On February 5, 2025, Governor Ned Lamont released his proposed fiscal year 2026 and 2027 biennial budget. Included within the proposed budget (the “Proposal”) are the following proposed tax changes to Connecticut’s tax system (all of which can be found in
The most recent wave of ERISA litigation is focused on the use of plan forfeitures in 401(k) plans, with the newest case, Armenta v. WillScot Mobile Mini Holdings Corp. being filed just last week. Although, for years, many defined contribution plan documents
On Friday, November 1, the IRS announced the retirement plan limits that will take effect on January 1, 2025. Most notably, the annual contribution limit for participants in 401(k), 403(b), and governmental 457 plans was increased to $23,500, up from $23,000. The catch-up
Following the severe storms and torrential rainfalls that began on August 18, 2024, the Internal Revenue Service (IRS) announced, in IR-2024-234 (September 10, 2024), tax filing and payment extensions for individuals and businesses in Connecticut and New York affected by
Connecticut has long debated whether it should repeal its motor vehicle tax. Motor vehicle taxes are determined by the mill rates of individual towns and municipalities, which vary depending on each municipality’s taxable grand list. This typically results in disparities
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in lieu of
For years, employees who wanted to diversify the tax treatment of contributions to their 401(k) or 403(b) plan accounts could elect to have their own deferrals made on a Roth basis, but all employer contributions had to be made on
The Connecticut Supreme Court recently upheld the constitutionality of taxing an out-of-state company’s vehicles in Connecticut. The court upheld a New Britain Superior Court’s decision from 2022 that the Town of Somers did not violate the dormant commerce clause of
On December 21, 2023, the IRS announced the launch of a new voluntary disclosure program for employers that received an Employee Retention Credit (ERC) but were not actually entitled to the ERC. The ERC is a refundable tax credit for