News

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

March 17, 2021

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.

  • coronavirus
  • state tax
  • advocacy - federal
  • federal tax

Post-COVID State Tax Policy Changes

March 16, 2021

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.

  • coronavirus
  • state tax

American Rescue Plan's Individual Tax Breaks

March 11, 2021

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.

  • coronavirus
  • personal financial planning
  • state tax
  • federal tax

DRS Commissioner Issues Guidance on H.B. No. 6516

March 05, 2021

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.

  • coronavirus
  • state tax
  • advocacy - state
  • federal tax

CT hasn’t started collecting new payroll tax from state workers

March 02, 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.

  • state tax
  • advocacy - state

CT Senate Passes Bill to Address Commuter Tax Issues

March 01, 2021

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.

  • state tax
  • advocacy - state
  • federal tax

IRS issues guidance for taxpayers caught up in unemployment overpayment debacle

March 01, 2021

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.

  • coronavirus
  • state tax
  • advocacy - state
  • federal tax

House Passes Bill to Address Commuter Tax Issues

February 24, 2021

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.

  • business and industry
  • coronavirus
  • state tax
  • advocacy - state

Avoiding the SALT cap might spark a larger tax bill

February 17, 2021

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.

  • state tax
  • federal tax

CT seeks to spare telecommuters from double taxation as it battles neighboring states in court

February 17, 2021

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.

  • state tax
  • advocacy - state

DRS Commissioner's Column: Early Impressions

February 17, 2021

Introducing the first DRS Commissioner's Column from DRS Commissioner Mark Boughton!

  • state tax

Finance panel eyes cap on property tax hikes, gears up for another battle over CT’s credit card

February 17, 2021

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.

  • state tax
  • advocacy - state

Tax policy shifting this year under Biden

February 16, 2021

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.

  • state tax
  • advocacy - federal
  • federal tax

Surprise tax bills await in pandemic-affected IRS filing season

February 11, 2021

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.

  • coronavirus
  • personal financial planning
  • state tax
  • federal tax

Revenue Services: Online individual income tax filing for Connecticut returns available

February 09, 2021

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.

  • state tax

Lamont to extend COVID emergency until April 20

January 26, 2021

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.

  • state tax
  • advocacy - state

Senate leader pitches new state property tax on high-value homes

January 26, 2021

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.

  • state tax
  • advocacy - state

The N.H.-Mass. tax fight could have implications that go far beyond our borders

January 26, 2021

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.

  • business and industry
  • coronavirus
  • practice management
  • state tax
  • federal tax

Businesses Could Face Penalties For Failing To Register With Paid Leave Authority

January 25, 2021

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.

  • business and industry
  • practice management
  • advocacy - state
  • state tax

Gov. Ned Lamont tells Connecticut business leaders he’s ruling out ‘broad-based’ tax increases

January 22, 2021

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.

  • state tax
  • advocacy - state