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
Late last month on December 20th, the IRS issued IRS Notice 2024-2 (“Notice”), an 81-page set of Q & A guidance that provides much needed information on how to comply with several law changes within the SECURE 2.0 law that
If you grew your Connecticut business or nonprofit organization in 2023 and have not yet set up a workplace retirement plan, you may need to do so or take other action in 2024.
As we’ve previously covered, Connecticut law
Yesterday the Internal Revenue Service (IRS) announced the new dollar limits that apply for retirement plans in 2024. These annual limits generally continue to increase (in some cases rather substantially compared to the limits in effect just ten years ago), based
