Capitol Corner

We've got our eye on happenings at the Capitol! If state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.

Read the full text of Governor Dannel Malloy's final State of the State address.


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State News

Study: CT workers’ comp. reforms showing results
A change to Connecticut law has led to lower workers compensation payments for outpatient surgeries, according to a recent study by the Workers Compensation Research Institute.
CNBC: CT business climate ranked No. 37 in U.S
High costs and a slow-growing economy rank Connecticut's business climate among the 15 worst in the nation, according to a new study.
Hartford receives $10M insurer donations; budgets for ‘18-’19
Hartford officials on Monday confirmed receipt of a $10 million donation from Hartford's largest insurers, which pledged to financially support the city if it got its fiscal house in order. Mayor Luke Bronin says the city received the combined $10 million payment from Aetna, The Hartford and Travelers Cos. The funds are included in the city's 2018-19 fiscal year budget to support the Hartford Public Library, law enforcement and recreation.
Alliance: 41 Towns Deny Property Tax Exemptions for Nonprofits
Every four years since 1965, nonprofits have been required to remind municipal tax assessors why they should be exempt from property taxes. But according to a member survey conducted by the Connecticut Community Nonprofit Alliance, municipalities have been denying those tax exemptions on an increasing basis. About two thirds of the 35 nonprofits responding to the survey said their properties - which had a history of being tax exempt and had no changes of use - were...
State Boards Consider Technology Pathway
Attendees at NASBA’s Eastern and Western Regional Meetings are being asked to consider the concept of a Technology Pathway leading to the CPA license. Executive Vice President Colleen Conrad and Vice President – State Board Relations Dan Dustin are presenting the basic features of what is under consideration and asking those at the meetings for their input.

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Accounting Standards and Regulations

State Boards Consider Technology Pathway
Attendees at NASBA’s Eastern and Western Regional Meetings are being asked to consider the concept of a Technology Pathway leading to the CPA license. Executive Vice President Colleen Conrad and Vice President – State Board Relations Dan Dustin...
View Louis Bucari's 'Hot Topics with the DRS' Slides
Connecticut Department of Revenue Services Legal Counsel Louis Bucari talked "Hot Topics with the DRS" to a packed house at the June 21 Easton CONNection - and was gracious enough to allow us to share his slides with our members. Louis addressed...
DRS Issues Guidance Regarding Treatment of Bonus Depreciation for Connecticut Income Tax Purposes
The Department of Revenue Services (DRS) recently issued guidance on treatment and decoupling of bonus depreciation for Connecticut income tax purposes, the result of new federal (Tax Cuts and Jobs Act of 2017) and state ( Public Act 18-49 )...
DRS Issues Implementation Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax
On May 31, 2018, Governor Malloy signed Public Act 18-49 , An Act Concerning an Affected Business Entity Tax, Various Provisions Related to Certain Business Deductions, the Estate and Gift Tax Imposition Thresholds, the Tax Treatment of Certain...
GASB Establishes New Implementation Guidance to Assist Stakeholders with Recent Pronouncements
The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements. Implementation Guide No. 2018-1, Implementation...

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Federal News

Trump Tracker! Surgent's Trump Tracker, inspired by The New York Times, tracks the status of all changes proposed by President Trump that could affect CPAs and their clients in a user-friendly format that makes it clear where a change currently stands.

Taxpayer Advocate: Cuts to IRS Budget Spread Agency Thin
National Taxpayer Advocate Nina Olson delivered her mid-year report to Congress in late June, and told legislators that cuts to the IRS’s budget has the agency spread critically thin, with funding reduced by 20 percent since fiscal 2010 (as adjusted for inflation).
“Phase Two” of Federal Tax Reform in the Works?
Recent comments made to Fox News by President Donald Trump suggest that the corporate tax rate may decrease further still...
IRS Working on a New Form 1040 for 2019 Tax Season
The Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.
Connecticut Labor Hopes To Blunt Janus
It was not unexpected, but the U.S. Supreme Court’s 5-4 decision in Janus v. AFSCME found government unions can’t force non-members to pay “agency fees” and it’s being framed by those who support the ruling as a blow to public sector unions. But public sector unions in Connecticut have been preparing for the decision by making their case to their employees to join the union and blunt any deleterious impact.
National Taxpayer Advocate identifies priority areas in mid year report to Congress; focuses on customer service
National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2018 filing season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year and contains the IRS’s responses to each of the 100 administrative recommendations the Advocate made in her 2017 Annual Report to Congress.

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