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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.

  • state tax
  • advocacy - state

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.

  • state tax
  • technology and cybersecurity
  • federal tax

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.

  • personal financial planning
  • state tax
  • federal tax

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.

  • career resources
  • state tax
  • federal tax

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

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

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

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

  • business and industry
  • state tax
  • advocacy - state