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.

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State News

Governor Lamont and Legislative Leaders: An Honest, Balanced Budget Is Priority Number One
Governor Ned Lamont met with legislative leaders yesterday, including Senate President Pro Tempore Martin Looney, Speaker of the House Joe Aresimowicz, Senate Majority Leader Bob Duff, and House Majority Leader Matt Ritter, to discuss the timeline for the remainder of the 2019 legislative session. Agreeing that a fiscally responsible budget, approved in advance of the end of session was their top priority, the governor and legislative leaders agreed to prioritize a final budget and vote on...
Lamont leaves tolls for special session
Gov. Ned Lamont conceded Tuesday that the 2019 session of the General Assembly will end June 5 without a vote on highway tolls, recasting his focus for the final weeks to delivering a budget that will provide a reliable fiscal blueprint for Connecticut for the next two years.
Study: CT’s $15 min. hourly wage could cost 15K jobs
A conservative research organization says Connecticut’s impending adoption of a $15 minimum hourly wage could cost the state more than 15,500 jobs. The state Senate on Friday granted final passage on a party-line vote of raising the state’s minimum wage from $10.10 to $15 by 2023. Gov. Ned Lamont, a Democrat, has pledged to sign the bill into law in the coming days.
DECD Commissioner David Lehman airs his early plans to jumpstart CT’s economy
David Lehman, Connecticut’s newest economic-development commissioner, sees himself as a life-long learner. Two books on the credenza in his upper-floor downtown Hartford office overlooking the Connecticut River — “Industries of the Future,” by Alex Ross; and “The New Urban Crisis,” by Richard Florida — speak volumes about the crossroads in the Greenwich resident’s life and career.
Senate sends $15 minimum wage bill to Lamont
Connecticut’s minimum-wage workers will see their hourly wages rise from $10.10 to $15 over the next four-and-a-half years under legislation passed early Friday by the Senate and sent to Gov. Ned Lamont for his promised signature.

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Accounting Standards and Regulations

SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC...
Action Alert: Speak Out Now About Proposed License Fee Increase
As we mentioned in last week's Capitol Corner, Senate Bill No. 9, "An Act Adjusting Fees for Occupational Licenses, Certifications, and Registrations" has been introduced and  will be brought to a public subject matter hearing that the CTCPA will...
IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax...
Changes related to peer review proposed for UAA
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs. The newly proposed rules would change Article 7 of the UAA Model Rules and...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the...

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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.

CTCPA Members Visit Lawmakers in Washington, D.C.
Pictured (from left): Novak Francella, LLC Partner and CTCPA Past President Bob Boudreau , Beers, Hamerman, Cohen & Burger, P.C. Partner and CTCPA President-elect Dennis Cole , Clavette & Company, LLC Managing Member and CTCPA Past President Alan Clavette , RSM US LLP Assurance Partner and CTCPA President Susan Martinelli , Deloitte Partner and AICPA Vice Chair Tracey Golden , and Connecticut Congressman Jim Himes (CT-04).  
Connecticut Joins Coalition of 23 Cities and States Suing Trump Administration to Stop Rule Allowing Discrimination in Providing Health Care
Connecticut joined a coalition of 23 cities, states, and municipalities, led by New York Attorney General Letitia James, in Adobe PDF Filea lawsuit filed today against a Final Rule issued by the Trump Administration’s Department of Health and Human Services, which seeks to expand the ability of businesses and individuals to refuse to provide necessary health care on the basis of businesses' or employees’ “religious beliefs or moral convictions.” The federal lawsuit, filed in the Southern...
The Real Problem With Paid Family Leave Is How to Fund It
Masha Sapper had two weeks of paid family leave from her employer when her daughter Hannah was born 13 months ago. As a single parent, she was determined to spend the physician-recommended 12 weeks at home with her newborn, and relied on her built-up sick days to make up the difference. “I’m very lucky: I’ve been with that company for 15 years,” she says. “Nobody’s with their company for 15 years at the moment. And it took me that long to accrue a lot of sick time.”
Employers Must Submit EEO-1 Pay Data by Sept. 30
A federal judge ordered the Equal Employment Opportunity Commission (EEOC) to collect employee pay data—sorted by race, ethnicity and sex—by Sept. 30. National Women's Law Center (NWLC) and other plaintiffs wanted the EEOC to collect two years of data, just as the agency was supposed to under a new regulation before the government halted the collection in 2017.
Trump tax plan SALT cap has silver lining for CT
“Blue” states like Connecticut that fought against the Trump tax plan’s cap on state and local tax deductions are now seeing a silver lining – people turned to municipal bonds to lower their tax burden, which in turn lowered borrowing rates for state governments. The new tax law capped the amount of state and local taxes, known as SALT, that taxpayers could deduct from their federal income tax at $10,000 this year. That drew howls of protests from “blue,” or Democratic-leaning, states...

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