Federal Tax Reform

Federal Tax Reform

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Federal government shuts down, CT to feel aftershock
Connecticut residents will still get their mail and Social Security checks, but the shutdown of the federal government will reverberate through state agencies – especially those that are most reliant on federal grants and federal workers — and...
Pressing question for CT: A state tax break for private school tuition?
The federal tax overhaul may have triggered an automatic state tax break that would allow parents to avoid paying state taxes on some of the money they put aside to send their children to private K-12 schools.
CTCPA Members Ed Kindelan and Patrick Duffany Represent CTCPA at Tax Reform Town Hall Meeting
CTCPA members Ed Kindelan and Patrick Duffany of CohnReznizk represented the CTCPA at a town hall meeting on the new federal tax law hosted by Rep. Elizabeth Esty (D-5th) at the Farmington Library on Saturday, January 13. The panel discussion...
CTCPA Member Brian Newman of CohnReznick Wrote "How Federal Tax Reform Will Impact Your Business" for the Hartford Business Journal
On Dec. 22, President Trump signed into law the Tax Cuts and Jobs Act (the Act), which makes significant changes to the tax law pertaining to both businesses and individuals.
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February
The Internal Revenue Service today released Notice 1036 , which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take...
FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act, on Wednesday in an effort to provide financial statement preparers with timely answers to questions they have posed.
CTCPA Executive Director Bonnie Stewart interviewed for Hartford Business Journal article: Accounting industry deals with tax overhaul, talent shortage
Q&A talks with Bonnie Stewart, executive director of the Connecticut Society of CPAs, on the impact of federal tax reform and other issues impacting the accounting industry.
CTCPA Executive Director Bonnie Stewart Quoted in New London Day: Now that it’s 2018, here’s what you need to know about the new federal tax bill
In Connecticut, where 41 percent of taxpayers file itemized returns, accountants are being flooded with questions about the change to state and local deduction under the new federal tax law.
SEC permits reasonable estimates in corporate tax reporting
Companies that are having trouble accounting for the effects of the recently enacted Tax Cuts and Jobs Act, P.L. 115-97, can report reasonable estimates for those effects in their financial statements for the reporting period in which the law was...
Trump signs the massive GOP tax bill into law
President Donald Trump enacted the Republican tax bill on Friday before departing the White House for his Mar-a-Lago estate in Palm Beach, Florida.

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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.