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Lamont holds tax rates steady, but companies and consumers would still pay more
In his inaugural budget, Gov. Ned Lamont kept campaign pledges not to increase major tax rates, but plenty of businesses, and their customers, can expect to pay higher taxes if the two-year spending plan makes it through the legislative gauntlet...
Lamont’s Budget Will Tax Services, Some Goods
“The notion of taxing tax preparation services is fundamentally flawed,” Bonnie Stewart, executive director of the Connecticut Society of Certified Public Accountants, said “as it poses what taxpayers will view as a penalty for filing one’s tax...
Will Cryptocurrency Tax Returns Stand up to IRS Audits?
With roughly two months left until the US tax season closes, the position of cryptocurrency investors is causing problems for accounting professionals across the country. This situation developed from a few different events. First, the record...
Sales tax expansion leaves everyone a bit miffed
Haircuts, laundry, legal services, veterinarian visits and parking are on the list. Even paying an accountant to file your taxes could now be subject to the state sales tax. That’s because Gov. Ned Lamont proposed broad expansions of the...
Industry pans Lamont's bid to tax professional services
The accounting industry was one of the first industry groups on Wednesday to slam Gov. Ned Lamont's budget proposal that dramatically broadens Connecticut's sales tax on professional services. Lamont's proposed two-year, $43 billion state budget...
Lamont tells CT to expect lean spending, sales tax expansion
In a lead-up to his first budget next week, Gov. Ned Lamont asked Connecticut residents Monday to brace for a lean spending plan that overhauls service delivery, restructures pension debt and broadens the sales tax.
IRS provides a safe harbor method of accounting for passenger automobiles that qualify for the 100-percent additional first year depreciation
The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year...
National Taxpayer Advocate delivers annual report to Congress: Addresses impact of shutdown; urges more funding for IT modernization
National Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with additional...
IRS Identity Protection PIN Update
The IRS has expanded eligibility for its IP PIN test program to taxpayers in the top 10 locations where identity thefts are reported to the Federal Trade Commission. The locations are the original three test sites (Washington, D.C., Florida and...
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

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  Connecticut CPA magazine feature
The IRS Disqualified Employment Tax Levy:
Just When the Client Thought It Was Safe to Owe Money Again …

By Lauren M. McNair, Esq. and Eric L. Green, Esq., Green & Sklarz LLC

Your client calls frantic one morning just as you are sitting down to your desk. “Joe, what’s up?” you ask genially as you reach for your coffee.

“The IRS just cleaned out my bank account!” yells Joe.

“What do you mean? We worked out a payment plan a year ago at our Collection Due Process hearing with the settlement officer. I thought you paid that off.”

Read more>>>