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.

Read the full text of Governor Dannel Malloy's final State of the State address.


Get updates on bills of specific interest to Connecticut CPAs.  
Find your legislators in our Advocacy Action Center.
         
Keep your eye on local elections:
CT News Junkie Voter Guide
  Not a CTCPA member?  Join today to receive even more legislative and regulatory news straight to your inbox!
 
Become a Legislative Key Contact

 

State News

WTNH-8: CTCPA Executive Director Bonnie Stewart, Rep. Joe Courtney, and Rep. John Larson announce IRS will allow homeowners to carry forward net operating loss for crumbling foundations
There is some good news for Connecticut homeowners with crumbling foundations.
Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability.
IRS Extends Operating Loss Period For Homeowners With Crumbling Foundations
Homeowners with crumbling foundations will be able to carry back two years and forward 20 years their “net operating loss” from repairing their foundations, according to new IRS guidance. Simply put it means homeowners who identified their losses to local tax assessors before Jan. 1, 2018 will be able to get back what they’ve paid in federal taxes to help cover the cost of repairs.
Here's What You Need to Know About Applying for Crumbling Foundation Funds
On Nov. 15, applications will begin being accepted from homeowners seeking state funds to replace their failing foundations. The Captive Insurance Agency, now called the Connecticut Foundations Solutions Indemnity Company or CFSIC, was created by the legislature last year to help homeowners pay for replacing their foundations.
IRS to Host Crumbling Foundations Webinar Oct. 24
At 10 a.m. on Wednesday, October 24, the IRS will host a free one-hour web conference on "Claiming Casualty Losses on Deteriorating Concrete Foundations Caused by the Mineral Pyrrhotite." The web conference will include a discussion of the qualifying rules for claiming casualty losses related to deteriorating concrete foundations caused by the mineral pyrrhotite, including an overview of Rev. Proc. 2017-60 and the deductibility of payments after 2017 made to repair these foundations as found...

More >

Accounting Standards and Regulations

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...
DRS Issues Guidance Regarding Treatment of Bonus Depreciation for Connecticut Income Tax Purposes
The Department of Revenue Services (DRS) recently issued guidance on treatment and decoupling of bonus depreciation for Connecticut income tax purposes, the result of new federal (Tax Cuts and Jobs Act of 2017) and state ( Public Act 18-49 )...
DRS Issues Implementation Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax
On May 31, 2018, Governor Malloy signed Public Act 18-49 , An Act Concerning an Affected Business Entity Tax, Various Provisions Related to Certain Business Deductions, the Estate and Gift Tax Imposition Thresholds, the Tax Treatment of Certain...
GASB Establishes New Implementation Guidance to Assist Stakeholders with Recent Pronouncements
The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements. Implementation Guide No. 2018-1, Implementation...

More >

 

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.

WTNH-8: CTCPA Executive Director Bonnie Stewart, Rep. Joe Courtney, and Rep. John Larson announce IRS will allow homeowners to carry forward net operating loss for crumbling foundations
There is some good news for Connecticut homeowners with crumbling foundations.
Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability.
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses.
IRS Extends Operating Loss Period For Homeowners With Crumbling Foundations
Homeowners with crumbling foundations will be able to carry back two years and forward 20 years their “net operating loss” from repairing their foundations, according to new IRS guidance. Simply put it means homeowners who identified their losses to local tax assessors before Jan. 1, 2018 will be able to get back what they’ve paid in federal taxes to help cover the cost of repairs.
Will Congress Restrict States’ Right to Tax Remote Sales?
Some members of Congress think they should limit the way states can tax sales by sellers with no physical presence in the state. To that end, Wisconsin Representative Jim Sensenbrenner has introduced the Online Sales Simplicity and Small Business Relief Act. In a similar vein, Ohio Representative Bob Gibbs has introduced the Protecting Small Business from Burdensome Compliance Costs Act of 2018.

More >