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FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act
The FASB has issued an Accounting Standards Update that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.
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...
Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being...
Bipartisan Budget Act contains several tax provisions
Early Friday morning, the Bipartisan Budget Act of 2018, H.R.1892, passed the Senate by a vote of 71–28 and the House of Representatives, 240–186. President Donald Trump signed the bill later in the day.
IRS proposes to remove 298 regulations
The IRS proposed to remove 298 regulations that it says have no current or future application to the Internal Revenue Code and therefore no longer provide useful guidance. REG-132197-17, proposing to remove these rules, was issued Tuesday in...
IRS: Homeowners With Failing Foundations Can Deduct Repairs Until 2020
The Internal Revenue Service announced Wednesday afternoon that homeowners with failing concrete foundations have until 2021 to deduct any repairs done to their foundations from their federal taxes.
Sending out client engagement letters? Consider including language relating to electronic data and digital currencies
Do you store data in the cloud and/or e-file your clients’ returns? Do your clients deal with virtual currencies? Here’s some language to consider including in your engagement letters courtesy of CTCPA member John F. Raspante of CPA...
Executive On State Panel: Ending 'Death Tax' Could Boost Economy
A state panel advising the General Assembly on how to reverse Connecticut’s economic decline is considering a revamp of state taxes, including ending the estate tax, a business executive said Wednesday. James Loree, the chief executive officer...
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,...

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