As Congress decides how to slim down a $3.5 trillion social-safety-net bill, U.S. Rep. Rosa DeLauro (D-3rd District) is working to ensure that an historic child tax credit makes the cut.
With the recent uptick in self-employed workers, chances are that some of your clients might be looking to freelance or register their own businesses. In either case, you can advise them on how to lower their self-employment taxes by considering the tax breaks below, including the new business income deduction.
The Internal Revenue Service reminds taxpayers today that the last quarter of 2021 is a good time to check withholding.
Democrats risk settling for a less generous expansion of the state and local tax deduction than previously hoped after President Joe Biden conceded that lawmakers will have to scale back his economic agenda to get it enacted.
We have received some member questions about the handling of tax deadline extensions for individuals and businesses impacted by federally declared disasters.
Your response is critical to our advocacy efforts.
An update from DRS Commissioner Mark Boughton
During National Small Business Week, the Internal Revenue Service wants small business owners to know that information and resources to help them understand and meet their tax obligations are available free at IRS.gov.
In this year’s tax software survey by the JofA and The Tax Adviser, 2,154 CPAs assessed the software they used to prepare 2020 tax returns for a fee.
Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try.
As Congress considers repealing or making more generous the $10,000 state and local tax deduction cap in the budget reconciliation process, it is helpful to review how the state and local tax (SALT) deduction is taken by taxpayers across U.S. counties.
Thirty years after an intense fight that led to creation of the Connecticut’s personal income tax, the levy has become the workhorse of the state budget — generating about 50% of the state’s general fund.
Here's what's happening at the DRS, right from DRS Commissioner Mark Boughton.
With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients.
Tax Day 2020 was pushed to July to provide pandemic relief. The latest Tax Day was bumped a month to give the Internal Revenue Service time to implement tax laws that changed as late as March.
Attorney General William Tong and Department of Revenue Services Commissioner Mark D. Boughton today are warning Connecticut consumers of a scam in which they receive a threatening letter about unpaid federal tax debts.
The Department of Revenue Services (DRS) is making sellers of meals aware that they may be eligible for a benefit that was authorized by legislation that was recently enacted by the Connecticut General Assembly. Under this legislation, certain sellers of meals are allowed to retain the sales tax they collect on sales of meals during a specified period of time.
The following is an overview of legislation passed during the 2021 Regular Session and June Special Session affecting state taxes.
The second annual Sovos Sales and Use Tax report sheds surprising light on the existing landscape of sales and use tax compliance, and raises questions about the future, particularly as we move into a digital age.
With security incidents on the rise, the Internal Revenue Service, state tax agencies and the tax industry urged tax professionals and taxpayers to use a special feature – multi-factor authentication – available on tax software products to help protect against identity and data theft.