The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
Programs and policies designed to soften the economic impact of the pandemic are still being rolled out today, and may continue at the state level.
The signing of the American Rescue Plan comes just a few days before extended unemployment benefits were scheduled to start running out. There are several tax breaks for individuals to take note of.
As Governor Lamont is expected to sign House Bill No. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tiered Grants in Lieu of Taxes Program, into law, the purpose of this Commissioner's Bulletin is to make taxpayers aware of the impact the legislation will have on tax filing and payment obligations, including individual income tax returns and associated liabilities due on or before April 15th, 2021.
State officials imposed a new payroll tax starting Jan. 1 to launch the Connecticut’s Family and Medical Leave program — but it’s more than two months into the year, and they haven’t begun collecting the levy from qualified state employees.
House Bill 6513 (HB 6513), An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, and Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And Three-Tiered Grants In Lieu Of Taxes Program, passed the Senate today.
A number of people who watched our report on unemployment overpayments Friday have reached out looking for answers. Connecticut is not the only state dealing with overpayment issues. The Internal Revenue Service is now issuing guidance.
House Bill 6513 (HB 6513), An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, and Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And Three-Tiered Grants In Lieu Of Taxes Program, passed the House today and is expected to pass the Senate later this week or early next week.
Bypasses to the curb in states including Connecticut and New Jersey provide legal ways for business owners to preserve their full deduction, which includes those often-steep property levies. But some shocked taxpayers can wind up owing more tax than they originally would have.
Gov. Ned Lamont and the legislature’s Finance Committee are trying to shield thousands of residents with out-of-state employers from double taxation while Connecticut and its neighbors battle over fiscal policy in court.
Introducing the first DRS Commissioner's Column from DRS Commissioner Mark Boughton!
The legislature’s Finance Committee raised separate bills Wednesday that would cap municipal property tax hikes and potentially launch a second battle with Gov. Ned Lamont over control of Connecticut’s credit card.
The Biden administration is likely to dramatically change its approach to tax policy, with the first step in the stimulus package it began pushing through Congress this month.
The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.
The Department of Revenue Services (DRS) online Taxpayer Service Center (TSC) is currently accepting and processing Connecticut individual income tax returns. As of last Friday, more than 3,800 state individual income tax returns have been filed, with approximately 3,300 state refunds issued, via the TSC, which is an easy, free, and secure filing and payment option.
Gov. Ned Lamont informed legislative leaders Monday he will extend from Feb. 9 until April 20 the public health and civil preparedness emergency that gives him sweeping powers to manage the COVID-19 pandemic.
Connecticut’s tax fairness debate took another leap forward recently when the Senate’s highest-ranking Democrat proposed new taxes on high-value homes and on the capital gains of the state’s highest earners.
At first glance, the border battle between Massachusetts and New Hampshire over income taxes might seem like a mere squabble between two neighbors. But the fallout could be felt nationwide once the dust finally settles because of the rising acceptance of remote work, and the trend’s implications for state tax policies.
Fewer than half of the state’s 100,000 businesses have registered with the state as part of the Paid Family Medical Leave program. Some 40,000 Connecticut businesses have registered with the state to withhold half of a percent from employee wages to pay up to 12 weeks of paid family leave benefits starting in 2022.
Gov. Ned Lamont on Friday ruled out “broad-based” tax increases, telling business leaders that higher taxes over the past 30 years have failed to solve Connecticut’s problems.