Capitol Corner



We had a very successful 2019 legislative session, defeating a sales tax on accounting and tax services proposal, stopping an increase to the CPA license fee, and addressing a number of other troublesome bills. Thank you all for playing an active role in our advocacy efforts. It would not have been possible without the help of all of you who heard our calls to action and emailed legislators, submitted testimony, donated to our digital advertising efforts, and more. Thank you!

Read the 2019 Connecticut Legislative Session Wrap-Up (pdf). 

View the complete text of Public Act 19-186 and Public Act 19-117. 

         

Not a CTCPA member?  Join today to receive even more legislative and regulatory news straight to your inbox!


Find your legislators in our Advocacy Action Center
   

Become a Legislative Key Contact.

 
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.

State News

Lamont Administration Reaches Pension Agreement With State Employee Unions That Will Provide Budgetary Relief
Governor Ned Lamont today announced that his administration has reached an agreement with the State Employees Bargaining Agent Coalition (SEBAC) that will provide the state with hundreds of millions of dollars in budgetary relief over the next decade through a re-amortization of the state’s liability under the State Employee Retirement System (SERS), the state’s largest retirement system.
CT reaches 2nd deal in three years to refinance employees’ pension fund
Gov. Ned Lamont checked off a key box on his budget to-do list Thursday, announcing a deal with state employee unions to refinance payments into the workers’ pension fund. The deal, which would save the state $130.7 million this fiscal year and $140.7 million in 2020-21, marks the second time in three years Connecticut has restructured its payments into the cash-starved pension fund. It makes no changes in pension benefits.
Veto Override Stalls
After insisting on overriding a gubernatorial veto that would impact restaurants and restaurant workers House Speaker Joe Aresimowicz decided instead to work toward a compromise. On Monday, Aresimowicz said he hopes the issue will get resolved in the next couple of weeks. “The longer this sits out there unresolved the more workers and employers get hurt,” Aresimowicz said.
School Construction Advances While Bond Package Stalls
In addition to attempting to override one of Gov. Ned Lamont’s vetoes Monday, the General Assembly is expected to approve school construction funds for eight schools in seven towns. Schools in Bridgeport, Enfield, Norwalk, Simsbury, Fairfield, Middletown, and Newington will receive funding under the legislation, according to a draft copy of the language.
Ideanomics unveils virtual fly-through of $400M Fintech Village
The new owner of UConn’s former West Hartford campus, Ideanomics, has unveiled a more detailed look at its vision for a massive development called Fintech Village. With remediation of polychlorinated biphenyls now underway, and asbestos cleanup slated to begin this week, Ideanomics on Monday released a virtual fly-through of its proposed development.

More >

Accounting Standards and Regulations

Facebook Crypto Plan Draws Fresh Fury From House Democrats
Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks. At a Wednesday hearing before the House Financial...
Bitcoin Drops Below $10,000 Again as Congress Scrutinizes Libra
Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viability of cryptocurrencies.
AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports
The American Institute of CPAs’ Auditing Standards Board has released a pair of auditing standards related to the financial statements of employment benefit plans and transparency in annual reports.
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...

More >

 

Federal News

IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community.
Facebook Crypto Plan Draws Fresh Fury From House Democrats
Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks. At a Wednesday hearing before the House Financial Services Committee, Chairwoman Maxine Waters compared Facebook to Wells Fargo & Co. and Equifax Inc., two scandal ridden companies that have come under scrutiny for harming consumers.
Labor Secretary Alex Acosta Resigns; Acting Secretary Said to Be More ‘Pro-Business’
Labor Secretary Alexander Acosta, under fire for securing a plea deal for convicted pedophile and newly indicted Jeffrey Epstein, resigned his post under pressure today, leaving as acting secretary a man who's considered more aggressively pro-business than Acosta. Current Labor Deputy Secretary Patrick Pizzella, who will become acting secretary until the president names a permanent replacement, is reportedly poised to move more quickly than his predecessor to reverse Obama-era regulations...
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community. “I’m aware of it. I’m sensitive to it. And I understand the need for it,” said Rettig, a former longtime tax practitioner himself. He said he has received proposals from outside of the Internal Revenue Service for how such a division might work.
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the Internal Revenue Service (IRS) and the U.S. Treasury Department.

More >