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

Accounting Standards

FASB: Small Business Advisory Committee Meeting Recap
The Small Business Advisory Committee (SBAC) met on November 30, 2017.
FASB Makes Decisions on Leasing Standard Simplification
The Financial Accounting Standards Board (FASB) today made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.

 

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.

Lembo asks feds to protect worker retirement savings
Comptroller Kevin Lembo said Tuesday he met with U.S. Labor Secretary R. Alexander Acosta and a coalition of other state leaders to urge protection of state rights in addressing a looming retirement savings crisis.
CT, NY and NJ to Sue Feds Over GOP's Tax Overhaul Plan
Connecticut, New Jersey and New York are planning to sue the federal government over the Republican-led federal tax overhaul. Democratic governors Andrew Cuomo, of New York, Dannel Malloy, of Connecticut and Phil Murphy, of New Jersey, announced during a conference call today that they will team up to take the Trump administration to court over the federal tax plan that's expected to cost taxpayers in their states billions of dollars.
Three things more important than tax reform in 2018
Your phone’s already ringing. Clients want to know how the new tax law will impact them. This is understandable, but don’t worry if you aren’t ready to answer their questions just yet It’s a big law and the IRS has yet to provide even the most basic guidance.
Governors Malloy, Murphy, and Cuomo Launch Coalition to Sue the Federal Government Over Federal Tax Bill
Elimination of Full State and Local Deductibility Unfairly Targets Connecticut, New Jersey, and New York
FASB Q&As discuss financial reporting implications of tax law
FASB addressed financial reporting issues related to P.L. 115-97, the Tax Cuts and Jobs Act, in four staff Q&As posted to its website Monday.

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