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14
www.ctcpas.org
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W
ell,it'salmostthattimeofyear
when we find out who has
beennaughtyornice.(Imean
taxpayersandtaxpreparers,ofcourse.)
Comparedtoallthechangesrolledout
for2011,taxseasonthisyearlooksa
lotmoremanageable.
Forthestatebudgetandstateecono-
my,Connecticutisclearlyinbetterfis-
calshapetodaythatatanyothertime
sincethefinancialcollapseof2008.On
theotherhand,staterevenueisnoless
important as Governor Dannel Malloy
continuestotaketheleadtostabilize
ourstatebudget.Thisstatetaxsea-
sonwillalsoplayoutinthelargercon-
textofwhetherfederalbudgetandtax
uncertainties have come back from,
remainon,orhavegoneoffthecliff.
Afew2012Connecticuttaxreminders
areworthnoting:
CT-EITC
With special thanks to volunteer tax
preparersallacrossthestate,thefirst
year for the Connecticut Earned In-
comeTaxCredit(EITC)wentwelland
met our fiscal projections. Sadly, the
samecannotbesaidfortoomanytax-
payers filing for the state EITC who
were victimized by storefront tax pre-
parers.For2012returns,wewillcon-
tinue to promote this assistance to
lowerincomeworkingfamiliesandas-
sureeffectiveanti-fraudcontrols.
Refund Debit Cards
Whilenotwithoutafewbumpsinthe
road,our2011initiativewasasuccess­
cutting costs, significantly increasing
directdeposits,andprovidingsecurity.
The DRS continues to advise taxpay-
erswhohavenotactivatedtheir2011
refundsandisabletodoamuchbetter
job this time in providing public infor-
mation.Thethresholdforrefunddebit
cardsremainsatlessthan$5,000,but
anumberofimprovementswillmakeit
eveneasierfortaxpayersandfinancial
institutionsthistaxseason.
Tax Calculation Changes
for Single Filers
The personal exemption for single fil-
ersincreasesto$13,500,butthereis
a $1,000 reduction for every $1,000
of CTAGI over $27,000. The CTAGI
beginningthresholdforthecalculated
personaltaxcredithasalsoincreased
to$13,500.
The Commissioner's Column
Tax Season's Greetings
By Connecticut Department of Revenue Services
Commissioner Kevin B. Sullivan