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.


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State News

Legislative Action Alert - Tell Your Legislators TODAY: Do NOT Tax Accounting and Tax Preparation Services
The 2019 Connecticut General Assembly is underway and the possibility of a sales tax on tax preparation and accounting services provided to individuals is growing stronger and stronger with each passing day! It is CRITICAL that you contact your state representative and your state senator TODAY and tell them “Do NOT tax accounting and tax preparation services!” Read our  informational flyer  and find and contact your legislators at www.ctcpas.org/actioncenter.     Tell your...
House approves loans for unpaid federal workers
The House of Representatives overwhelmingly adopted a measure Tuesday afternoon creating an emergency, interest-free loan program for certain federal employees in Connecticut affected by the U.S. government shutdown. The measure, which passed 127-15, now heads to the Senate, which was expected to adopt it later Tuesday.
State budget surplus estimates rise again this month
The state's general fund is expected to have an operating surplus of $461.9 million, which will help push budget reserves to nearly $2.3 billion by the end of the fiscal year, Office of Policy and Management Secretary-designate Melissa McCaw announced Friday.
DRS Issues Reminder Letters to Taxpayers Who Have Not Yet Filed 2017 Tax Returns
The Connecticut Department of Revenue Services has mailed a reminder letter to taxpayers who filed a Connecticut individual income tax return for tax year 2016, but have not yet filed a return for 2017.
DRS Agency Legislative Proposal – “An Act Making Minor and Technical Changes to Tax Statutes"
These are proposals only and have not yet been heard by the Finance, Revenue and Bonding Committee.The CTCPA is working with the legislature and the DRS on these and other issues. If you have any comments, please contact CTCPA Executive Director Bonnie Stewart at bonnies@ctcpas.org .

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Accounting Standards and Regulations

IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax...
Changes related to peer review proposed for UAA
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs. The newly proposed rules would change Article 7 of the UAA Model Rules and...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the...
401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
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...

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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.

IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax Cuts and Jobs Act, and somehow, in that span the IRS has managed to provide final regulations on the most controversial, convoluted and complicated provision of the new law: Section 199A, better known as the "20% pass-through deduction."
Democrats Concerned About IRS Shutdown Plan
The Treasury Department this week released a new contingency plan to deal with the ongoing partial government shutdown, but Democratic lawmakers have doubts about the agency’s ability to handle the upcoming tax-filing season. Treasury’s shutdown plan provides for 46,000 employees, about 57 percent of the agency’s workforce, to be working during tax-filing season, which begins Jan. 28.
Lamont Announces Relief for Federal Workers
Gov. Ned Lamont said he was shocked to learn that most of the 1,500 federal workers who live in Connecticut are unable to collect unemployment benefits. That’s why he was so pleased to announce Tuesday that Connecticut was teaming up with Webster Bank to guarantee no-interest loans to the federal workers impacted by the shutdown.
House Resolution to Reopen Government Fails
The House on Tuesday failed to muster enough support to approve a short-term funding bill to reopen the federal government through February 1. The resolution, backed by the entire Connecticut delegation as well as every other Democrat, was taken up under a process requiring a two-thirds majority to pass. Only six Republicans supported the resolution. The vote was 287-187. It came 25 days into a partial government shutdown that is now the longest in history.
Pelosi gives Hayes position on House education panel
Rep. Jahana Hayes, the 2016 National Teacher of the Year, has been given the job in Congress that she really wanted — a seat on the House Education and Labor Committee. The committee has jurisdiction over federal education issues and labor concerns, including wage and workplace safety issues.

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