News

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

Inside the tax provisions of the stimulus act

March 09, 2021

The Senate has approved the House's $1.9 trillion stimulus bill, designed to provide relief and address other issues related to the COVID pandemic.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal
  • federal tax

Senate passes Biden's $1.9 trillion relief package including $1,400 stimulus checks

March 06, 2021

The Senate passed President Joe Biden's $1.9 trillion stimulus package on Saturday, sending the amended bill back for a vote in the House followed by the president signing the legislation.

  • coronavirus
  • advocacy - federal
  • 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

IRS issues employee retention credit guidance

March 02, 2021

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.

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

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 $1.9 trillion stimulus bill with a variety of small business relief

February 27, 2021

The U.S. House of Representatives passed, by a vote of 219–212, a $1.9 trillion COVID-19 relief package early Saturday morning that includes $1,400 stimulus checks to individuals, an extension of unemployment benefits, and tens of billions in aid for small businesses and not-for-profits.

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

Schumer weighs big-firm tax to enable minimum wage hike

February 26, 2021

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

  • coronavirus
  • advocacy - federal
  • federal tax

Important IRS Information Regarding CP59 Notices

February 22, 2021

IRS Senior Stakeholder Liaison Joe McCarthy has an important message about CP59 notices your clients may have received.

  • federal tax

Victims of Texas winter storms get deadline extensions and other tax relief

February 22, 2021

Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

  • federal tax

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

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

AICPA Applauds Taxpayer Relief in Mobile Workforce Amendment

February 09, 2021

Throughout the pandemic, the American Institute of CPAs (AICPA) has actively advocated for legislation to (a) provide taxpayers relief from inconsistent state and local income tax and withholding rules impacting employees and employers, and (b) create a uniform national standard to simplify and enhance compliance with various state and local tax laws, thereby reducing these burdens.

  • practice management
  • advocacy - state
  • advocacy - federal
  • federal tax

IRS requires corrected information returns for certain SBA loans

February 02, 2021

The IRS instructed lenders that have erroneously filed or furnished Forms 1099-MISC, Miscellaneous Income, reporting certain payments on U.S. Small Business Administration (SBA) subsidized loans as income of the borrower, to file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments (Announcement 2021-2).

  • coronavirus
  • federal tax

IRS updates FAQs on paid sick leave credit and family leave credit

January 29, 2021

The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).

  • coronavirus
  • federal tax

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

January 29, 2021

The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.

  • business and industry
  • federal tax

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

IRS offers option when PPP loan forgiveness is denied

January 25, 2021

Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

  • coronavirus
  • federal tax