News

This year's tax season, the first post-COVID, began on Jan. 23 with anticipation of a return to normal.

Lamont expected to ignite the debate next month when he presents his budget proposal.

Governor Ned Lamont today held a news conference in Hartford to announce his first legislative proposal of 2023, which includes restoring Connecticut’s pass-through entity tax credit to its original, revenue-neutral level of 93.01% and enabling small business owners in the state to save money by claiming a larger credit on their personal returns.

American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.

The Treasury Department and the Internal Revenue Service today issued Notice 2023-07PDF, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.

The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.

An income tax reduction for residents making up to between $150,000 and $200,000 a year is among the proposals Gov. Ned Lamont said Tuesday he is weighing ahead of the legislative session that begins next month.

The General Assembly’s tax-writing committee heard positive feedback Monday on the impact of a temporary child tax rebate program, which will need to either be extended or shelved in the legislative session beginning next month.

Legislative leaders are considering calling a special session after the November election

When accountants and tax pros accept all client demands and fail to establish clear boundaries, they risk taking on more work than they can handle and typically at low pay. And during a crazy tax season, it’s far too easy to run yourself ragged and neglect your own needs.

You might have business-owning clients who are using or thinking about using cryptocurrency in their business transactions, and these clients will need your expertise to deal with crypto tax compliance and to make strategic moves.

The plunging value of many cryptocurrencies and nonfungible tokens has led to worries about the tax implications faced by crypto investors and companies.

Even if your plans are years down the road, you must start mapping out an effective succession or transition plan early to enable you to realize the full value of the work you put into your firm.

We’re now more than halfway through the 2022 tax return filing season, and I’m often asked for filing best practices — more specifically, best practices for filing income tax returns and dealing with the IRS and state and local taxing authorities.

The Internal Revenue Service today announced it has begun using voice and chat bots on two of its specialized toll-free telephone assistance lines and IRS.gov, enabling taxpayers with simple payment or collection notice questions to get what they need quickly and avoid waiting.

Taxpayers who moved to another state during the pandemic to work remotely have been dealing with a more complicated tax season than usual, and it’s not so easy for the companies where they work, either.

Fees for tax planning and advisory services average as much as five times those for tax preparation, according to a recent survey of practitioners.

Ryan C. Sheppard of Knight Rolleri Sheppard CPAS, LLP contributed the piece from the Tax Management Real Estate Journal.

CTCPA Member Robert Day III was featured in the CBIA Point/Counterpoint on tax incentives in Connecticut.

Tax season is almost upon us – and the anticipation for a busy, intense time of year is building. Fortunately, tasks such as staffing, registration, organizers and additional administrative responsibilities can be addressed early, giving CPAs the ability to devote more time to client work.