Crumbling foundations trending as a campaign issue
The issue of crumbling foundations that trouble thousands of Connecticut homeowners is trending in political circles, but help to those afflicted faces significant obstacles and could be limited. GOP gubernatorial candidate David Stemerman was...
What the IRS Is Doing About Data Security
As data breaches and fraudulent tax returns have become tougher to detect by states and the IRS, the agency is ratcheting up its focus on protecting client data and, moreover, tax preparers who are lax will be in violation of federal law.
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.
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...
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...
5 Tips for Today’s Small Business Owners
A new nationwide poll released by Massachusetts Mutual Life Insurance Company (MassMutual) reveals that business owners are doing a lot of things right but there’s room for improvement.
“Phase Two” of Federal Tax Reform in the Works?
Recent comments made to Fox News by President Donald Trump suggest that the corporate tax rate may decrease further still...
National Taxpayer Advocate identifies priority areas in mid year report to Congress; focuses on customer service
National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2018 filing season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during...
More Companies Offering Promotions Without Raises -- And Many Workers Willing To Accept Them
A better job title doesn't always come with a bigger paycheck, according to new research from staffing firm OfficeTeam. Nearly two in five HR managers (39 percent) said it's common for their company to offer employees promotions without salary...
The 10 biggest tax breaks for individuals
The overhaul of the US tax code was supposed to make taxes simpler and more streamlined. Nearly doubling the standard deduction was a move in that direction. But the changes did very little to reduce the number of so-called tax expenditures...

More >

    Why Everyone Should Be Paying Attention to the Medicaid Debate 

By CzepigaDalyPope LLC

While the American Healthcare Act or ACA (also known as Obamacare) has so far escaped the repeal-and-replace hatchet, the debate over how to restructure healthcare in this country is far from over.

One of the most controversial elements of that debate is Medicaid. Despite the broad news coverage on this topic, there is still a great deal of misunderstanding about what Medicaid is, who uses it, and how it’s spent.

Read more>>>
 

   

Limit Your Liability AND Reduce Your Estate Taxes: Get a QTIP Trust

By Paul T. Czepiga, CzepigaDalyPope LLC

Let’s set the stage. You are a professional service provider and are concerned about professional liability exposure. Or you are engaged in a business that is high risk and you are worried about being sued.

So your lawyer said put all your assets in your spouse’s name.

Read more>>>

  Connecticut CPA magazine feature
U.S. Department of Labor’s New Fiduciary Rule Now Applies
Expands definition of investment advice

By George J. Kasper, J.D., LL.M., Pullman & Comley; Member, CTCPA Employee Benefit Plans Interest Group

Last year the U.S. Department of Labor (DOL) released a controversial new fiduciary regulation (the “Fiduciary Rule” or “Rule”) and related exemptions that impact investment advisers to certain retirement plans, IRAs, and other similar arrangements. The Rule has garnered much attention due to its broad application not only to financial institutions and their advisers, but others who provide services to plan sponsors, participants, and retirement account owners as well. In the midst of ongoing debate, legal challenges, and a directive from President Trump, the DOL delayed the Fiduciary Rule “applicability date” until June 9, 2017.

Read more>>>
 
 

Obama’s Fiduciary Rule, After a Delay, Will Go Into Effect

New consumer protections requiring financial advisers to put their customers’ interests ahead of their own – at least when handling their retirement money – will take effect next month, putting to rest the question of whether they would be delayed further.

Read more>>>
 

   

Federal and Connecticut Estate Tax Tension: Two Big Reasons to Add a Trust to Your Estate Plan

By Paul T. Czepiga, CzepigaDalyPope LLC

Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level. Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax.

Read more>>>
 

   

Challenging a Will in Connecticut – What You Need to Know

By David Green, CzepigaDalyPope LLC

Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone. Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party to retain appropriate legal guidance to ensure that their rights are protected.

Read more>>>
 

  Connecticut CPA magazine feature
College Funding Survival in the Wake of Divorce

By John F. Pearson, CPA, CASL, Barnum Financial Group

I’ve been doing college funding workshops at Connecticut high schools for close to 10 years now, and I’ve met hundreds of high school parents looking for the “golden ticket” that is going to make paying for college somehow magically affordable.

By my count, about one in four appointments I have with workshop attendees are with single parents – typically moms. Late 40s, early 50s, divorced. As part of the settlement, she got the house and joint custody, but the children seem to spend the majority of time residing with her.

Read more>>>
  

  Connecticut CPA magazine feature
College Funding Advice: Should it Be Part of Your Practice?

By John F. Pearson, CPA, CASL, Barnum Financial Group

The average CPA in public practice in Connecticut is in his or her 50s. This means that, for most of us, paying for college for our kids is a present (or recent) reality – one that most of us would likely just as soon forget.  You’ve got a lot of clients who feel the same way.

Read more>>>