Federal Tax Reform

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Connecticut CPA magazine Federal Tax Reform Special Section

A Review of the Tax Cuts and Jobs Act – What You Need to Know Now

By Patrick J. Duffany, CPA, JD, Managing Partner – Tax, CohnReznick and
Edmund S. Kindelan, CPA, Regional Managing Partner – New England, CohnReznick

 


 
The AICPA Tax Section has sponsored a robust Tax Reform Resource Center, including videos, FAQs, and more. If you're asked to speak anywhere regarding the tax changes (for either businesses or individuals), you can also brand one of the AICPA's helpful PowerPoint presentations with your firm or company's logo and information. 



View on AICPA TV.
   
Download the "Business" PowerPoint.
   
Download the "Individual" PowerPoint.

 


  

Get the scoop.

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....
IRS Working on a New Form 1040 for Tax Season
As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version -- would replace...
Taxpayer Advocate: Cuts to IRS Budget Spread Agency Thin
National Taxpayer Advocate Nina Olson delivered her mid-year report to Congress in late June, and told legislators that cuts to the IRS’s budget has the agency spread critically thin, with funding reduced by 20 percent since fiscal 2010 (as...
“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...
Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern
When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A? That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act.
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...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects...
IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings
The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax...

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The CTCPA is hosting a number of classes and webinars to get you up to speed.

           

   

   


Connecticut CPAs to Legislators: Newly Reached ‘Deal’ is No Deal for Connecticut Taxpayers

On December 13, the CTCPA submitted a letter signed by CTCPA President Bradley D. Kronstat and Executive Director Bonnie Stewart to each member of Connecticut’s Congressional Delegation. The letter expresses the Society’s concern regarding the likely negative impact upon Connecticut of the proposed tax reform bill as agreed upon in principal by consensus by the House and Senate.

Update: The bill was passed on December 20.

Read the letter in its entirety.