As of July 24, 2023, the Internal Revenue Service (IRS) has decided to discontinue the practice of making unannounced visits to taxpayers’ homes and businesses, except in very limited circumstances. IRS Commissioner Daniel Werfel made this announcement during a teleconference with reporters, stating that this change takes immediate effect. So, why this change, you may […]
IRS Ends Most Unannounced Home Visits Read More »
In a bid to reshape Connecticut’s manufacturing sector and fortify its workforce with skilled workers, the Apprenticeship Tax Credit (ATC) was expanded last year to include S corporations, partnerships, and limited liability companies (LLCs) – collectively known as pass-through entities. For some, this flew under the radar, so we wanted to share this information so
Connecticut’s Enhanced Apprenticeship Tax Credit for Manufacturers Read More »
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 for you and your retirement savings. What’s the Required Beginning Date? The required beginning date for an employee or IRA owner to begin taking RMDs
IRS Announces Relief for Required Minimum Distributions: What You Need to Know Read More »
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 supplement their retirement savings, others choose to do so for the sense of purpose and engagement it provides. Whatever your motivation for working during retirement,
Working Beyond Retirement Age? Tips for Connecticut Citizens Read More »
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. For the uninitiated, NFTs are digital assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them
AICPA Calls for Clarity on NFT Tax Treatment Read More »
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 IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for
New IRS Funding Boosts Enforcement and Taxpayer Assistance Read More »
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 and the Internal Revenue Service. These recommendations aim to streamline the tax filing process and provide a more straightforward framework for taxpayers. Promoting Simplicity in
AICPA Urges Tax Code Simplification as Key Priority Read More »
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 tax cut in the state’s history, along with several modifications to corporate business tax and the CT pass-through entity tax. Let’s explore the highlights of
CT Passes Largest Personal Income Tax Cut in History Read More »
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 plans, according to an IRS official. Although over $21 billion of the allocated funds was rescinded or repurposed, leaving approximately $60 billion remaining, the IRS
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 significant progress in processing paper original tax returns. However, the agency continues to grapple with a substantial backlog of unprocessed amended returns, as reported by
IRS Struggles to Resolve Amended Return Backlog Read More »
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 taxpayers and their representatives. This initiative aims to provide improved accessibility and convenience to individuals who are not located near an Appeals office, as well
IRS Gathering Ideas to Enhance Taxpayer Experience Read More »
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 to take $20 billion from the IRS over the next two years and divert those funds to other non-defense programs. With fewer discretionary funds at