Capitol Corner

We've got our eye on happenings at the Capitol! If state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.


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State News

Legislative Action Alert - Tell Your Legislators TODAY: Do NOT Tax Accounting and Tax Preparation Services
The 2019 Connecticut General Assembly is underway and the possibility of a sales tax on tax preparation and accounting services provided to individuals is growing stronger and stronger with each passing day! It is CRITICAL that you contact your state representative and your state senator TODAY and tell them “Do NOT tax accounting and tax preparation services!” Read our  informational flyer  and find and contact your legislators at www.ctcpas.org/actioncenter.     Tell your...
Connecticut pays the most in federal taxes and gets the least back in return
Connecticut is ranked first in the nation for paying the most in federal income taxes and getting the least federal dollars in return. That’s the finding of the latest survey by the New York-based Rockefeller Institute of Government. Connecticut leads all states because it receives only 74 cents back for every dollar that residents pay in federal taxes.
Lamont’s First Meeting With Labor Focuses On Unfunded Pension Liabilities
Labor leaders from across the state made their way to the governor’s residence in Hartford for their first discussion with Democratic Gov. Ned Lamont Tuesday. Lamont, who won the race by more than 43,000 votes and the backing of Connecticut’s labor unions, was vague in his speech on Jan. 9 about whether he will ask the unions to re-open the State Employees Bargaining Agent Coalition contract, which doesn’t expire until 2027.
Lamont Announces Relief for Federal Workers
Gov. Ned Lamont said he was shocked to learn that most of the 1,500 federal workers who live in Connecticut are unable to collect unemployment benefits. That’s why he was so pleased to announce Tuesday that Connecticut was teaming up with Webster Bank to guarantee no-interest loans to the federal workers impacted by the shutdown.
Middle class taxpayers fuel growing state revenues, boosting reserves
State income tax revenues surged upward again Tuesday, but this time it was the middle class — not the wealthy — behind most of the gains. A new report from analysts projects overall revenues this fiscal year will surpass budgeted expectations by $464 million, an increase of $204 million from a rosy revised forecast issued in mid-November.

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Accounting Standards and Regulations

Changes related to peer review proposed for UAA
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs. The newly proposed rules would change Article 7 of the UAA Model Rules and...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the...
401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
State Boards Consider Technology Pathway
Attendees at NASBA’s Eastern and Western Regional Meetings are being asked to consider the concept of a Technology Pathway leading to the CPA license. Executive Vice President Colleen Conrad and Vice President – State Board Relations Dan Dustin...
View Louis Bucari's 'Hot Topics with the DRS' Slides
Connecticut Department of Revenue Services Legal Counsel Louis Bucari talked "Hot Topics with the DRS" to a packed house at the June 21 Easton CONNection - and was gracious enough to allow us to share his slides with our members. Louis addressed...

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Federal News

Trump Tracker! Surgent's Trump Tracker, inspired by The New York Times, tracks the status of all changes proposed by President Trump that could affect CPAs and their clients in a user-friendly format that makes it clear where a change currently stands.

Democrats Concerned About IRS Shutdown Plan
The Treasury Department this week released a new contingency plan to deal with the ongoing partial government shutdown, but Democratic lawmakers have doubts about the agency’s ability to handle the upcoming tax-filing season. Treasury’s shutdown plan provides for 46,000 employees, about 57 percent of the agency’s workforce, to be working during tax-filing season, which begins Jan. 28.
Lamont Announces Relief for Federal Workers
Gov. Ned Lamont said he was shocked to learn that most of the 1,500 federal workers who live in Connecticut are unable to collect unemployment benefits. That’s why he was so pleased to announce Tuesday that Connecticut was teaming up with Webster Bank to guarantee no-interest loans to the federal workers impacted by the shutdown.
House Resolution to Reopen Government Fails
The House on Tuesday failed to muster enough support to approve a short-term funding bill to reopen the federal government through February 1. The resolution, backed by the entire Connecticut delegation as well as every other Democrat, was taken up under a process requiring a two-thirds majority to pass. Only six Republicans supported the resolution. The vote was 287-187. It came 25 days into a partial government shutdown that is now the longest in history.
Pelosi gives Hayes position on House education panel
Rep. Jahana Hayes, the 2016 National Teacher of the Year, has been given the job in Congress that she really wanted — a seat on the House Education and Labor Committee. The committee has jurisdiction over federal education issues and labor concerns, including wage and workplace safety issues.
IRS issues standard mileage rates for 2019
The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018, 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for...

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