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Articles

New tax law allows small businesses to expense more, expands bonus depreciation
The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year...
IRS warns of “Tax Transcript” email scam; dangers to business networks
The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is...
Like-kind exchanges now limited to real property
The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect...
Office of Legislative Research Report Addresses Connecticut Legislature’s Response to Federal Tax Changes
This helpful report from Connecticut's Office of Legislative Research summarizes the Connecticut legislature’s response to federal tax changes.
A rainy day fund beckons, but Lamont insists on fiscal reforms
Connecticut’s swelling budget reserves are a temptation for lawmakers weary of the austere budgets that have cut municipal aid, social services and education in recent years
401(k) Hardship Withdrawals, Account Transfers Might Get Easier
Proposed changes would free up funds for emergencies, but could hurt workers’ savings.
Surging tax receipts dramatically shrink hole in next CT budget
State tax revenue projections surged again Tuesday, shrinking the projected shortfall in the upcoming two-year budget — and leaving Connecticut with nearly $2.1 billion in reserves to combat the deficit. Gov. Dannel P. Malloy’s budget staff...
IRS Increases 401(k) and IRA Limits for 2019
The IRS has just announced the inflation-indexed adjustments for qualified retirement plans, such as 401(k) plans, and IRAs for 2019 (Notice 2018-83, 11/1/18). As opposed to recent years, in which annual changes were generally nonexistent or...
New DRS Website Launched Nov. 1
The Connecticut Department of Revenue Services (DRS) is excited to announce the launch of a new, mobile-enabled (portal.ct.gov/drs) website. The new site is designed to better meet the needs of our taxpayers, preparers and business owners.
Tax preparer due diligence rules are finalized
The IRS on Tuesday finalized proposed regulations under Sec. 6695(g) imposing a penalty on tax return preparers who do not follow certain due-diligence requirements when preparing to file returns for taxpayers who are claiming head-of-household...

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