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ACA enrollment begins as voters say health care is top concern
The sixth open enrollment period for the Affordable Care Act begins Thursday, as the future of the health care law, and its protections for pre-existing conditions, has emerged as a top concern for voters across the nation in the midterm elections. In Connecticut, those who aren’t covered through their employment or government-run plans like Medicare and Medicaid are urged by officials at Access Health CT, the state’s ACA marketplace, to shop for a policy on the exchange from the two...
WTNH-8: CTCPA Executive Director Bonnie Stewart, Rep. Joe Courtney, and Rep. John Larson announce IRS will allow homeowners to carry forward net operating loss for crumbling foundations
There is some good news for Connecticut homeowners with crumbling foundations.
Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability.
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses.
IRS Extends Operating Loss Period For Homeowners With Crumbling Foundations
Homeowners with crumbling foundations will be able to carry back two years and forward 20 years their “net operating loss” from repairing their foundations, according to new IRS guidance. Simply put it means homeowners who identified their losses to local tax assessors before Jan. 1, 2018 will be able to get back what they’ve paid in federal taxes to help cover the cost of repairs.
Will Congress Restrict States’ Right to Tax Remote Sales?
Some members of Congress think they should limit the way states can tax sales by sellers with no physical presence in the state. To that end, Wisconsin Representative Jim Sensenbrenner has introduced the Online Sales Simplicity and Small Business Relief Act. In a similar vein, Ohio Representative Bob Gibbs has introduced the Protecting Small Business from Burdensome Compliance Costs Act of 2018.
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.