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IRS crypto guidance every tax practitioner should know
The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue ruling, FAQs for reporting cryptocurrency ownership and Form 1040 that asks taxpayers about their financial interest in virtual currency.
Forbes: CT 43rd for biz climate
Connecticut is starting out the new year with a dour assessment of its business climate and appeal to large-scale employers. Forbes’s annual “Best States for Business” list, which takes into account factors such as labor costs, population growth, and quality of life, placed Connecticut at No. 43 in the nation for 2019.
IRS Reforms Free File Program, Drops Agreement Not to Compete With TurboTax
Finding free online tax filing should be easier this year for millions of Americans. The IRS announced significant changes Monday to its deal with the tax prep software industry. Now companies are barred from hiding their free products from search engines such as Google, and a years-old prohibition on the IRS creating its own online filing system has been scrapped.
Qualified opportunity zone regs. finalized
The IRS on Thursday issued final regulations (T.D. 9889) providing guidance on tax-favored investments in qualified opportunity zones (QOZs). These regulations provide additional guidance for taxpayers eligible to elect to temporarily defer the inclusion in gross income of certain gains if corresponding amounts are invested in certain equity interests in qualified opportunity funds (QOFs), as well as guidance on the ability of such taxpayers to exclude from gross income additional gain...
Year-end government spending bill contains many tax provisions
The federal government spending bill passed by Congress on Thursday repeals three health care taxes that were originally enacted as part of 2010 health care reform legislation, makes many changes to retirement plan rules, extends several expired tax provisions, provides disaster tax relief, and repeals the provision that taxed exempt organizations when they provided parking to their employees. The Further Consolidated Appropriations Act, 2020, H.R. 1865, passed the House of Representatives...
House votes to end cap on SALT deductions, but Senate likely won’t
The U.S. House on Thursday approved a bill that would scrap for two years a $10,000 cap on the federal deductibility of state and local taxes, a limitation decried by taxpayers in wealthy states like Connecticut who have been hurt by the shrinking of the valuable tax break. The House voted 218-206 to eliminate the state and local tax, or SALT, cap for 2020 and 2021, and increased the cap to $20,000 for married couples in 2019. The bill’s chances of making it through the GOP-controlled...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
Funding cliff for community health centers puts staffing, patients at risk
Federal funding for community health centers is nearing expiration this year. And both health professionals and politicians are warning, that may have some impacts on Connecticut centers and patients. Laying people off of work isn’t something that CEO Nichelle Mullins wants to do just before the holidays. But if federal funding for Charter Oak Health Center in Hartford stops coming, she may have to.
Consumers support U.S. economy as business spending slumps
U.S. economic growth slowed less than expected in the third quarter as a further contraction in business investment was offset by resilient consumer spending, further allaying financial market fears of a recession. The Federal Reserve cut interest rates for the third time this year on Wednesday amid lingering threats to the longest expansion on record from uncertainty over trade policy, slowing global growth and Britain’s departure from the European Union.
Elections bring new focus on college debt, which burdens CT students more than others
Like many young couples who are starting a life together today, Dan and Sherry Agabiti carry a burden that’s largely unique to their generation – a large amount of college debt. Dan Agabiti, 28, is a Rhode Island native who wanted the experience of attending college away from home. He enrolled as an out-of-state student at the University of Connecticut against the counsel of friends and family who warned him it would cost too much.