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HUD’s Carson commits to helping residents with crumbling foundations
On an early morning last winter, Maggie and Vincent Perracchio thought someone dropped something when they heard a loud bang in their house. The noise was actually a reverberation of a new vertical crack in a wall of their basement—one that had exposed the outdoors. The couple has heard several of those bangs over the last three years as their Willington home collapses in slow motion. They are among thousands of residents around central and northeastern Connecticut coping with crumbling...
IRS Issues Notice on State, Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes regardless of the characterization of the payments under state law.
IRS Issues New Strategic Plan; Five-Year Plan's Goal to Help Taxpayers
Source: IRS May 23, 2018 WASHINGTON –– The Internal Revenue Service today released a new five-year Strategic Plan outlining goals to improve taxpayer service and tax administration. The Fiscal Year 2018-2022 IRS Strategic Plan will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community. “Providing service to taxpayers is a vital part of the IRS mission, and...
Action Required: Send Your Questions for the DRS Regarding Public Act No. 18-49
A number of our members have reached out with questions regarding Substitute Senate Bill No. 11, Public Act No. 18-49 , " An Act Concerning an Affected Business Entity Tax, Various Provisions Related to Certain Business Deductions, the Estate and Gift Tax Imposition Thresholds, the Tax Treatment of Certain Wages and Income, and a Study to Identify Best Practices for Marketing the Benefits of Qualified Opportunity Zones.
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. “We’re going to do everything we can to see if we can help,” Tetreau said.
Connecticut Works To Fend Off Cybersecurity Attacks On Election
Two days after President Donald Trump eliminated the position of cybersecurity coordinator on the National Security Council, Secretary of the State Denise Merrill convened the second meeting of the Elections Cybersecurity Task Force. At the very beginning of the meeting, Merrill reminded the task force that the election system faces several threats, including natural ones, like the tornadoes that touched down in the state last week and caused more damage than some hurricanes in...
Blumenthal, Murphy Seek Relief For Crumbling Concrete
Senators Richard Blumenthal and Chris Murphy introduced legislation this week aimed at providing up to $100 million in federal assistance to help homeowners and businesses whose homes and buildings suffer from crumbling foundations. The Connecticut tandem put two bills into the hopper that provide two separate ways for the $100 million to be authorized over a five year period.
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.
Omnibus spending bill has millions to strengthen CT voting system against cyber attacks
The massive omnibus spending bill President Donald Trump signed into law Friday contains $380 million — including up to $5 million for Connecticut – to protect digital voting systems from cyberattacks.
Malloy backs higher minimum wage, hedging on how high
Gov. Dannel P. Malloy and Democratic legislators on Thursday outlined similar agendas for the remaining nine weeks of the 2018 legislative session: Pay equity, expanded sick time and other workplace issues largely directed toward women, a constituency that polls indicate has further tilted toward Democrats since the election of President Trump.

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