The Latest News
IRS automatically waives estimated tax penalty for eligible 2018 tax filers
The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. The IRS will apply this waiver...
More States are Allowing Businesses to Absorb Sales Tax
Recently, Pennsylvania and Texas allowed businesses to absorb sales tax, meaning they can pay the tax due rather than collect it from the consumer. Is this a new trend? It used to be against the law for a business to absorb sales tax in...
Are Taxes Fairer or Simpler Under the TCJA?
This article is an analysis of what was promised when the Tax Cuts and Jobs Act was enacted compared with what has actually happened to date using nonpartisan, objective and authoritative sources. Specifically, this piece addresses the key...
Individuals with significant tax debt should act promptly to avoid revocation of passports
The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s...
2019 Employment Legislation Summary
In the 2019 legislative session, Connecticut's General Assembly passed several new laws with big ramifications for employers. Unless otherwise noted, the changes are effective October 1, 2019.  Our friends at Shipman & Goodwin LLP have compiled...
IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup
The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding...
IRS, Treasury issue guidance on making or revoking the bonus depreciation elections
The Internal Revenue Service today issued a revenue procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in...
Interacting with clients outside the busy tax season
Take time when things are less hectic to hear about your clients’ needs.
IRS To Target S Corporations, Foreign Disclosures In New Campaigns
The Internal Revenue Service (IRS) Large Business and International division (LB&I) has announced six additional compliance campaigns for taxpayers. A compliance campaign is a targeted directive on a particular issue; they happen when the IRS...
Cybersecurity for Tax Professionals
The Internet Society's Online Trust Alliance just released its 2018 Cyber Incident & Breach Trends Report, which says "2018–Some Better, Some Worse, All Bad." That’s our experience, too. Here are the highlights from the report.
How the ‘Kiddie Tax’ Change May Impact Clients
How Long Should Clients Keep Their Tax Records?
I regularly remind clients to hold onto their tax records in case their returns are questioned by the Internal Revenue Service. Understandably, clients ask just how long they need to save those old records that clutter their closets and desk...
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community.
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community. “I’m aware of it. I’m sensitive to it. And I understand the need for it,” said Rettig, a...
How Clients Can Max Out on the Section 199A Deduction
The new Section 199A deduction has led to considerable confusion and uncertainty among taxpayers and practitioners alike. At least new final regulations issued earlier this year provide some clarity. For those unaware, the Tax Cuts and Jobs...
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the...

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  Upcoming Events

Technology Committee Breakfast Roundtable: Considering a Switch to Thomson - 9/18/2019 - Shelton
Considering a Switch to Thomson? Talk to firms that are.Lately, we’re seeing many CPA firms migrating to Thomson. What’s behind and driving this trend? Audit workpapers, Document Management, Tax prep, Scheduling and tracking, Portals,...
Blockchain Application - 9/26/2019 -
This webcast will help you understand the potential of blockchain by diving into the blockchain structure and functionality. You will begin to navigate the practical aspects of blockchain applications and use cases by looking into Ledgers,...
Technology Committee Breakfast Roundtable - 10/17/2019 - Rocky Hill
This is an open forum - we never limit discussion. We've got experts on board who can help you with portals, paperless office, IT security, e-filing, and more. There is no need to register for this event - walk-ins are welcome! Roundtable...
Robotic Process Automation Strategy for Business Leaders - 10/17/2019 -
The future is here. Robotic Process Automation (RPA) is reshaping the accounting and finance profession. 40% of transactional accounting work is expected to be automated by 2020 and predicted to touch 230 million knowledge workers, 9% of the...
Blockchain Application - 11/15/2019 -
This webcast will help you understand the potential of blockchain by diving into the blockchain structure and functionality. You will begin to navigate the practical aspects of blockchain applications and use cases by looking into Ledgers,...
Technology Committee Breakfast Roundtable - 11/21/2019 - Westbrook
This is an open forum - we never limit discussion. We've got experts on board who can help you with portals, paperless office, IT security, e-filing, and more. There is no need to register for this event - walk-ins are welcome! Roundtable...
Robotic Process Automation Strategy for Business Leaders - 12/5/2019 -
The future is here. Robotic Process Automation (RPA) is reshaping the accounting and finance profession. 40% of transactional accounting work is expected to be automated by 2020 and predicted to touch 230 million knowledge workers, 9% of the...
Technology Committee Breakfast Roundtable - 12/18/2019 - Shelton
This is an open forum - we never limit discussion. We've got experts on board who can help you with portals, paperless office, IT security, e-filing, and more. There is no need to register for this event - walk-ins are welcome! Roundtable...
Blockchain Application - 12/20/2019 -
This webcast will help you understand the potential of blockchain by diving into the blockchain structure and functionality. You will begin to navigate the practical aspects of blockchain applications and use cases by looking into Ledgers,...
Courses and Webinars