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Connecticut Legislative News
The state continues to thrive fiscally.
Democrats in the Senate will take another swing at passing legislation giving consumers more flexibility to opt out of online data tracking, picking up an effort which fell apart late in the session last year.
After nearly two years and hundreds of executive orders, the emergency declarations which have served as the basis for Gov. Ned Lamont’s authority to single-handedly enact or suspend laws were set to expire Tuesday.
For the Connecticut Technology Council (CTC), the COVID-19 pandemic has been uniquely disruptive, as it has for many trade associations across the country.
The Senate gave final approval Monday to two measures that continue limited emergency powers to manage COVID-19, while shifting from Gov. Ned Lamont to educators the decision whether to require masks in schools.
A pair of nearly identical bills, one proposed by a Democrat and the other submitted by a group of Republicans, would end the sales tax on at-home COVID test kits and personal protective equipement.
Federal Legislative News
The AICPA and 52 state and area CPA societies submitted further comments and concerns to the IRS and Treasury on Friday urging a delay until next year of required reporting by partnerships and S corporations of items of international tax relevance on new Schedules K-2, Partners' Distributive Share Items — International, and K-3, Partner's Share of Income, Deductions, Credits, etc. — International.
The AICPA and 52 state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules K-2 and K-3 reporting.
Compliance and consulting work related to COVID-19 relief created new business opportunities for CPA firms, which now can continue to grow by building on those opportunities, Inovautus Consulting LLC President and Founder Sarah Dobek said Thursday.
The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.
An expanded reporting section and detailed instructions for reporting virtual currency are among the changes in a revised version of Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the IRS released Tuesday.
As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.