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Advocacy updates

Connecticut Legislative News

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Advocacy updates

Federal Legislative News

Senate Bill Would Force Large Private Companies to Register with SEC

September 27, 2022

Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.

  • accounting and auditing
  • business and industry
  • advocacy - federal

AICPA asks IRS to expand penalty relief

September 09, 2022

While the AICPA said it welcomes the IRS's recent grant of automatic penalty relief for failure to file a broad range of tax and information returns for 2019 and 2020, it requested that the IRS expand, modify, and clarify the scope of that relief, as well as extend the relief deadline from Sept. 30 to Dec. 31.

  • advocacy - federal
  • federal tax

States Take Child Tax Credits Into Their Own Hands

August 31, 2022

The recently passed Inflation Reduction Act of 2022 did not include an extension of the expanded child tax credit provision, which was enacted under the Biden Administration’s American Rescue Plan for 2021 federal tax returns. However, all is not lost… the federal child tax credit is still available to families for tax year 2022 and thereafter, albeit, under the “old” tax law rules that existed prior to the enactment of the American Rescue Plan.

  • state tax
  • advocacy - state
  • advocacy - federal
  • federal tax

Connecticut Officials Applaud White House Action On Student Loan Debt

August 24, 2022

Connecticut officials applauded on Wednesday President Joe Biden’s plan to forgive $20,000 in student loan debt for borrowers who went to college using Pell Grants and $10,000 in student loan debt for borrowers making less than $125,000 a year.

  • advocacy - state
  • advocacy - federal

IRS pledges not to use extra funding to audit lower-income taxpayers

August 17, 2022

Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn less than $400,000.

  • advocacy - federal
  • federal tax

Congress enacts tax and climate bill

August 12, 2022

The U.S. House of Representatives on Friday approved the Inflation Reduction Act, H.R. 5376, reflecting the Senate's substitution of the original bill with a package of tax credits encouraging conservation and cleaner sources of energy, increased IRS funding, and a number of tax provisions.

  • advocacy - federal
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