News

A controversial housing bill intended to address the shortage and high cost of housing in the state will not become law, Gov. Ned Lamont announced Monday.

Leaders say saving rules likely to evolve as federal aid shrinks.

Over six dozen Connecticut laws, including the state’s next budget and bond package, will wholly or partially take effect on July 1.

New York’s accounting policy advisors secured two legislative wins this week, with CPA licensing reform and e-signature expansion both passing in the same session.

A week after it passed the General Assembly, House Bill 5002 is still causing a ruckus in Hartford, with Republicans urging Gov. Ned Lamont to “just veto it” in a series of statements and the governor expressing hesitancy over the bill’s version of fair-share legislation known as “Towns Take the Lead.”

The legislation, which awaits signing by Governor Ned Lamont, includes a provision enabling licensed CPAs form other states in “good standing” to practice in Connecticut.

The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.

The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.

It’s not common to have legislation proposed that no one speaks against. That’s the case, however, for House Bill 7020, which would offer more flexibility for state residents to become certified public accountants.

Many private schools across Connecticut object to a bill to eliminate tax exemptions for faculty and staff housing for private secondary schools, saying they already contribute to the towns where they're located and this could affect their operations.

Faced with a slumping economy and likely big cuts in federal aid, state legislators are once again weighing whether to turn delinquent taxpayers over to collection agencies — and block renewal of their driver’s licenses or vehicle registrations.

Governor Ned Lamont announced that he is encouraging businesses, nonprofits, and municipalities in Connecticut that have been impacted by recent actions from the federal government to report that information to the state so that it can be compiled into a central database and provide state policymakers with a better understanding of how these directives are affecting various groups, geographical regions, and sectors of the economy.

Members of the House of Representative’s Tax Equity Caucus and advocates called on the Connecticut General Assembly and the governor on Tuesday morning to support what they called “economic populism” in the form of tax relief for middle class and working class people.

A proposed tax on sweetened beverages returned to the Connecticut legislature on Monday, reviving a years-long debate over the balance between public health policy, small business burdens, and the goal providing free school meals to all students.

Warning of a potential recession and “flurry” of layoffs, Connecticut’s state Senate leadership are looking for the state Department of Labor to take a proactive approach to a potential surge in unemployment.

At the March State Board of Accountancy meeting, the issue of advertising attestation services and peer review enrollment was addressed. Previously, the Department of Consumer Protection (DCP) prohibited CPAs from advertising attestation work unless they were enrolled in the peer review program.

“There’s been a big push from BioCT and other legislative action groups” to support the increase, said Bill Claffey, a tax attorney and partner at accounting firm Fiondella, Milone & LaSaracina LLP. He participated in a panel discussion during the event.

The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

Late in last year’s legislative session, P.A. 24-132 was passed, increasing the State Single Audit threshold from $300,000 to $500,000 for nonstate entities with a fiscal year beginning July 1, 2024 or after.