News

A coalition representing the Internal Revenue Service, state tax agencies and the spectrum of the nation’s tax industry today announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.

Under economic pressure, local governments across the country are raising sales tax rates or introducing new taxes.

The purpose of this publication is to provide guidance as to the scope and application of the credit against the income tax that is set forth in Conn. Gen. Stat. § 12-704c(d). More specifically, given the various legislative amendments surrounding this credit, this publication is intended to both clarify that taxpayers are eligible to claim the credit set forth in Conn. Gen. Stat. § 12-704c(d) in taxable year 2023 and to explain how eligible taxpayers are to claim said credit on income tax returns due for said taxable year.

The Connecticut Department of Revenue Services will be hosting a virtual webinar on Wednesday, Sept 4, 2024, at 10:00 a.m. to provide a Connecticut Real Estate Conveyance Tax Return (myCTREC – Form OP-236) Tax Overview. Representatives from the Department will give a presentation about Connecticut’s myCTREC and answer frequently asked questions. Please submit any myCTREC questions with the registration form by Wednesday August 28, 2024.

The new presumptive presidential nominee for the Democratic Party carries a long paper trail in tax policy. That history may alter the debate in a pivotal election ahead of a looming deadline next year.

The following is intended to provide an overview of certain legislation enacted during the 2024 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. The Department will issue additional and more detailed guidance regarding certain aspects of the legislation and will post such information to its website as it becomes available.

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 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.

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.

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.

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