News
Connecticut June 2024 Special Session - Emergency Certified Bill 501 Passes House and Senate
June 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.
The tax consequences of digital nomadism
June 06, 2024
In recent years, the global workforce has witnessed a significant shift toward remote work and the rise of digital nomads — individuals who work entirely over the internet while traveling and have no fixed place of business. As many countries are recognizing this growing trend, the solution — the digital nomad visa — is increasing in popularity. The visa, offered under varying names, is currently available in more than 70 countries.
Gimme (tax) shelter: The unlimited annuity shielding ultrawealthy clients
May 16, 2024
The tax benefits of private placement variable annuities for wealthy clients are drawing scrutiny and calls for a federal crackdown — but they're not going away anytime soon.
Regulations finalize PTIN fees for tax return preparers
May 14, 2024
The IRS issued final regulations (T.D. 9997) on Tuesday that finalize the reduction of the fees for the application and renewal of preparer tax identification numbers (PTINs) to an $11 user fee plus an $8.75 third-party contractor fee, for a total annual fee of $19.75. That fee amount has been in place since Oct. 19, 2023.
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.
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.
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.
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