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IRS, Treasury issue proposed regulations updating income tax withholding rules
The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. In...
FASB Proposes Improvements to Accounting for Contributed Nonfinancial Assets by Not-for-Profit Organizations
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known...
Dems: truck tolls vote next week. But there’s this one thing…
House Speaker Joe Aresimowicz of Berlin and Senate President Pro Tem Martin M. Looney of New Haven said Tuesday that each has convinced the other they have the votes necessary to pass legislation next week authorizing tractor trailer tolls on a...
Michael Knight Quoted in 'Accounting Today' Article 'California Worker Classification Law Stokes Worries'
California Assembly Bill 5, which went into effect Jan. 1, 2020, was intended to protect workers in the gig economy by reclassifying many of them as employees, rather than independent contractors, including those who drive for Uber and Lyft.
2020: The year of the amended tax return
The Further Consolidated Appropriations Act, enacted on Dec. 20, 2019, included a number of tax changes with retroactive impact, requiring taxpayers and their advisors to consider filing amended 2018 tax returns. These include 28 regularly...
CT companies spend billions on research and development, but some say state should incentivize more of it
New Britain’s Stanley Black & Decker this year introduced the world’s first artificial intelligence-enabled robotic pill dispenser. Across the Connecticut River at United Technologies Corp.’s Research Center in East Hartford, employees are...
Lamont eases up on debt diet to win support for truck tolls
Gov. Ned Lamont cheated on his debt diet Wednesday to win legislators’ support for truck tolls, but it remains to be seen whether pork-barrel spending is on the menu. The administration failed last spring to reach a deal with lawmakers on how...
State aid: see how your town fares in the governor’s budget
Gov. Ned Lamont’s 2020-21 budget proposal provides an additional $38 million for the state’s primary education grant and makes only minor adjustments to the other municipal aid grants. Education aid accounts for the lion’s share of state aid...
Opponents of Pot Legalization Know 2020 Could Be Tough
Opponents who have spent years fighting against the legalization of recreational marijuana in Connecticut know that 2020 may be the toughest year yet to beat back proponents of the measure. For the past few years opponents of legalization have...
DRS: Recent Taxpayer Mailing Includes Non-Filer Letters
An important part of the Department of Revenue Services (DRS) mission is to ensure those who are required to file a Connecticut income tax return have done so. As part of this effort, DRS is sending letters to certain taxpayers who filed a...