Federal Tax

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IRS and Treasury issue guidance related to global intangible low-taxed income (GILTI)
The Treasury Department and the Internal Revenue Service issued final and proposed regulations today concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of...
Connecticut Enacts Historic and Sweeping Trust Legislation
The Connecticut legislature has enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code. This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law that will greatly enhance the...
Tax Court Allows Passive Activity Losses from a Distance
The tax law limits the benefits derived from certain “passive activities” where a taxpayer fails to “materially participate” in the activity. Typically, this limit may apply to absentee landlords and business owners who sit on the sidelines....
Why You Should Care About Streamlined Sales Tax
Even though it’s been around since 1999 and has 24 member states, I know many of your business clients have questions about the Streamlined Sales and Use Tax Agreement. If they are faced with collecting sales tax in multiple states, it could...
SB 877 State Revenue Package Language Now Available
The language for the revenue package approved by the legislature’s Finance, Revenue and Bonding Committee – An Act Concerning Revenue Items to Implement the Biennial Budget – is now available at the following link:...
IRS Statement and Instructions Regarding Recent CCH Software Outage
The IRS has been working closely with CCH to ease the impact on taxpayers caused by their recent software outage. The IRS encourages these taxpayers with a May 15 deadline to file on time, if possible. Taxpayers who cannot file on time are...
Finance Committee Passes Bill To Take Bonding Authority Away From Governor
On one hand, Democrats on the Finance, Revenue and Bonding Committee sought to adhere to Gov. Ned Lamont’s “debt diet”, and moments later they passed legislation that would take away his control of the Bond Commission. The committee voted 46-4...
Finance Package Offers A Mixed Bag of Tax Hikes
The Finance, Revenue, and Bonding Committee is proposing increasing revenues by $1.01 billion in 2020 and $1.33 billion in 2021, but the tax package the committee is hoping to adopt Wednesday doesn’t accept all of Gov. Ned Lamont’s...
Major Victory: Proposed Sales Tax on Accounting and Tax Services
I've got great news for you this morning! Last night, the Finance Committee voted to approve a revenue package that offered significant changes to Governor Ned Lamont's budget proposal - and a sales tax on tax and accounting services is NOT in...
For those who missed the tax-filing deadline, IRS says file now to avoid bigger bill
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid potential...

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