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DRS: Notification letters sent to online purchasers who owe CT use tax
Several online retailers who did not charge CT Sales tax have provided the DRS with records of their sales going back several years. Letters have been mailed notifying those CT taxpayers that they owe “Use Tax” to the state for those...
DMV Errs In Calculating Sales Tax On Hundreds Of Luxury Cars
The state Department of Motor Vehicles will have to refund more than $100,000 to owners of luxury cars across the state because of a computer error that went undetected for more than a year. Hundreds of car owners will receive refunds, others...
CEO-led commission proposes tax overhaul, tolls, min. wage hike
The leaders of a state-created commission laden with high-profile Connecticut CEOs promised to be bold, and it appears they've done so. The 14-member Commission on Fiscal Stability and Economic Growth is set to vote this afternoon on a list of...
Updated Withholding Calculator, Form W-4 Released
The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges...
Avoid the Rush: Taxpayers Must Validate Identity When Calling the IRS
The Internal Revenue Service today reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS. This is part of the agency’s efforts to keep taxpayer data secure from identity thieves.
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide...
AICPA Requests Guidance from IRS on Revised Section 199A
The American Institute of CPAs has requested immediate guidance from the IRS and Treasury Department on the deduction for qualified business income of pass-through entities. This new section of the Internal Revenue Code was created in the...
RP-2018-17: Requests by Certain Foreign Corporations for Changes in Annual Accounting Periods
Revenue Procedure 2018-17 modifies the circumstances under which the Internal Revenue Service grants approval of certain requests by certain foreign corporations for changes in annual accounting periods filed under Rev. Proc. 2002-39, 2002-22...
Connecticut Hunting Down Online Shoppers Who Didn't Pay Sales Tax
The state Department of Revenue Services is combing through customer records from major online retailers to hunt down taxpayers who skipped out on the often-ignored use tax.
FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act
The FASB has issued an Accounting Standards Update that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.

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