Federal Tax Reform

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Connecticut CPA magazine Federal Tax Reform Special Section

A Review of the Tax Cuts and Jobs Act – What You Need to Know Now

By Patrick J. Duffany, CPA, JD, Managing Partner – Tax, CohnReznick and
Edmund S. Kindelan, CPA, Regional Managing Partner – New England, CohnReznick


The AICPA Tax Section has sponsored a robust Tax Reform Resource Center, including videos, FAQs, and more. If you're asked to speak anywhere regarding the tax changes (for either businesses or individuals), you can also brand one of the AICPA's helpful PowerPoint presentations with your firm or company's logo and information. 

View on AICPA TV.
Download the "Business" PowerPoint.
Download the "Individual" PowerPoint.



Get the scoop.

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...
Michael Knight discusses losing the SALT deduction on WSHU radio show
Michael Knight, CPA, CVA, CFE , a partner at Knight Rolleri Sheppard CPAs, LLP with offices in Fairfield and Greenwich, was a featured guest on the WSHU radio show "The Full Story" on January 30. Michael and the other featured experts discussed...
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.
Final Section 199A IRS Regulations Propose Safe Harbor for Rental Real Estate
Need more help navigating the Section 199A deduction? The CTCPA has pulled together education in a variety of formats, including livestream, live courses in Hartford and Fairfield County, and webinars. For more details, visit...
IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax...
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction,...
Connecticut pays the most in federal taxes and gets the least back in return
Connecticut is ranked first in the nation for paying the most in federal income taxes and getting the least federal dollars in return. That’s the finding of the latest survey by the New York-based Rockefeller Institute of...
Democrats Concerned About IRS Shutdown Plan
The Treasury Department this week released a new contingency plan to deal with the ongoing partial government shutdown, but Democratic lawmakers have doubts about the agency’s ability to handle the upcoming tax-filing season. Treasury’s shutdown...
The government has shut down, but tax season doesn’t stop
Busy season is still expected to start on time, but key IRS functions may not be operational. The potential effects of a prolonged government shutdown could make things interesting for CPA tax practitioners.
Charitable Giving, Business Structure, and Estate Plans Top List of Adjustments Post Tax Reform: Survey of CPA Financial Planners
As 2018 comes to a close, CPAs are working with their clients to harvest losses, bunch charitable contributions and make other year-end financial planning moves to put them in the best possible position for when they file their taxes. However,...

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Get educated.

The CTCPA is hosting a number of classes and webinars to get you up to speed.




Connecticut CPAs to Legislators: Newly Reached ‘Deal’ is No Deal for Connecticut Taxpayers

On December 13, the CTCPA submitted a letter signed by CTCPA President Bradley D. Kronstat and Executive Director Bonnie Stewart to each member of Connecticut’s Congressional Delegation. The letter expresses the Society’s concern regarding the likely negative impact upon Connecticut of the proposed tax reform bill as agreed upon in principal by consensus by the House and Senate.

Update: The bill was passed on December 20.

Read the letter in its entirety.