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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.
Report: ‘Sin’ taxes pose fiscal — not health — risks for states
Connecticut and most other states need to be cautious about their rapidly increasing reliance on cigarette and other volatile “sin” taxes, according to a new report from Pew Charitable Trusts. The report offers a similar caution about legalizing and taxing recreational marijuana, warning revenue-hungry states from assuming big cash returns right away.
Insurers seek rate hikes for 2019, but less than previous year
Arielle Levin Becker / The CT Mirror Insurance Commissioner Katharine Wade. Most insurance companies selling individual and small group health plans in Connecticut have requested significant rate increases for next year, attributing the proposed hikes to growing health care costs and uncertainty in Washington D.C. about the erosion of the Affordable Care Act.
Gov. Malloy, AG Jepsen: Connecticut Joins Lawsuit to Protect State Taxpayers from Drastic Cut in State and Local Tax Deduction
Governor Dannel P. Malloy and Attorney General George Jepsen today announced that Connecticut has joined a lawsuit to protect the state and its taxpayers from Washington’s drastic curtailment of the State and Local Tax (SALT) deduction.
Connecticut Joins Lawsuit Challenging Federal Tax Law
Connecticut joined three other states Tuesday and filed a federal lawsuit against U.S. Treasury Secretary Steven Mnuchin and the U.S. Internal Revenue Service over the new $10,000 cap on the federal tax deduction for state and local taxes. The lawsuit filed in the Southern District of New York argues that the new cap on the state and local tax (SALT) deduction was enacted to target Connecticut and similarly situated states, and interferes with states’ rights to make their...

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