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!
   

State News

Malloy Uses Executive Authority On $10M Toll Study
On his way out the door, Gov. Dannel P. Malloy is using his executive authority to spend $10 million on a study of electronic tolls. Malloy, who tried not to take a firm position on tolls until the public got a chance to vote on a transportation lockbox, took the bold step Tuesday of directing his state agency to conduct a comprehensive assessment of tolling Connecticut’s highways.
Gov. Malloy, AG Jepsen: Connecticut Joins Lawsuit to Protect State Taxpayers from Drastic Cut in State and Local Tax Deduction
Governor Dannel P. Malloy and Attorney General George Jepsen today announced that Connecticut has joined a lawsuit to protect the state and its taxpayers from Washington’s drastic curtailment of the State and Local Tax (SALT) deduction.
Malloy does what legislators won't: Orders $10 million study of tolling
Gov. Dannel P. Malloy ordered state agencies Tuesday to develop a comprehensive, $10 million study of electronic tolling that would examine pricing, locations, and the potential to capture revenue from out-of-state motorists.
Connecticut Joins Lawsuit Challenging Federal Tax Law
Connecticut joined three other states Tuesday and filed a federal lawsuit against U.S. Treasury Secretary Steven Mnuchin and the U.S. Internal Revenue Service over the new $10,000 cap on the federal tax deduction for state and local taxes. The lawsuit filed in the Southern District of New York argues that the new cap on the state and local tax (SALT) deduction was enacted to target Connecticut and similarly situated states, and interferes with states’ rights to make their...
KPMG to Add 110 New Jobs in Stamford
Governor Dannel P. Malloy today announced that KPMG LLP, the U.S. audit, tax and advisory firm, plans to add 110 jobs over the next five years in a new Stamford office. The company recently signed a long-term lease and plans to renovate space in the former UBS building at 677 Washington Boulevard, which it expects to occupy next spring.

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.

Gov. Malloy, AG Jepsen: Connecticut Joins Lawsuit to Protect State Taxpayers from Drastic Cut in State and Local Tax Deduction
Governor Dannel P. Malloy and Attorney General George Jepsen today announced that Connecticut has joined a lawsuit to protect the state and its taxpayers from Washington’s drastic curtailment of the State and Local Tax (SALT) deduction.
Connecticut Joins Lawsuit Challenging Federal Tax Law
Connecticut joined three other states Tuesday and filed a federal lawsuit against U.S. Treasury Secretary Steven Mnuchin and the U.S. Internal Revenue Service over the new $10,000 cap on the federal tax deduction for state and local taxes. The lawsuit filed in the Southern District of New York argues that the new cap on the state and local tax (SALT) deduction was enacted to target Connecticut and similarly situated states, and interferes with states’ rights to make their...
Taxpayer Advocate: Cuts to IRS Budget Spread Agency Thin
National Taxpayer Advocate Nina Olson delivered her mid-year report to Congress in late June, and told legislators that cuts to the IRS’s budget has the agency spread critically thin, with funding reduced by 20 percent since fiscal 2010 (as adjusted for inflation).
“Phase Two” of Federal Tax Reform in the Works?
Recent comments made to Fox News by President Donald Trump suggest that the corporate tax rate may decrease further still...
IRS Working on a New Form 1040 for 2019 Tax Season
The Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.

More >