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Dan Haar: Tax collection declines cost state $3 billion a year in Malloy era
Connecticut coffers would have been at least $3 billion fatter per year if the growth rate of tax collection in the Malloy era had matched the early to mid-2000’s, and that means state budget shortfalls would not exist at all. That new...
IRS Confirms Tax Filing Season to Begin January 28
Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive...
Lamont to keep 9 of Malloy's agency commissioners
The Democrat says he plans to re-nominate commissioners of the Departments of Mental Health and Addiction Services, Revenue Services, Banking, Rehabilitative Services, Veterans Affairs, Developmental Services, Consumer Protection and Labor.
CTCPA President-elect Dennis Cole Appears on WTIC to Discuss LLC Scam and More
CTCPA President-elect Dennis Cole, a partner with Beers, Hamerman, Cohen & Burger, PC in New Haven, appeared on  Mornings with Ray Dunaway on WTIC NewsTalk 1080 to discuss the current Connecticut LLC scam as well as tax planning and more.  Listen...
Secretary of the State, Attorney General Warn Connecticut Businesses about “Official” Reporting Scam
Secretary of the State Denise Merrill and Attorney General George Jepsen are warning businesses across Connecticut about a mailing being sent by “Workplace Compliance Services” purporting to be an official “Annual Report...
IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act
The Internal Revenue Service issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). These rules, as amended by the Tax Cuts and Jobs Act (TCJA) in...
Three 1031 Related Party Rules CPAs Can Offer Guidance On
In an earlier post, we discussed some of the major issues involved when tax professionals counsel partnerships in 1031 exchanges. As we saw, this can be a very delicate matter. Partnerships must handle their exchanges properly or else face...
Nonprofit employee parking is taxable under the TCJA
Under the Tax Cuts and Jobs Act, the parking benefits that churches, synagogues, hospitals, colleges and other nonprofits offer their employees are now taxable. That’s causing headaches for nonprofit administrators trying to figure out...
Reminder: forms for pass-through entity tax payment recharacterization must be submitted by December 31, 2018
The Connecticut Department of Revenue Services (CTDRS) reminds taxpayers that forms for pass-through entity tax payment recharacterization must be submitted by December 31, 2018.
First plug-in electric vehicle manufacturer crosses 200,000 sold threshold;Tax credit for eligible consumers begins phase down on Jan. 1
The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.This triggers a phase out of the tax credit available for purchasers of new...