< Return to List


Malloy backs higher minimum wage, hedging on how high
Gov. Dannel P. Malloy and Democratic legislators on Thursday outlined similar agendas for the remaining nine weeks of the 2018 legislative session: Pay equity, expanded sick time and other workplace issues largely directed toward women, a constituency that polls indicate has further tilted toward Democrats since the election of President Trump.
Updated Withholding Calculator, Form W-4 Released
The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide range of individual and business tax benefits that had expired at the end of 2016.
AICPA Requests Guidance from IRS on Revised Section 199A
The American Institute of CPAs has requested immediate guidance from the IRS and Treasury Department on the deduction for qualified business income of pass-through entities. This new section of the Internal Revenue Code was created in the recent tax reform act, and it affects taxpayers and practitioners. Section 199A is one of the areas in the new law that has generated the most questions among practitioners. The AICPA’s letter highlights six (6) issues that are of immediate...
Organizations Mixed About Sharing Tax Benefits with Employees
Organizations are almost evenly split about whether or not they have or may increase pay and benefits for employees in reaction to the new tax reform law, according to a new survey from executive compensation consultancy Pearl Meyer.
Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec....
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