News

The federal government will pay about 7,000 IRS probationary employees, who were laid off less than a month ago, not to work while lawsuits over layoffs wind their way through the court system, the agency said Tuesday in an email.

Clients worry about crazy things every tax season, but this year their fears and obsessions and just-plain-odd ideas seem to be taken to a new level.

“There’s been a big push from BioCT and other legislative action groups” to support the increase, said Bill Claffey, a tax attorney and partner at accounting firm Fiondella, Milone & LaSaracina LLP. He participated in a panel discussion during the event.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

The purpose of this Announcement is to provide taxpayers and practitioners with an update as to the availability of the composite income tax return and the pass-through entity tax return for the taxable year starting January 1, 2024. As explained herein, these forms are currently available in and may be filed through the Department’s on-line portal (myconneCT).

New Hampshire is fighting back. The Granite State's latest move to protect businesses from sales tax legislation, HB 135, was introduced on Jan. 8, 2025. It states that "no New Hampshire business shall be required to collect sales taxes for a foreign jurisdiction [a.k.a., another state] unless mandated by Congress or New Hampshire law."

As the busy season ramps up, the risk of cyberattacks increases. Cybercriminals know that heightened workloads, tight deadlines and the influx of client communications create opportunities for exploitation. Whether through phishing emails, intercepted networks or fraudulent disbursement requests, the stakes for CPAs and their clients are high.

The Connecticut Department of Revenue Services (DRS) today announced that it is currently accepting individual state income tax returns for taxable year 2024. The state and federal income tax filing deadline is Tuesday, April 15, 2025.

Does your firm have fun during busy season? If not, consider scheduling activities that build community, bring levity to the office, and help keep staff stay motivated through the busiest time of the year.

The Connecticut Department of Revenue Services (DRS) today released the state’s tax gap report, required under Public Act 23-204 sec. 374. This year’s report analyzes data from the 2022 tax year and estimates Connecticut’s net tax gap at $2.998 billion. This reflects the difference between the calculated gross tax gap of $3.702 billion and the approximately $704 million expected to be collected through ongoing DRS enforcement actions.

As part of its continuous efforts to modernize customer service and improve the taxpayer experience, the Connecticut Department of Revenue Services (DRS) today announced the launch of its new DRS eAssistant. The DRS eAssistant is available to all Connecticut taxpayers on the myconneCT homepage and can be found in the bottom right-hand corner.

The Internal Revenue Service today issued guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state paid family and medical leave program, as well as the related reporting requirements. Rev. Rul. 2025-4 PDF provides guidance to the District of Columbia and states that have mandatory paid family and medical leave programs and for employees working in and employers operating in those states. Today’s guidance responds to requests to clarify the federal tax treatment of state paid leave programs that help pay employees who can’t work because of non-occupational injuries to themselves or family members, as well as sickness and disabilities.

The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

The Department of the Treasury and the Internal Revenue Service issued proposed regulations today addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older.

Address tax law changes and focus on practice management.

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

The Department of Revenue Services (DRS) is hereby providing guidance to taxpayers who are unable to meet certain filing and payment obligations as a direct result of the impact of the extreme weather events of August 18, 2024.