News
Increased Tax Collections Boost Connecticut’s Bottom Line
August 02, 2022
Connecticut’s budget surplus has grown by $231 million due mostly to increased tax collections, according to the latest monthly report from state Comptroller Natalie Braswell.
2022 Sales Tax Free Week Runs Aug. 21-27, 2022
August 01, 2022
According to state statute, Sales Tax Free Week begins on the third Sunday of August and runs until the following Saturday.
Report: CT never came up with a plan to collect more online sales tax
July 15, 2022
State auditors say the tax department never fulfilled a 2019 directive to secure $30 million from remote transactions
Connecticut's New Captive Legislation: Taxation impact on Connecticut businesses that own captives domiciled out of Connecticut
June 30, 2022
You should be aware of these changes, effective July 1.
IRS implements new fingerprinting process for e-file
June 29, 2022
The Internal Revenue Service is planning to mandate a new electronic fingerprinting process for e-file applications for tax practitioners starting Sept. 25.
Gov. Lamont directs CT agencies to waive credit and debit transaction fees
June 24, 2022
GOP to Lamont: ‘Stop dancing around the edges’ and cut income tax.
State legislatures considering hundreds of sales tax bills
June 24, 2022
An estimated 800 sales tax bills are under consideration by state legislators each month, according to a new report, as lawmakers grapple with the complexity of sales and use tax four years after the Supreme Court handed down the South Dakota v. Wayfair decision.
IRS expands voice bot options for faster service, less wait time
June 17, 2022
The Internal Revenue Service today announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times.
More than 90,000 households sign up for CT child tax rebate in first week
June 09, 2022
State officials estimate 350,000 families are eligible for the $250-per-child benefit
Set Boundaries and Timelines Before Tax Season
June 06, 2022
When accountants and tax pros accept all client demands and fail to establish clear boundaries, they risk taking on more work than they can handle and typically at low pay. And during a crazy tax season, it’s far too easy to run yourself ragged and neglect your own needs.
How to Advise Clients Who Use Cryptocurrency
June 02, 2022
You might have business-owning clients who are using or thinking about using cryptocurrency in their business transactions, and these clients will need your expertise to deal with crypto tax compliance and to make strategic moves.
Applications for 2022 Child Tax Rebate Now Open
June 01, 2022
The child tax rebate, which was recently authorized by the Connecticut General Assembly and signed into law by Governor Ned Lamont, is intended to help Connecticut families with children. You may be eligible for a child tax rebate of up to a maximum of $750 ($250 per child up to three children).
Crypto crater prompts new tax headaches
June 01, 2022
The plunging value of many cryptocurrencies and nonfungible tokens has led to worries about the tax implications faced by crypto investors and companies.
Plan For Your Last Busy Season
June 01, 2022
Even if your plans are years down the road, you must start mapping out an effective succession or transition plan early to enable you to realize the full value of the work you put into your firm.
Governor Lamont Announces Families Can Apply for the 2022 Connecticut Child Tax Rebate Beginning June 1
May 19, 2022
Governor Ned Lamont today announced that Connecticut families can soon apply to receive a state tax rebate of up to $250 per child for a maximum of three children as a result of the recently enacted 2022 Connecticut Child Tax Rebate that he signed into law earlier this month.
Tax season wasn’t as bad as some expected: Survey
May 18, 2022
Tax preparers actually thought this year's filing season went a little smoother than expected. That’s the consensus from a recent survey from the National Association of Tax Professionals, which asked its more than 23,000 members before Tax Day what they believed their top challenges would be for the 2022 tax season. After the April 18 deadline, members were once again asked the same questions.
IRS urged to strengthen compliance on pandemic tax breaks
May 17, 2022
Congress gave billions of dollars in tax credits to employers in response to the COVID-19 pandemic that helped pay for providing paid sick and family leave and retaining employees, but now the IRS needs to step up its compliance efforts, according to a new report.
Forecast says CT’s ‘fiscal cliff’ will be gone when pandemic aid expires
May 03, 2022
But projections hinge on state tax receipts continuing to boom
Why You Should Fix Your Tax Season Workflow Now
April 21, 2022
Each year, it's crucial to examine how things went during the busy season. Your workflows could always use a critical eye, even if you think this tax season was better than last year's. Jim Scott, Managing Director of Accountancy at IRIS Software Group, offers his tips to improve your system.
Challenge to SALT deduction cap fails in Supreme Court
April 19, 2022
The Supreme Court declined to review a New York-led constitutional challenge to the $10,000 cap on state and local tax deductions imposed by Congress in the 2017 tax law.