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Few N.Y. Businesses Sign Up for State Program to Bypass Trump Tax Limits
New York Gov. Andrew Cuomo said a program enacted in April would help protect employees from new federal limits on the deductibility of state and local taxes. A state official said 220 businesses had opted into the plan as of Friday, a figure representing less than 0.1% of the state’s employers and an unknown number of employees.
CVS completes historic $69B Aetna acquisition
Aetna, Hartford's 165-year-old health insurer, is no longer an independent company. CVS Health on Wednesday, as expected, completed its historic, industry-shifting $69 billion acquisition of Aetna, the Rhode Island pharmacy giant announced Wednesday.
401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
IRS Increases 401(k) and IRA Limits for 2019
The IRS has just announced the inflation-indexed adjustments for qualified retirement plans, such as 401(k) plans, and IRAs for 2019 (Notice 2018-83, 11/1/18). As opposed to recent years, in which annual changes were generally nonexistent or minimal, most plan limits are being bumped up next year.
A divided Congress, a divided America
Democrats on Tuesday captured the House of Representatives and are set to exert a major institutional check on President Donald Trump, while breaking the Republican monopoly on power and ushering in a younger, more female and more racially diverse political generation. But the GOP solidified their Senate majority after an acerbic midterm election that enshrined America's deep divides and shaped a highly contentious battleground for the stirring 2020 presidential race.
ACA enrollment begins as voters say health care is top concern
The sixth open enrollment period for the Affordable Care Act begins Thursday, as the future of the health care law, and its protections for pre-existing conditions, has emerged as a top concern for voters across the nation in the midterm elections. In Connecticut, those who aren’t covered through their employment or government-run plans like Medicare and Medicaid are urged by officials at Access Health CT, the state’s ACA marketplace, to shop for a policy on the exchange from the two...
WTNH-8: CTCPA Executive Director Bonnie Stewart, Rep. Joe Courtney, and Rep. John Larson announce IRS will allow homeowners to carry forward net operating loss for crumbling foundations
There is some good news for Connecticut homeowners with crumbling foundations.
Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability.
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses.
IRS Extends Operating Loss Period For Homeowners With Crumbling Foundations
Homeowners with crumbling foundations will be able to carry back two years and forward 20 years their “net operating loss” from repairing their foundations, according to new IRS guidance. Simply put it means homeowners who identified their losses to local tax assessors before Jan. 1, 2018 will be able to get back what they’ve paid in federal taxes to help cover the cost of repairs.