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

Clock is ticking on tolls
With three weeks to go in the legislative session the sense of urgency is building on the need for legislators to figure out whether and when they will vote on highway tolls. Gov. Ned Lamont has been pushing for that vote ever since he took office in January, but so far no bill has come to the floor in either the House or Senate. The fact that the clock is ticking hasn’t been lost on House Speaker Joe Aresimowicz, D-Berlin, who has been a vocal proponent of tolling...
Needy CT employers offer receptive job market to 2019 college grads
Alex Argueta earned his bachelor’s degree from UConn this month, but he nailed down a full-time human resources job with Aetna in downtown Hartford back in November.
10 Millionaires: ‘Raise The Taxes. We Aren’t Going Anywhere.’
Gov. Ned Lamont has shied away increasing income tax on wealthy Connecticut residents, but 10 of the state’s top earners have written a letter asking the governor to do just that. “This is not altruism on our part, it is advocacy for the ambitious policies needed to make Connecticut prosperous for everyone,” stated the 10 members of Fair Share Connecticut, a group of wealthy residents committed to creating a fair tax system directed by Philip Vander Klay of New Haven.
Report: CT 21st best state in U.S.; top in corporate density
Connecticut continues to climb the list of top states in the country, according to a report by the U.S. News & World Report. The 2019 Best States Ranking released Tuesday by the media company said Connecticut moved up three spots to No. 21 in the U.S., ranking fourth among New England states and trailing New Hampshire (No. 2), Vermont (No. 5) and Massachusetts (No. 8). Rhode Island and Maine ranked No. 26 and No. 32, respectively.
Governor Lamont Issues Letter to Connecticut General Assembly on Transportation
I’ve made it a habit to reach out to Democrats and Republicans, business, labor and local leaders as we work toward a solution that fundamentally invests in and enhances our transportation system for decades to come. The good news is – we all agree that our transportation infrastructure is severely hampering our state’s ability to compete and succeed. Now, how to solve for it?

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Accounting Standards and Regulations

SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC...
Action Alert: Speak Out Now About Proposed License Fee Increase
As we mentioned in last week's Capitol Corner, Senate Bill No. 9, "An Act Adjusting Fees for Occupational Licenses, Certifications, and Registrations" has been introduced and  will be brought to a public subject matter hearing that the CTCPA will...
IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax...
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...

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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.

The Real Problem With Paid Family Leave Is How to Fund It
Masha Sapper had two weeks of paid family leave from her employer when her daughter Hannah was born 13 months ago. As a single parent, she was determined to spend the physician-recommended 12 weeks at home with her newborn, and relied on her built-up sick days to make up the difference. “I’m very lucky: I’ve been with that company for 15 years,” she says. “Nobody’s with their company for 15 years at the moment. And it took me that long to accrue a lot of sick time.”
Employers Must Submit EEO-1 Pay Data by Sept. 30
A federal judge ordered the Equal Employment Opportunity Commission (EEOC) to collect employee pay data—sorted by race, ethnicity and sex—by Sept. 30. National Women's Law Center (NWLC) and other plaintiffs wanted the EEOC to collect two years of data, just as the agency was supposed to under a new regulation before the government halted the collection in 2017.
Trump tax plan SALT cap has silver lining for CT
“Blue” states like Connecticut that fought against the Trump tax plan’s cap on state and local tax deductions are now seeing a silver lining – people turned to municipal bonds to lower their tax burden, which in turn lowered borrowing rates for state governments. The new tax law capped the amount of state and local taxes, known as SALT, that taxpayers could deduct from their federal income tax at $10,000 this year. That drew howls of protests from “blue,” or Democratic-leaning, states...
Appointment to Panel of Chapter 7 Trustees
The United States Trustee seeks resumes from persons wishing to be considered for appointment to the panel of trustees who administer cases filed under chapter 7 of title 11 of the United States Code (Bankruptcy Code). The appointment is for cases filed in the United States Bankruptcy Court for the District of Connecticut in the Bridgeport/Hartford/New Haven Divisions. Chapter 7 trustees receive compensation and reimbursement for expenses under 11 U.S.C. §§ 326 and 330. Trustees are not...
Hartford is one of six finalists for a 2020 presidential or vice presidential debate
Hartford is one of six cities under consideration to host a presidential or vice presidential debate during the 2020 campaign, the Commission on Presidential Debates announced Wednesday. The City of Hartford is the only applicant to the commission that is not a university. It is also the only applicant from the Northeast.

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