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The House adjourned Sine Die on June 27 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it. As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas.

In recent years, the global workforce has witnessed a significant shift toward remote work and the rise of digital nomads — individuals who work entirely over the internet while traveling and have no fixed place of business. As many countries are recognizing this growing trend, the solution — the digital nomad visa — is increasing in popularity. The visa, offered under varying names, is currently available in more than 70 countries.

The tax benefits of private placement variable annuities for wealthy clients are drawing scrutiny and calls for a federal crackdown — but they're not going away anytime soon.

The IRS issued final regulations (T.D. 9997) on Tuesday that finalize the reduction of the fees for the application and renewal of preparer tax identification numbers (PTINs) to an $11 user fee plus an $8.75 third-party contractor fee, for a total annual fee of $19.75. That fee amount has been in place since Oct. 19, 2023.

The Department of Revenue Services and Internal Revenue Service have issued additional guidance on the taxability of Connecticut's Hero payments.

The 2024 filing season, which began with a hint of uncertainty, has progressed into one of the smoothest in recent memory — but the uncertainty still exists, fueled by court decisions and pending legislation.

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

The IRS will hold webinars for tax professionals next week to help them avoid a scam email that tries to steal electronic filing identification numbers (EFINs) to gain access to client data and tax preparers' identities.

Remote workers who successfully sue New York to recoup 2020-23 taxes would receive discount on Connecticut tax bills

A number of other states have followed the IRS' lead by issuing tax relief to taxpayers affected by recent storms.

A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial steps. The following highlights some of the more important year-end considerations.

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

The IRS today provided guidancePDF on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022 in news release IR-2023-23, IRS issues guidance on state tax payments to help taxpayers.

The following is intended to provide an overview of certain legislation enacted during the 2023 regular session of the Connecticut General Assembly. The information below is not intended to be a complete analysis of each and every aspect of recently enacted legislation but is intended to inform and alert taxpayers and practitioners of the enactment of such legislation.

Connecticut officials have debated for years whether raising taxes on its wealthiest families would prompt them to flee the state.

The software that CPA tax preparers use to prepare clients' income tax returns is one of their most important professional tools. These products vary not only in such basic features as how tax return data is input and displayed but also in their adaptability to the myriad variations in tax clients' sources of income, deductions and credits, and other pertinent details. CPAs naturally take a keen interest in how performance of the products compares.

Legislative leaders are considering calling a special session after the November election