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State News

CT businesses may have to wait for loans, but there’s a plan to boost Paycheck Protection Program
Small businesses in Connecticut who have been hurt by the coronavirus crisis and have rushed to take advantage of a new forgivable loan program may have to wait awhile for their money, even if their applications have been approved. Banks say the Small Business Administration has not provided them with the template of a key form needed to close out loans. And the SBA system is asking for loan documentation that lenders didn’t think they’d have to provide.
CT weighing how to process 5K+ applications for $50M bridge loan program
The state Department of Economic and Community Development received more than 5,000 applications within 48 hours of its emergency loan program going live last week, and now the agency is trying to figure out how to dole out $50 million to eligible borrowers by the end of this month, an official said. Processing that many loan applications is a huge challenge and DECD and Connecticut Innovations -- the state’s quasi-public venture arm -- can’t handle it on their own if they want to get the...
More than 1,200 CT small biz approved for federal stimulus funding so far
More than 1,200 small business loan applications through the federal government’s stimulus program have been approved for Connecticut companies, despite some technical glitches with the system, officials said. The Small Business Administration's Connecticut district office reported Monday that just under 1,300 loans totaling about $640 million were approved through the new Paycheck Protection Program. Connecticut SBA spokeswoman Moraima Guttierez said national SBA officials instructed her...
Massachusetts Tax Filing and Payment Relief for Personal Income and Corporate Excise Taxpayers Affected by COVID-19
This TIR announces tax filing and payment relief for personal income tax and corporate excise filings and payments in response to the 2019 novel Coronavirus (“COVID-19”).
COVID-19 killed the 2020 session. But the calls still come
The General Assembly recessed on Wednesday, March 11, promising to return the following Monday after a deep cleaning of the State Capitol and Legislative Office Building. It was a precaution against the novel coronavirus, COVID-19. Before leaving, lawmakers changed their rules to allow committee votes by phone — just in case. The same day, an elderly New Canaan man was confirmed as the third patient in Connecticut, the first assumed to have contracted the illness in the state.

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Accounting Standards and Regulations

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...
Adaptive learning self-study enabled in new CPE provider rules
Rules for continuing professional education providers for CPAs have been changed to accommodate adaptive learning self-study programs and address other issues. The National Association of State Boards of Accountancy (NASBA) and the AICPA...
What’s next for potential CPA licensure changes
A new model proposed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed with an eye on the future for newly licensed CPAs. Carl Mayes, CPA, AICPA associate director–CPA Quality & Evolution, provides...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit...

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Federal News

AICPA posts 20 FAQs on tax filing relief
Based on member feedback, the AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more comprehensive relief from Treasury and the IRS and also continues to urge the agencies to develop a contingency plan for the next phase of relief should that be needed.
Economic impact payments: What you need to know
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Massive Coronavirus Stimulus Package Contains Many Significant Tax and Employee Benefits Provisions
The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19.
Governor Lamont Announces Approval of Federal Disaster Declaration for COVID-19 Response in Connecticut
Governor Ned Lamont today announced that he has been notified by the Federal Emergency Management Agency (FEMA) that his request for a Major Disaster Declaration for the State of Connecticut in response to the COVID-19 pandemic has been approved, unlocking additional federal assistance programs for the state. Today’s approval is for public assistance, meaning that impacted state agencies and municipalities in all eight counties will be reimbursed for 75 percent of the costs associated...
Senate passes massive $2 trillion coronavirus spending bill
Among other things, the legislation would boost unemployment insurance, send checks to many Americans and bar President Donald Trump from receiving any aid.

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