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State CPA society backs effort to help deduct foundation repairs
The Connecticut Society of Certified Public Accountants is supporting the efforts of U.S. Rep. John B. Larson, D-1st District, and U.S. Rep. Joseph D. Courtney, D-2nd District, to clarify how homeowners with crumbling foundations can receive federal tax relief through the casualty loss deduction.
Will Wayfair unleash state-by-state chaos?
The fallout from Wayfair continues – and the most recent development highlights the potential for the Supreme Court decision to unleash a patchwork of burdensome and confusing state sales tax rules. The Colorado Department of Revenue announced Sept. 11 that it will require out-of-state retailers who do business in Colorado to obtain a sales tax license.
Wall Street warns new federal tax rules could boost CT’s borrowing costs
The new federal cap on income tax deductions could translate into higher interest costs for Connecticut and other wealthy states when they borrow for school construction and other capital projects, a Wall Street credit rating agency warned Tuesday. Moody’s Investors Service said the new U.S. Treasury Department rules aimed at preventing high-income taxpayers from working around new limits on the deductibility of state and local taxes constitutes a “credit negative” for states like...
Accounting Today: Connecticut issues guidance on pass-through tax credit
The Connecticut Department of Revenue Services released guidance this week on the recently enacted Pass-Through Entity Tax Credit, which state lawmakers approved this spring as a way to get around limits in the new federal tax law on state and local tax deductions.
How TCJA Changes for Section 168(k) May Adjust
The IRS has published in the Federal Register proposed regulations that provide guidance concerning the additional first year depreciation deduction under Section 168(k) of the Internal Revenue Code. The proposal reflects changes made under the Tax Cuts and Jobs Act, and which affect taxpayers who deduct depreciation for qualified property acquired and placed into service after Sept. 27, 2017.
Live Connecticut Primary Election Results from Around the State
View election results by town.
Senate Approves IRS Funding Bill
The Senate passed a package of four appropriations bills, including roughly $11.3 billion in fiscal year 2019 funding for the IRS.  Read more...   (Source: ASAE)
30 million people are not withholding enough for taxes - How to tell if you’re one of them
The GAO says 21 percent of taxpayers – or about 30 million people – aren’t withholding enough taxes from their pay this year.
CT lawmakers seek federal help for homeowners with crumbling foundations
As Congress rushes to finish work before its August recess, Connecticut lawmakers are trying to get some federal help for homeowners who have been victimized by tainted concrete that has caused the foundations of their homes to crumble.
State-by-State Tax Legislation in Response to Federal Tax Reform
The Tax Cuts and Jobs Act, the major tax reform law passed into law at the end of 2017, has had many affects on taxpayers, particularly regarding the deductiblity of property and local taxes, but also in other areas. As a result, many states have passed new tax measures to compliment or counter the affects of the new federal tax laws on their residents.