State Tax

News

Accountants, lawyers and boat sellers complain about Gov. Ned Lamont’s plan for $1 billion in new taxes
Facing more than $1 billion in new taxes over the next two years, accountants, boat sellers and others came to the state Capitol Friday to complain to lawmakers about the hikes contained within Gov. Ned Lamont’s budget proposal.
What to Expect from M&As Post Wayfair
With the Supreme Court's South Dakota v. Wayfair ruling and the elimination of the “physical presence” standard, a number of issues are raised in the realm of mergers and acquisitions for both buy-side accountants and sell-side accountants. As...
What Effect Does Nexus Have on Clients?
n South Dakota v. Wayfair, the U.S. Supreme Court eliminated the physical presence rule within the Commerce Clause as the standard for creating nexus in a jurisdiction. However, physical presence will still create nexus and is the first...
REMINDER: PE Tax Return and Payment Due March 15
Form CT-1065/CT-1120SI, Connecticut Pass-Through Entity Tax Return, is due on Friday, March 15, 2019, for calendar year filers. Pass-through entities (PEs) must file their return and pay the tax due by the March 15 due date, or request an...
IRS Looks for Ways to Squelch New York, Connecticut SALT Workarounds
The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and Connecticut to circumvent the state and local tax, or SALT, deduction cap that kicked in for the 2018 tax...
Identity theft remains on IRS’ "Dirty Dozen" list despite progress
Despite a steep drop in tax-related identity theft in recent years, the Internal Revenue Service today warned taxpayers that the scam remains serious enough to earn a spot on the agency’s 2019 “Dirty Dozen” list of tax scams. “Taxpayers should...
Action Alert: Sales Tax on Tax Preparation Advances - Your Help Needed Now!
The initiative to expand the sales tax to include your tax return preparation and accounting services is advancing as you read this email!
Michael Knight quoted in Bloomberg article 'New Rhode Island SALT Workaround Bill 'Has Legs’'
Michael Knight, CPA, CVA, CFE, a partner at Knight Rolleri Sheppard CPAs, LLP (with offices in Fairfield and Greenwich), was quoted by Bloomberg Tax in the article "New Rhode Island SALT Workaround Bill 'Has Legs’." The article follows...
Bonnie Stewart pens Hartford Courant op-ed: 'Don't tax us on paying our taxes'
If legislation proposed in the current General Assembly comes to pass, many Connecticut residents will soon face the unpleasant reality of “paying a tax on paying their taxes.” Section 22 of Senate Bill 877, “An Act Concerning Revenue Items to...
Questions remain about the excess business loss rule
P.L. 115-97, informally known as the Tax Cuts and Jobs Act (TCJA), added Sec. 461(l) and the phrase "excess business losses" to the Code. Little has been written about the excess business loss rule. Perhaps people believe it to be straightforward...

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Education

On-Demand: Understanding Connecticut's New Pass-Through Entity Tax

CPE Credits: 2
Learn from members of the CTCPA State Taxation Committee in this two-hour session recorded on August 28, 2018. The session focuses on the practical implications of the new tax on your clients, including a review of the administrative guidance issued by the Connecticut Department of Revenue Services and potential planning opportunities. Our expert panel includes Attorney Alan Lieberman from Shipman and Goodwin, Tony Switajewski from BlumShapiro, Patrick Duffany from CohnReznick, and Matthew Dayton from the Department of Revenue Services.

   

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