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state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.

State News

Lamont Offers Rental Assistance, Extends Eviction Moratorium Until Aug. 25
Housing advocates stood on the steps of the state Capitol Monday and called for Gov. Ned Lamont to institute an eviction moratorium. The current moratorium Lamont issued in April was supposed to end Tuesday, but he extended it to Aug. 25.
Connecticut adds eight additional states to regional travel advisory as coronavirus cases surge elsewhere
Gov. Ned Lamont on Tuesday doubled the number of states from which travelers to Connecticut are directed to self-quarantine for two weeks. Travelers from California, Georgia, Iowa, Idaho, Louisiana, Mississippi, Nevada and Tennessee are urged to quarantine for 14 days upon arrival to Connecticut, in addition those from Alabama, Arkansas, Arizona, Florida, North Carolina, South Carolina, Texas, and Utah.
The pandemic continues, but Connecticut’s single-use plastic bag fee will return Wednesday
Connecticut’s fee for single-use plastic bags, suspended for three months due to the coronavirus, is scheduled to return to retailers Wednesday. The 10-cent bag fee first went into effect last August as an environmental protection measure and is expected to lead to a total ban on plastic bags by July 2021.
Details of school reopening plan during coronavirus pandemic: small groups, 6 feet between desks, masks all day, no more concerts
Connecticut officials are asking that schools prepare a plan to return to classrooms that includes 6 feet between desks, small groups of students for as many grades as possible and a long list of other safety requirements to stem the spread of COVID-19 this fall. Schools this fall will look and feel different under the new guidelines, with one-way traffic patters, music classes where students perform 12-feet apart and masks, all the time.
CT, RI are the only U.S. states reporting a decline in new coronavirus cases
Only two US states are reporting a decline in new coronavirus cases compared to last week -- Connecticut and Rhode Island. A staggering rise was reported in 36 states, including Florida, which some experts have cautioned could be the next epicenter. Florida reported 9,585 new coronavirus cases Saturday, a single-day record high since the start of the pandemic. The number rivals that of New York's peak in daily cases in early April.

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Accounting Standards and Regulations

CPA Evolution Project Continues with Proposed Changes to CPA Exam, Educational Requirements for Initial Licensure
The National Association of State Boards of Accountancy (NASBA) Eastern Regional Meeting, held virtually this spring, covered several issues – most notably the CPA Evolution Project.  NASBA, in partnership with the AICPA, has spent almost...
GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues
As part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) today released a proposed staff Technical Bulletin containing application guidance related to...
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...

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Federal News

Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application.
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.

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