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.

  • state tax
  • advocacy - state

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.

  • personal financial planning
  • state tax

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

  • state tax
  • advocacy - state

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.

  • state tax
  • advocacy - state

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.

  • state tax
  • federal tax

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 tax
  • advocacy - state

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.

  • state tax
  • advocacy - state

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.

  • state tax
  • technology and cybersecurity
  • federal tax

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

  • personal financial planning
  • state tax
  • advocacy - state

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.

  • state tax
  • federal tax

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.

  • practice management
  • state tax
  • technology and cybersecurity
  • federal tax

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).

  • state tax
  • advocacy - state

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.

  • practice management
  • state tax
  • technology and cybersecurity
  • federal tax

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.

  • practice management
  • state tax
  • federal tax

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.

  • personal financial planning
  • state tax
  • advocacy - state

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.

  • state tax
  • federal tax

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.

  • coronavirus
  • state tax
  • advocacy - federal
  • federal tax

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

  • state tax
  • advocacy - state

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.

  • state tax
  • federal tax

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.

  • state tax
  • advocacy - state
  • advocacy - federal
  • federal tax