Federal Tax

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Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the...
Real Estate Conveyance Tax Change – Effective July 1, 2019
Effective July 1, 2019 (cite: Public Act 19-117, §336), sales of principal residences with foundations made from defective concrete containing pyrrhotite - as certified by a licensed engineer – are exempt from the real estate conveyance tax. This...
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible...
Why the TCJA Packs Even More Depreciation Punch
The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good...
Final rules permit truncated TINs on W-2s
In its continuing effort to reduce identity theft, the IRS issued final regulations that permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (T.D. 9861). The...
Advising Your Clients on Lowering Their Self-Employment Taxes
Here’s the thing: Making sure employees are paid the right amount on time is crucial to keeping them motivated. And for small business owners, determining exactly how much money should be withheld for state and federal income taxes, benefits and...
Can You Make Tax Deductions without the Records?
In seven previous columns, I explained how I use “tax tidbits” to enliven conversations when talking taxes with clients or speaking to groups like retirees, individuals who run their own businesses and investors. The tidbits discuss amusing court...
How Wayfair and SST Guide Remote Sales Tax
Accounting professionals and their business clients need to understand how the Wayfair ruling and the Streamlined Sales and Use Tax Agreement intersect. Just one year ago, the seminal Supreme Court ruling in South Dakota v. Wayfair, Inc. (June...
Your Guide to the Section 199A Deduction Mess
Presumably, 90 percent of those in Congress are attorneys, and good ones. So, you'd think their contracts and legislation wouldn’t leave a lot of things up to interpretation. Unfortunately, this isn't really the case. We all know the TCJA was...
Cryptocurrency not FBAR reportable (at least for now)
Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is reportable for purposes of FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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