State Tax

News

IRS: Home Office Deduction Could Benefit Small Businesses
The IRS advises small businesses that a home office deduction can help save money on taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home—exclusively, and on a regular basis—to run their business.
All in the Family: Don't Get Tripped by Tax Rules
The IRS is advising business owners that certain tax treatments and employment tax rules apply to companies that include family members. When both spouses run the trade or business together and share in profits and losses, they may be...
IRS Says ‘Dozens’ of New Crypto, Cybercriminals Are Identified
The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the...
IRS provides tax inflation adjustments for tax year 2020
The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these...
401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500
The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides...
Maximizing the QBI deduction with UBIA property
The 20% Sec. 199A qualified business income (QBI) deduction is designed to provide some tax relief to owners of passthrough entities. However, the QBI deduction rules impose several limitations, most notably on high-income owners. These owners...
Tax Court Has No Time for Frivolity
Ever since the U.S. tax system was created, way back in 1913, some taxpayers have objected to paying their federal income tax liability. But simply refusing to pay tax hasn’t gotten anybody real far. Even worse, as shown in a new case, Wells, TC...
IRS, Treasury issue final regulations on new reporting requirements for life insurance contract transactions
The Internal Revenue Service today issued final regulations on the new information reporting requirements for certain life insurance contract transactions. The requirement was authorized under new section 6050Y, added to the Internal Revenue...
Investors Want a Clear Story on CECL. Are CFOs Ready to Tell It?
Financial and non-financial institutions alike are nearing adoption of the Financial Accounting Standards Board’s new Current Expected Credit Loss (CECL) standard, which will take effect at the beginning of the next fiscal year for most public...
The New IRS Tax Guidance on Cryptocurrency
This publication consists of two components: Rev. Rul. 2019-24, and 43 frequently asked questions which pertain to cryptocurrency held as a capital asset. IR-2019-167 is designed to supplement Notice 2014-21. In addition to discussing how basic...

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Education

On-Demand: Understanding Connecticut's New Pass-Through Entity Tax

CPE Credits: 2
Learn from members of the CTCPA State Taxation Committee in this two-hour session recorded on August 28, 2018. The session focuses on the practical implications of the new tax on your clients, including a review of the administrative guidance issued by the Connecticut Department of Revenue Services and potential planning opportunities. Our expert panel includes Attorney Alan Lieberman from Shipman and Goodwin, Tony Switajewski from BlumShapiro, Patrick Duffany from CohnReznick, and Matthew Dayton from the Department of Revenue Services.

Check back soon for more programs.

   

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