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Senate Rejects Legislation to Restore Business Tax Breaks and Expand Child Tax Credit
The Senate recently voted against legislation that aimed to expand the child tax credit and reinstate several business tax breaks even though it passed the House overwhelmingly by a 357-70 […]
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FTC Non-Compete Ruling Temporarily Halted
In early May, we shared this post about the Federal Trade Commission’s (FTC) new rule essentially banning non-compete agreements. Not surprisingly, it sparked widespread debate and prompted several legal challenges, […]
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Don’t Believe False Claims About the “Self-Employment Tax Credit”
The IRS has recently issued a warning about false claims circulating on social media regarding a bogus “Self-Employment Tax Credit.” Promoters falsely suggest that self-employed individuals and gig workers can […]
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Are Universal Savings Accounts a Possibility in 2025?
The potential for a Universal Savings Account (USA) is picking up steam as the Tax Cuts and Jobs Act provisions approach their 2025 expiration. Advocates suggest a flexible savings model […]
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New IRS Initiative Targets Tax Loopholes and Abusive Partnership Transactions
In mid-June, the U.S. Treasury and IRS launched an enforcement drive to close loopholes and curb abusive tax schemes involving partnership transactions, which are used by affluent taxpayers looking to […]
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Supreme Court Validates Tax on Overseas Profits for U.S. Corporations
In a significant decision, the U.S. Supreme Court recently upheld the 2017 mandate on the taxation of American-owned businesses’ foreign profits, commonly known as the mandatory repatriation tax. This ruling […]
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Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze
Originally part of the 2020 pandemic relief efforts, the ERC was meant to alleviate financial pressures for businesses by subsidizing wages up to $26,000 per employee for retained workers during […]
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New Law Gives Property Tax Exemptions to CT Veterans With Disabilities
Just in time for Memorial Day, Governor Ned Lamont signed into law a property tax exemption specifically for veterans with permanent and total disabilities related to their service. This new […]
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IRS Opens New Office to Encourage Alternative Dispute Resolution
In a significant move to revitalize and enhance the efficiency of tax dispute resolutions, the IRS has recently established a new Alternative Dispute Resolution (ADR) Program Management Office. This strategic […]
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TCJA Expires in 2025. What Happens Next?
The short answer is no one really knows. During a recent hearing with the House Ways and Means Committee, Treasury Secretary Janet Yellen provided only limited details on how the […]
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Navigating the New Overtime Rules for Connecticut Small Business Owners
The U.S. Department of Labor has introduced significant changes to the Fair Labor Standards Act (FLSA), adjusting the salary thresholds for overtime exemptions. These changes will come into effect in […]
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IRS Increases HSA Limits for 2025
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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