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state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.

State News

State Extends Filing and Payment Deadlines for Sales Tax and Room Occupancy Tax
DRS administrative action provides relief for small businesses
Connecticut’s Single-Use Plastic Bag Fee Temporarily Suspended
Gov. Lamont’s Executive Order 7N Provides Maximum Flexibility to Retailers
Governor Lamont Announces Approval of Federal Disaster Declaration for COVID-19 Response in Connecticut
Governor Ned Lamont today announced that he has been notified by the Federal Emergency Management Agency (FEMA) that his request for a Major Disaster Declaration for the State of Connecticut in response to the COVID-19 pandemic has been approved, unlocking additional federal assistance programs for the state. Today’s approval is for public assistance, meaning that impacted state agencies and municipalities in all eight counties will be reimbursed for 75 percent of the costs associated...
Connecticut Suspends Tax on Single-Use Bags
Governor Lamont’s Executive Order No. 7N temporarily suspends certain state statutes in order to suspend any tax on single-use plastic checkout bags at grocery stores and other retail businesses. Read more about the order , which also restricts all social and recreational gatherings to no more than five people, requires firearm transactions to be conducted by appointment only, and suspends school testing assessments for the 2019-2020 school year.
DECD announces terms of emergency bridge loan program
To provide emergency cash flow relief to small businesses and nonprofits negatively impacted by the coronavirus, Connecticut is now offering qualifying organizations with 100 or fewer employees access to no-interest loans.

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Accounting Standards and Regulations

IRS crypto guidance every tax practitioner should know
The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue ruling, FAQs for reporting cryptocurrency ownership...
Adaptive learning self-study enabled in new CPE provider rules
Rules for continuing professional education providers for CPAs have been changed to accommodate adaptive learning self-study programs and address other issues. The National Association of State Boards of Accountancy (NASBA) and the AICPA...
What’s next for potential CPA licensure changes
A new model proposed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed with an eye on the future for newly licensed CPAs. Carl Mayes, CPA, AICPA associate director–CPA Quality & Evolution, provides...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit...
FASB Delays Certain Effective Dates for Credit Losses, Leases, Hedging, and Long-Duration Insurance Standards
The Financial Accounting Standards Board (FASB) today issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance...

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Federal News

Economic impact payments: What you need to know
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Massive Coronavirus Stimulus Package Contains Many Significant Tax and Employee Benefits Provisions
The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19.
Governor Lamont Announces Approval of Federal Disaster Declaration for COVID-19 Response in Connecticut
Governor Ned Lamont today announced that he has been notified by the Federal Emergency Management Agency (FEMA) that his request for a Major Disaster Declaration for the State of Connecticut in response to the COVID-19 pandemic has been approved, unlocking additional federal assistance programs for the state. Today’s approval is for public assistance, meaning that impacted state agencies and municipalities in all eight counties will be reimbursed for 75 percent of the costs associated...
Senate passes massive $2 trillion coronavirus spending bill
Among other things, the legislation would boost unemployment insurance, send checks to many Americans and bar President Donald Trump from receiving any aid.
Senate stimulus deal includes individual checks -- but don't expect the money until at least May
Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis -- but it will likely take until at least May before the money goes out. Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17. However, the payments would start to phase out for individuals with adjusted gross incomes of more...

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