Advocacy Updates
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Connecticut Legislative News
Employee Retention Credit Update from Congressman Courtney's Office
January 08, 2024
On September 14th, 2023, the IRS announced a moratorium until at least the end of the year on the acceptance of new ERC claims. This moratorium was implemented due to the number of fraudulent claims being filed across the nation. In total, the IRS has received 3 million ERC claims, and nearly a fifth of all applications received were submitted in the 90 days before the declaration of the moratorium, indicating a large spike in fraudulent filings. Many businesses have been encouraged to apply by “Tax Promoters.” “Tax Promoters” encourage and pressure businesses across the nation to file, often improperly indicating that businesses are eligible to receive a refund. With this in mind, the IRS has implemented a withdrawal process for those who filed for the credit in err.
Governor Lamont Announces Application Period Opens for Next Round of Connecticut's Nonprofit Security Grant Program
January 04, 2024
Nonprofit organizations must submit applications to the state by March 1, 2024.
Early Voting, Minimum Wage Increase, Criminal Record Erasure, and More
January 01, 2024
As the new year begins, Connecticut is set to implement several new laws and regulations that will impact residents across the state. These changes, ranging from voting rights to minimum wage adjustments, reflect evolving priorities and concerns.
Trump to Stay on Connecticut Ballots Next Year, State Election Officials Say
December 23, 2023
Unless a court decides otherwise, former President Donald Trump will remain on Connecticut ballots in 2024, Secretary of the State Stephanie Thomas's office said this week, days after Colorado's Supreme Court ordered him removed from that state's primary ballots.
Connecticut Supreme Court Upholds Constitutionality of Local Vehicle Tax on Massachusetts Business
December 18, 2023
The Connecticut Supreme Court, last week, upheld the constitutionality of a local property tax on vehicles registered to a business in Massachusetts.
Charting CT: Is your town getting older or younger?
December 15, 2023
The median age in Connecticut was 40.9 in 2022, making it the seventh-oldest state in the country, according to Census Bureau estimates released this year.
Federal Legislative News
Employee Retention Credit Update from Congressman Courtney's Office
January 08, 2024
On September 14th, 2023, the IRS announced a moratorium until at least the end of the year on the acceptance of new ERC claims. This moratorium was implemented due to the number of fraudulent claims being filed across the nation. In total, the IRS has received 3 million ERC claims, and nearly a fifth of all applications received were submitted in the 90 days before the declaration of the moratorium, indicating a large spike in fraudulent filings. Many businesses have been encouraged to apply by “Tax Promoters.” “Tax Promoters” encourage and pressure businesses across the nation to file, often improperly indicating that businesses are eligible to receive a refund. With this in mind, the IRS has implemented a withdrawal process for those who filed for the credit in err.
GASB issues guidance on disclosure of certain risks
January 08, 2024
The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.
Congressional leaders announce spending deal as shutdown threat looms
January 07, 2024
House and Senate leaders on Sunday announced a spending deal for government funding in 2024, the first step to averting a shutdown later this month even as that threat still looms.
DOL report points out deficiencies in employee benefit plan audits
December 15, 2023
A U.S. Department of Labor (DOL) report released earlier this month showed a need for improvement in audits of employee benefit plan financial statements.
CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
December 14, 2023
In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.
Federal bill bolsters CT defense companies, nuclear submarine deal
December 14, 2023
After bipartisan approval in the Senate, the House similarly passed the National Defense Authorization Act on Thursday.