Capitol Corner



We had a very successful 2019 legislative session, defeating a sales tax on accounting and tax services proposal, stopping an increase to the CPA license fee, and addressing a number of other troublesome bills. Thank you all for playing an active role in our advocacy efforts. It would not have been possible without the help of all of you who heard our calls to action and emailed legislators, submitted testimony, donated to our digital advertising efforts, and more. Thank you!

Read the 2019 Connecticut Legislative Session Wrap-Up (pdf). 

View the complete text of Public Act 19-186 and Public Act 19-117. 

         

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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.

State News

Connecticut files lawsuit to preserve federal tax workaround
Connecticut filed another lawsuit Wednesday in its battle against federal income tax limits aimed primarily at those states that voted against President Trump in 2016. The latest lawsuit, filed in the U.S. District Court for the Southern District of New York, seeks to strike down a new IRS rule that would prevent Connecticut residents from obtaining a full federal charitable deduction when they give to organizations established by their city or town.
Wall Street agency warns CT’s battle with pension debt is far from over
Connecticut officials have spent much of the past three years restructuring tens of billions of dollars in pension debt that dates back more than 80 years. But while that task will be wrapped up soon, Wall Street warned state officials on Wednesday that Connecticut’s finances aren’t out of the woods yet.
Survey: Nearly half of Connecticut residents polled plan to leave the state within the next five years
A new survey from the Connecticut Economic Resource Center delivered some grim news for the state’s sluggish economy: half of the respondents said they plan to leave Connecticut within the next five years. And the percentage of respondents who agreed with the statement “Connecticut is a good place to live and raise a family” dropped to 44 percent, the lowest recorded since the quarterly InformCT Consumer Confidence Survey began in 2015.
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the Internal Revenue Service (IRS) and the U.S. Treasury Department.
Single-Use Plastic Bag Fee – Effective August 1, 2019
Effective August 1, 2019 (cite: Public Act 19-117, § 355), retailers making sales in Connecticut of tangible personal property to the public are required to collect a $0.10 fee per single-use plastic checkout bag. The store must indicate the number of single-use plastic checkout bags provided, and the total amount of the fee charged on any transaction receipt provided to a customer.

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Accounting Standards and Regulations

Facebook Crypto Plan Draws Fresh Fury From House Democrats
Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks. At a Wednesday hearing before the House Financial...
Bitcoin Drops Below $10,000 Again as Congress Scrutinizes Libra
Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viability of cryptocurrencies.
AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports
The American Institute of CPAs’ Auditing Standards Board has released a pair of auditing standards related to the financial statements of employment benefit plans and transparency in annual reports.
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...

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Federal News

Facebook Crypto Plan Draws Fresh Fury From House Democrats
Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks. At a Wednesday hearing before the House Financial Services Committee, Chairwoman Maxine Waters compared Facebook to Wells Fargo & Co. and Equifax Inc., two scandal ridden companies that have come under scrutiny for harming consumers.
Labor Secretary Alex Acosta Resigns; Acting Secretary Said to Be More ‘Pro-Business’
Labor Secretary Alexander Acosta, under fire for securing a plea deal for convicted pedophile and newly indicted Jeffrey Epstein, resigned his post under pressure today, leaving as acting secretary a man who's considered more aggressively pro-business than Acosta. Current Labor Deputy Secretary Patrick Pizzella, who will become acting secretary until the president names a permanent replacement, is reportedly poised to move more quickly than his predecessor to reverse Obama-era regulations...
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community. “I’m aware of it. I’m sensitive to it. And I understand the need for it,” said Rettig, a former longtime tax practitioner himself. He said he has received proposals from outside of the Internal Revenue Service for how such a division might work.
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the Internal Revenue Service (IRS) and the U.S. Treasury Department.
Bitcoin Drops Below $10,000 Again as Congress Scrutinizes Libra
Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viability of cryptocurrencies.

More >