Advocacy Updates

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

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.

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.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

Connecticut residents will head to the polls this November to cast ballots for president, U.S. Congress and state legislative races. Many will have questions about where to vote, how to vote and for whom to vote when Election Day rolls around. The Connecticut Mirror, a nonprofit and nonpartisan news organization, is here to help with its first-ever voter guide – a comprehensive look at the key dates to know ahead of Nov. 5, a one-stop-shop for election-related questions, and a place to find answers about who is running in your district.

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

A federal judge in Texas issued a permanent injunction against the Federal Trade Commission’s ban on noncompete agreements Aug. 20, two weeks before the controversial regulation’s effective date.

Kamala Harris, with the top spot on the Democratic ticket assured her, has been busy making her vice presidential pick (announced today as Minnesota's Gov. Tim Walz) and gearing up to campaign in the "battleground" states, without spending much time laying out her tax positions — but experts say her track record is clear enough to surmise her position on a number of issues.

In a case that will likely end up in the Supreme Court, the Fifth Circuit has held that the "universal service" tax that appears on cell phone bills violates Article 1, Section 1, of the U.S. Constitution.

Two recent Supreme Court decisions involving the power of government agencies are a "big deal" for the accounting profession because they introduce a level of uncertainty that makes some tax practitioners uncomfortable, AICPA & CIMA's CEO said recently.

The Governmental Accounting Standards Board (GASB) will soon benefit from additional stakeholder perspectives in light of a recent decision by the Trustees of the Financial Accounting Foundation (FAF) to expand the size of the Governmental Accounting Standards Advisory Council (GASAC).