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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
FASB Q&As discuss financial reporting implications of tax law
FASB addressed financial reporting issues related to P.L. 115-97, the Tax Cuts and Jobs Act, in four staff Q&As posted to its website Monday.
National Taxpayer Advocate Says IRS is in Dire Straits, Needs More Funding
National Taxpayer Advocate Nina Olson makes clear in her 2017 Annual Report to Congress that the underfunded IRS is in dire straits — and faces even worse as the agency grapples with implementing the recently enacted tax law.
Federal government shuts down, CT to feel aftershock
Connecticut residents will still get their mail and Social Security checks, but the shutdown of the federal government will reverberate through state agencies – especially those that are most reliant on federal grants and federal workers — and many in the state would eventually feel an impact.
Pressing question for CT: A state tax break for private school tuition?
The federal tax overhaul may have triggered an automatic state tax break that would allow parents to avoid paying state taxes on some of the money they put aside to send their children to private K-12 schools.
CTCPA Members Ed Kindelan and Patrick Duffany Represent CTCPA at Tax Reform Town Hall Meeting
CTCPA members Ed Kindelan and Patrick Duffany of CohnReznizk represented the CTCPA at a town hall meeting on the new federal tax law hosted by Rep. Elizabeth Esty (D-5th) at the Farmington Library on Saturday, January 13. The panel discussion also included Gene Fercodini (CT Realtors Association past president) and Bette Marafino (Alliance for Retired Americans). The event was standing room only with well over 100 people present. View more photos.