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IRS Increases HSA Limits for 2025

May 10, 2024

The IRS recently announced the 2025 inflation adjustments for health savings accounts (HSAs) and health reimbursement arrangements (HRAs), reflecting the ongoing economic conditions. The adjustments show an increase in allowable […]

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IRS Grants Penalty Relief for CAMT Underpayment of Estimated Corporate Taxes

May 8, 2024

The IRS recently issued a critical update for corporations regarding the Corporate Alternative Minimum Tax (CAMT), a change introduced in the Inflation Reduction Act. This new legislation introduced a CAMT […]

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1040 Individual Income Tax Return blank with dollar bills, calculator and pen on calendar page with marked 15th April. Tax period concept. IRS Internal Revenue Service

How Did the 2023 Tax Season Go for the IRS?

May 8, 2024

The IRS reported a significant return to taxpayers, disbursing around $659 million in refunds, marking a 2.7 percent increase in 2023 over 2022. This uptick in refunds comes against a […]

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What Business Owners Need to Know About the FTC’s New Rule on Non-competes

May 6, 2024

An estimated 30 million Americans currently under a non-compete agreement may soon be free to leave their job and immediately go to work for a competing business because the Federal […]

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RMD Relief Extended for 2024

April 21, 2024

The IRS has recently extended the tax relief on required minimum distributions (RMDs) for inherited individual retirement accounts (IRAs) and annuities through 2024. This extension is part of a series […]

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Lower Interest Rates on Delinquent Property Taxes Heads to CT House

April 12, 2024

A significant legislative change is on the horizon for Connecticut residents that owe back property taxes. House Bill 5144, currently advancing to the House floor, proposes to reduce the interest […]

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CT – Once Again – Discusses Phasing Out Motor Vehicle Tax

April 12, 2024

Connecticut’s ongoing debate on the phase-out of the state car tax reveals deep concerns and varying opinions among stakeholders. The proposed legislation, which suggests eliminating the motor vehicle tax within […]

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IRS Targeting High-Income Taxpayers with Unfiled Returns

April 7, 2024

After its success targeting millionaires with unpaid taxes, the IRS has launched a new initiative to improve tax compliance among high-income taxpayers who have not filed federal income tax returns since 2017. This effort, funded by the Inflation […]

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Exemption Granted from Electronic Filing for Form 1042

April 7, 2024

The IRS granted a temporary electronic filing exemption for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The exemption is automatic, so withholding agents do not need to file […]

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Warning Signs of Questionable Employee Retention Credit Claims

March 10, 2024

The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and […]

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Auto Depreciation Caps and Lease Inclusion Amounts for 2024

March 10, 2024

For 2024, the IRS has set new depreciation limits for business-use luxury cars and specific lease inclusion amounts. For vehicles placed in service or leased in 2024, there are distinct […]

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IRS Increases Audits on Personal Use of Business Aircraft

March 10, 2024

The IRS is expanding its ongoing efforts to improve tax compliance in high income categories with dozens of audits on personal use of business aircraft. Focused primarily on large corporations, […]

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