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IRS Announces Relief for Required Minimum Distributions: What You Need to Know
The IRS recently announced some important transition relief for plan administrators, payors, and retirees concerning required minimum distributions (RMDs) under the SECURE 2.0 Act of 2022. Here’s what this means […]
Working Beyond Retirement Age? Tips for Connecticut Citizens
The idea of retirement is exciting for some, and many people will need, or simply prefer, to continue working beyond retirement age. While some may need the extra income to […]
AICPA Calls for Clarity on NFT Tax Treatment
Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. […]
New IRS Funding Boosts Enforcement and Taxpayer Assistance
As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to […]
AICPA Urges Tax Code Simplification as Key Priority
The American Institute of CPAs (AICPA) recently recommended a number of ways to simplify and clarify the current tax code in the upcoming year to the Department of the Treasury […]
CT Passes Largest Personal Income Tax Cut in History
Connecticut Governor Ned Lamont recently signed a comprehensive two-year state budget bill which includes significant tax changes to provide relief to middle-class households. The bill includes the largest personal income […]
Impact of IRA Funding Reduction on IRS Operations Expected to be Limited in the Near Term
The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s […]
IRS Struggles to Resolve Amended Return Backlog
If you have filed an amended tax return with the IRS, don’t expect a quick response. In the aftermath of the COVID-19 pandemic, the Internal Revenue Service (IRS) has made […]
IRS Gathering Ideas to Enhance Taxpayer Experience
The IRS Independent Office of Appeals, in collaboration with the National Taxpayer Advocate, is reaching out to the public to gather feedback on how it can enhance conference options for […]
The Inflation Reduction Act Strategic Operating Plan: A Dynamic Blueprint for IRS Transformation
UPDATE: The debt ceiling and budget cuts package passed by Congress on May 31 rescinded $1.4 billion given to the IRS in the Inflation Reduction Act and includes a separate agreement […]
IRS Resumes Collections Notices as Pandemic Measures Ease
As the world gradually recovers from the impact of the COVID-19 pandemic, the Internal Revenue Service (IRS) has announced its plans to resume issuing collections notices to taxpayers, after a […]
Navigating QuickBooks Desktop Changes
Have you gotten a notice that QuickBooks is no longer going to support your 2020 desktop application? Don’t panic. You can continue working on a desktop version of the software […]