Capitol Corner




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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

Connecticut Employers Eligible to Apply for 90-Day Extension of Sexual Harassment Training Requirements for New Employees
In response to the Coronavirus pandemic, the Connecticut Commission on Human Rights and Opportunities (CHRO) announced it will allow employers to apply for a 90-day extension to complete the new sexual harassment training requirements for employees hired after October 1, 2019. If the extension is granted, employers will need to train employees hired after October 1, 2019 within nine months of their hire date instead of six months. Employers must send a request to CHRO.questions@ct.gov...
Delayed Connecticut Retirement Security Authority (CRSA) Says it Hopes to Launch Delayed Program Before Year End
The Connecticut Retirement Security Authority (CRSA) has selected Sumday, a subsidiary of BNY Mellon, to act as the program’s administrator. The CRSA is responsible for implementing a program to provide private-sector employees with retirement savings accounts if they currently lack access to one through their employer. Private sector employers, whether for-profit or not-for-profit, with five or more employees, that do not provide a workplace-based retirement plan will need to offer...
Lamont says it’s time for the COVID weary take a breath. And maybe a hike.
The tone and substance of Gov. Ned Lamont’s daily COVID-19 briefing changed Thursday as he looked back on the sweeping restrictions he’s imposed since March and ahead to a Memorial Day weekend when salt-water beaches reopen for swimming. He met with reporters on the edge of a placid lake in Gay City State Park, a relaxed setting for a governor conducting his 52nd briefing about a novel coronavirus that has come to redefine his tenure as the state copes with an unprecedented...
Lamont Defends Cautious Approach To Reopening
With a pond as his backdrop Friday, Gov. Ned Lamont reflected on how far the state has come in trying to stop the spread of the novel coronavirus and how far it still has to go to reopen the economy. At Gay City State Park, Lamont welcomed reporters to his Thursday briefing in advance of signing his 45th executive order since March 10.
Governor Lamont Delays Reopening of Conn. Hair Salons and Barbershops; Targeting June 1 Reopening
Hair salons and barbershops in Connecticut will now no longer reopen on May 20 and will not be able to reopen before early June, the governor's office announced Monday. Gov. Ned Lamont said he is targeting June 1 for those businesses to be able to reopen. The governor's office released a statement announcing that Gov. Ned Lamont and Rhode Island Governor Gina Raimondo would now plan to realign the reopening of hair salons and barbershops in the two states in early June.

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Accounting Standards and Regulations

FASB votes to delay revenue recognition effective date for private companies
The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the proposal related to coronavirus pandemic challenges convinced...
Auditing Standards Board to consider one-year deferral of effective dates
The effective dates for seven recently issued generally accepted auditing standards may be deferred by one year when the AICPA Auditing Standards Board (ASB) holds a special open meeting from 2 to 4 p.m. on April 20 to discuss relief due to the...
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...

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Federal News

IRS adds phone operators to answer Economic Impact Payment questions
IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.
IPSASB works to improve public sector accounting standards amid coronavirus
The International Public Sector Accounting Standards Board is trying to prod more countries to adopt its standards along with the accrual method of accounting, as nations around the world face unexpected expenses and revenue shortfalls arising from the novel coronavirus pandemic.
Cares Act and Single Audit Requirements
Until recently, it has been unclear if any of the funds received, either as loans or grants, would be subject to Single Audit requirements.
AICPA challenging nondeductibility of PPP-related expenses
The IRS released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P.L. 116-136. Under Section 1106(b) of the CARES Act, an eligible recipient of a covered...
House passes $484B coronavirus relief package
The House on Thursday voted overwhelmingly to pass legislation providing roughly $484 billion in coronavirus relief for small businesses, hospitals and expanded medical testing, capping weeks of contentious negotiations that had stalled Washington's latest round of emergency aid.

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