News

Does your firm have fun during busy season? If not, consider scheduling activities that build community, bring levity to the office, and help keep staff stay motivated through the busiest time of the year.

The Connecticut Department of Revenue Services (DRS) today released the state’s tax gap report, required under Public Act 23-204 sec. 374. This year’s report analyzes data from the 2022 tax year and estimates Connecticut’s net tax gap at $2.998 billion. This reflects the difference between the calculated gross tax gap of $3.702 billion and the approximately $704 million expected to be collected through ongoing DRS enforcement actions.

As part of its continuous efforts to modernize customer service and improve the taxpayer experience, the Connecticut Department of Revenue Services (DRS) today announced the launch of its new DRS eAssistant. The DRS eAssistant is available to all Connecticut taxpayers on the myconneCT homepage and can be found in the bottom right-hand corner.

The Internal Revenue Service today issued guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state paid family and medical leave program, as well as the related reporting requirements. Rev. Rul. 2025-4 PDF provides guidance to the District of Columbia and states that have mandatory paid family and medical leave programs and for employees working in and employers operating in those states. Today’s guidance responds to requests to clarify the federal tax treatment of state paid leave programs that help pay employees who can’t work because of non-occupational injuries to themselves or family members, as well as sickness and disabilities.

The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

The Department of the Treasury and the Internal Revenue Service issued proposed regulations today addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older.

Address tax law changes and focus on practice management.

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

The purpose of this publication is to provide guidance as to the scope and application of the credit against the income tax that is set forth in Conn. Gen. Stat. § 12-704c(d). More specifically, given the various legislative amendments surrounding this credit, this publication is intended to both clarify that taxpayers are eligible to claim the credit set forth in Conn. Gen. Stat. § 12-704c(d) in taxable year 2023 and to explain how eligible taxpayers are to claim said credit on income tax returns due for said taxable year.

The Connecticut Department of Revenue Services will be hosting a virtual webinar on Wednesday, Sept 4, 2024, at 10:00 a.m. to provide a Connecticut Real Estate Conveyance Tax Return (myCTREC – Form OP-236) Tax Overview. Representatives from the Department will give a presentation about Connecticut’s myCTREC and answer frequently asked questions. Please submit any myCTREC questions with the registration form by Wednesday August 28, 2024.

The House adjourned Sine Die on June 27 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it. As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas.

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.

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.

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.

Legislative leaders are considering calling a special session after the November election