Federal Tax

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Why You Should Care About Streamlined Sales Tax
Even though it’s been around since 1999 and has 24 member states, I know many of your business clients have questions about the Streamlined Sales and Use Tax Agreement. If they are faced with collecting sales tax in multiple states, it could...
IRS Statement and Instructions Regarding Recent CCH Software Outage
The IRS has been working closely with CCH to ease the impact on taxpayers caused by their recent software outage. The IRS encourages these taxpayers with a May 15 deadline to file on time, if possible. Taxpayers who cannot file on time are...
Major Victory: Proposed Sales Tax on Accounting and Tax Services
I've got great news for you this morning! Last night, the Finance Committee voted to approve a revenue package that offered significant changes to Governor Ned Lamont's budget proposal - and a sales tax on tax and accounting services is NOT in...
For those who missed the tax-filing deadline, IRS says file now to avoid bigger bill
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid potential...
Done with taxes this year? Use 2018 return to get 2019 withholding right
Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use their recently finished 2018 return and the...
Michael Knight quoted in Accounting Today article "The end of a multi-state nightmare for mobile clients?"
Michael J. Knight of Knight Rolleri Sheppard CPAs, LLC with offices in Fairfield and Greenwich was quoted in the  Accounting Today The end of a multi-state nightmare for mobile clients?" on April 23. Michael Knight, a partner at Fairfield County,...
IRS announces multi-year plan to update, modernize IT systems; Effort focused on improved taxpayer services, expanded cybersecurity and taxpayer data protections
The Internal Revenue Service released today a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system. The plan outlines a bold strategy to enable...
Minimizing federal income tax on trusts under the TCJA
Having recently closed out another individual and trust tax return season (extensions excepted, of course), CPAs, attorneys, trustees, and financial advisers are noticing that the disparate tax treatment between trusts and individuals, which has...
Comparing 1913’s Form 1040 with Today’s Version
Say “1040,” and most of us think of the income tax returns we file each year on April 15. But it’s only because of chance that we fill out 1040s, instead of 1039s or 1041s: That number was up next in the sequential numbering of forms developed by...
An Investment Expert's Advice on Income Tax Planning
Income tax planning is a year-round and continuous evaluation for your clients. Although their tax returns are not due until April 15, without extensions, it is important to make sure you assist them throughout the year. A little extra help will...

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