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 issues proposed regulations on new 20 percent deduction for passthrough businesses
We're ready and willing to work through this guidance with you... stay tuned for details on an upcoming program with Walter Nunnallee.
DRS Issues SN 2018(7), Treatment of Global Intangible Low-Taxed Income for Connecticut Corporation Business Tax Purposes
Treasury, IRS issue proposed regulations on new 100 percent depreciation
The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in...
IRS, Treasury issue proposed regulations implementing Section 965
The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the...
IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act
The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The...
Senate Bills Would Repeal Fringe Benefits Provision
Lawmakers are increasingly aware of the need to fix a provision in the new tax law that requires tax-exempt organizations to pay taxes on employee parking and transportation benefits.  Read more...    (Source: ASAE)
30 million people are not withholding enough for taxes - How to tell if you’re one of them
The GAO says 21 percent of taxpayers – or about 30 million people – aren’t withholding enough taxes from their pay this year.
State-by-State Tax Legislation in Response to Federal Tax Reform
The Tax Cuts and Jobs Act, the major tax reform law passed into law at the end of 2017, has had many affects on taxpayers, particularly regarding the deductiblity of property and local taxes, but also in other areas. As a result, many states have...
Gov. Malloy, AG Jepsen: Connecticut Joins Lawsuit to Protect State Taxpayers from Drastic Cut in State and Local Tax Deduction
Governor Dannel P. Malloy and Attorney General George Jepsen today announced that Connecticut has joined a lawsuit to protect the state and its taxpayers from Washington’s drastic curtailment of the State and Local Tax (SALT) deduction.
Connecticut Joins Lawsuit Challenging Federal Tax Law
Connecticut joined three other states Tuesday and filed a federal lawsuit against U.S. Treasury Secretary Steven Mnuchin and the U.S. Internal Revenue Service over the new $10,000 cap on the federal tax deduction for state and local taxes....

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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.