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Connecticut Property Taxes Third Highest in U.S.
Connecticut has the third highest per capita property taxes in the nation, according to a new report released this week. The Connecticut Conference of Municipalities report puts the state's per capita property tax burden at $2,847—twice the...
Nonresident Composite Return Option
Last year, the Connecticut General Assembly enacted the pass-through entity tax at the flat rate of 6.99% on most pass-through entities, including partnerships, S corporations and limited liability companies that are treated as partnerships or S...
Counseling Clients on Closing Costs in a 1031 Exchange
Given that a 1031 exchange necessarily involves the sale of real estate, closing costs will always be a part of the transaction. Advertisement Clients routinely ask which of these costs can be paid directly with exchange proceeds without...
As Hurricane Dorian gains strength, IRS encourages preparation for natural disaster
As Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. Taxpayers, whether individuals, organizations or businesses, should take time now to...
Taxpayer Mailing Planned: Pass-Through Entities
As a result of legislation enacted in June, the Revenue Services Commissioner is directed to waive any late payment penalty and related interest imposed on pass-through entities in connection with their 2018 Pass-Through Entity Tax, so long as...
DRS Issues Payroll Tax Commission Information Request to Employers
This week, DRS has sent two e-mails to certain employers – the first introduced the information request; the second includes a brief survey.
IRS automatically waives estimated tax penalty for eligible 2018 tax filers
The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. The IRS will apply this waiver...