State Tax

News

Cybersecurity for Tax Professionals
The Internet Society's Online Trust Alliance just released its 2018 Cyber Incident & Breach Trends Report, which says "2018–Some Better, Some Worse, All Bad." That’s our experience, too. Here are the highlights from the report.
How the ‘Kiddie Tax’ Change May Impact Clients
How Long Should Clients Keep Their Tax Records?
I regularly remind clients to hold onto their tax records in case their returns are questioned by the Internal Revenue Service. Understandably, clients ask just how long they need to save those old records that clutter their closets and desk...
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the...
Real Estate Conveyance Tax Change – Effective July 1, 2019
Effective July 1, 2019 (cite: Public Act 19-117, §336), sales of principal residences with foundations made from defective concrete containing pyrrhotite - as certified by a licensed engineer – are exempt from the real estate conveyance tax. This...
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible...
Why the TCJA Packs Even More Depreciation Punch
The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good...
Final rules permit truncated TINs on W-2s
In its continuing effort to reduce identity theft, the IRS issued final regulations that permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (T.D. 9861). The...
Advising Your Clients on Lowering Their Self-Employment Taxes
Here’s the thing: Making sure employees are paid the right amount on time is crucial to keeping them motivated. And for small business owners, determining exactly how much money should be withheld for state and federal income taxes, benefits and...
Can You Make Tax Deductions without the Records?
In seven previous columns, I explained how I use “tax tidbits” to enliven conversations when talking taxes with clients or speaking to groups like retirees, individuals who run their own businesses and investors. The tidbits discuss amusing court...

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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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