Advocacy Updates
2025 Legislative Initiatives
Advocacy continues to be rated as a top benefit for CTCPA members, and we're working hard for you at the state Capitol and beyond. Here are this legislative session's top initiatives:
DRS Grants All Three of CTCPA’s Requested Filing Extensions
UPDATED February 22, 2025
The Department of Revenue Services (DRS) has updated their notice to now include extensions, as we had initially requested.
The deadline has now been extended to April 15, 2025 for all three forms:
- Form CT-PET, Connecticut Pass-Through Entity Tax Return
- Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return
- Form CT-PET EXT, Application for Extension of Time
Reducing CPA Licensing Fee to $100
We urgently need your help reducing Connecticut's CPA licensure fees. Currently set at $565 annually, these fees are nearly five times higher than the national average of $100 and substantially higher than any other state in the Northeast.
The General Law Committee has shown support for lowering CPA licensing fees (Senate Bill 611). However, Governor Lamont has NOT included CPAs, who pay a license fee nearly five times higher than the national average, in his proposal to eliminate licensure fees for certain professions, such as teachers and nurses.
Adding Additional CPA Licensure Pathways, Automatic Mobility
We are advocating for Connecticut to adopt three flexible pathways to CPA licensure, expanding access to the profession while ensuring continued integrity of the credential. We are also purusing an automatic or enhanced mobility model to grant CPAs licensed in other states the privilege to practice here without administrative hurdles.
The proposals were released as Raised Bill 7020, An Act Concerning Certified Public Accountants, and heard before the General Law Committee on February 26.
Beneficial Ownership Information Reporting and the Corporate Transparency Act
The Financial Crimes Enforcement Network (FinCEN) has announced that most businesses required to comply with beneficial ownership information (BOI) filings will have until March 21 to do so following a federal district court ruling lifting the last remaining nationwide injunction halting filings.
Join Our CTCPA Connect Tax Groups to Discuss Issues in Real Time
To get the latest and instantly discuss issues with fellow practitioners this tax season, join those groups.
- Join the CTCPA State Tax Group >>
- Join the CTCPA Federal Tax Group >>
- CTCPA Connect Quick-Start Guide >>
Questions? Reach out to webmaster@ctcpas.org and we’ll help you get set up.
Connecticut Legislative News
Compromise would save Lamont from veto override on funding fight
March 04, 2025
Gov. Ned Lamont and legislative leaders said Tuesday they agreed on a compromise that would deliver $40 million in special education funding and $2.88 million in grants to Planned Parenthood and LGBTQ groups without a veto-override battle Wednesday.
Lamont Returns From India, Vetoes General Assembly’s Emergency Spending Plans
March 04, 2025
Gov. Ned Lamont returned from India with a new trade deal, a broken arm in a sling, and some stern comments for both major parties in the General Assembly about off-budget plans to increase spending by $42.88 million, mostly on special education.
FML's Bill Claffey quoted in the Hartford Business Journal article, “Proposed R&D tax credit boost 'a huge win' for CT bioscience firms.”
February 28, 2025
“There’s been a big push from BioCT and other legislative action groups” to support the increase, said Bill Claffey, a tax attorney and partner at accounting firm Fiondella, Milone & LaSaracina LLP. He participated in a panel discussion during the event.
Democrats Renew Push For AI Regulation In Connecticut Amid Economic, Ethical Concerns
February 27, 2025
As artificial intelligence continues to reshape industries and daily life, Connecticut lawmakers are once again proposing legislation to establish guardrails for its use
CT Senate Passes Emergency Certification Bills Amid Debate Over Process, Immigration, Special Ed Funding
February 26, 2025
The Connecticut Senate met for several hours Tuesday to debate a pair of emergency certification bills – House Bills 7066 and 7067 – that had passed the House the previous evening. Tuesday’s session reflected many of the same viewpoints and arguments previously voiced in the House.
With accounting profession facing staffing ‘crisis,’ lawmakers debate creating new pathways to earn CPA certification
February 26, 2025
The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.
Federal Legislative News
AICPA auditing board approves two exposure drafts for public comment
March 04, 2025
The AICPA Auditing Standards Board issued two separate exposure drafts for public comment. The exposure drafts were approved by the ASB in separate votes during a public meeting on Feb. 13.
Proposed model law changes support a new path to CPA licensure
March 03, 2025
The AICPA and the National Association of State Boards of Accountancy (NASBA) published proposed changes to the accounting profession's model law that would enable an additional path to CPA licensure.
FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
February 28, 2025
Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.
Top 20 firm CohnReznick executes the latest private-equity deal
February 28, 2025
According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.
Krause to serve as acting IRS Commissioner; O’Donnell retires after distinguished career
February 25, 2025
Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.
Acting IRS commissioner steps down
February 24, 2025
Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.
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