress or New Hampshire law."

Today, the PCAOB released a new staff Spotlight report, “Considerations for Audit Firms Using the Work of Specialists

As the busy season ramps up, the risk of cyberattacks increases. Cybercriminals know that heightened workloads, tight deadlines and the influx of client communications create opportunities for exploitation. Whether through phishing emails, intercepted networks or fraudulent disbursement requests, the stakes for CPAs and their clients are high.

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.

As the clock ticked down, accountants faced the usual last-minute chaos on 31 January. Despite many scrambling to submit tax returns at the very last second, 1.1m missed the deadline.

Lawmakers seek more funds for Medicaid, education while federal funds vanish.

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.

Finance leaders struggle to determine generative AI’s costs and benefits, but there are suggestions on how to tackle the problem.

Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year through a service such as Venmo, PayPal, Cash App, StubHub, Etsy and Airbnb, and most won't be expecting it.

Connecticut Attorney General William Tong on Friday announced an initial victory against the Trump administration and said that the state has successfully secured a temporary restraining order against the federal government’s recent freeze on appropriated funds.

The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

The Connecticut Department of Revenue Services (DRS) today announced that it is currently accepting individual state income tax returns for taxable year 2024. The state and federal income tax filing deadline is Tuesday, April 15, 2025.