News
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
Finance panel: Next CT tax fairness study must focus on inequality
April 27, 2023
Critics say last study ignored impacts of several state taxes.
CT leaders mull special session for essential worker relief, gas tax
September 29, 2022
Legislative leaders are considering calling a special session after the November election