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Important New Tax Guidance from DRS, IRS on Connecticut Hero Payments

April 12, 2024

The Department of Revenue Services and Internal Revenue Service have issued additional guidance on the taxability of Connecticut's Hero payments.

  • coronavirus
  • state tax
  • federal tax

Tax season nears its end, but uncertainties linger

April 11, 2024

The 2024 filing season, which began with a hint of uncertainty, has progressed into one of the smoothest in recent memory — but the uncertainty still exists, fueled by court decisions and pending legislation.

  • state tax
  • advocacy - federal
  • federal tax

Lawmakers Want Connecticut To Adopt A More Equitable Tax Code

February 29, 2024

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

  • state tax
  • advocacy - state

EFIN scam targets tax professionals

February 11, 2024

The IRS will hold webinars for tax professionals next week to help them avoid a scam email that tries to steal electronic filing identification numbers (EFINs) to gain access to client data and tax preparers' identities.

  • state tax
  • technology and cybersecurity
  • federal tax

A tax break for CT residents working remotely for NY companies? Maybe, but there's a catch

February 08, 2024

Remote workers who successfully sue New York to recoup 2020-23 taxes would receive discount on Connecticut tax bills

  • state tax
  • federal tax

Special Alert: Connecticut, Other New England States Issue Tax Relief for Taxpayers Affected by Storms

February 07, 2024

A number of other states have followed the IRS' lead by issuing tax relief to taxpayers affected by recent storms.

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

Connecticut Department of Revenue Services Extending the Filing and Payment Deadlines of Certain Returns to Align with Recently Announced Guidance Issued by the Internal Revenue Service

February 03, 2024

The Department of Revenue Services (DRS) is extending the filing and payment deadlines of certain Connecticut returns until June 17, 2024. These extensions align Connecticut tax filing and payment dates with the filing and payment extensions recently announced by the Internal Revenue Service (IRS) in response to recent severe storms and flooding that impacted certain portions of Connecticut.

  • state tax

Employee or independent contractor? DOL issues new guidance

January 10, 2024

A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.

  • business and industry
  • practice management
  • state tax
  • federal tax

The Big Change Coming to Connecticut Unemployment Compensation Law

December 12, 2023

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

  • business and industry
  • practice management
  • state tax
  • advocacy - state

End-of-year financial and tax considerations

December 01, 2023

As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial steps. The following highlights some of the more important year-end considerations.

  • personal financial planning
  • state tax
  • federal tax

What CT's first-ever long-term tax strategy will mean for you

October 11, 2023

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

  • personal financial planning
  • state tax
  • advocacy - state

IRS issues guidance on state tax payments

August 30, 2023

The IRS today provided guidancePDF on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022 in news release IR-2023-23, IRS issues guidance on state tax payments to help taxpayers.

  • state tax
  • federal tax

2023 Connecticut State Tax Developments

August 16, 2023

The following is intended to provide an overview of certain legislation enacted during the 2023 regular session of the Connecticut General Assembly. The information below is not intended to be a complete analysis of each and every aspect of recently enacted legislation but is intended to inform and alert taxpayers and practitioners of the enactment of such legislation.

  • state tax
  • advocacy - state

Do taxes make people leave CT? Policy group says not so much

August 16, 2023

Connecticut officials have debated for years whether raising taxes on its wealthiest families would prompt them to flee the state.

  • state tax
  • advocacy - state

2023 tax software survey

August 01, 2023

The software that CPA tax preparers use to prepare clients' income tax returns is one of their most important professional tools. These products vary not only in such basic features as how tax return data is input and displayed but also in their adaptability to the myriad variations in tax clients' sources of income, deductions and credits, and other pertinent details. CPAs naturally take a keen interest in how performance of the products compares.

  • state tax
  • technology and cybersecurity
  • federal tax

CT to take a deeper look at whether state taxes are fair

July 14, 2023

Connecticut’s next study on tax fairness will go even deeper than its first two assessments, which concluded the poor and middle class proportionally pay much more than Connecticut’s wealthy.

  • state tax
  • advocacy - state

Is CT an ‘emerging bright spot'? This national group thinks so

July 14, 2023

New report shows many states, unlike CT, ordered regressive tax cuts that will push their budgets into deficit

  • state tax
  • federal tax

Wayfair at five: No signs of age

June 16, 2023

It has been five years since the U.S. Supreme Court heard South Dakota v. Wayfair. The court decided on June 21, 2018, that states could tax purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. Much of what has happened in state tax law since then has been based on that decision.

  • business and industry
  • state tax
  • advocacy - federal
  • federal tax

Finance panel: Next CT tax fairness study must focus on inequality

April 27, 2023

Critics say last study ignored impacts of several state taxes.

  • state tax
  • advocacy - state

CT income tax rate cut OK'd by finance committee

April 19, 2023

But overall tax-cutting plan is less generous than Gov. Ned Lamont’s proposal

  • state tax
  • advocacy - state