The rules around Required Minimum Distributions (RMDs) from retirement accounts have seen significant changes over the past few years. Initially, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 altered the landscape by changing the starting age for RMDs from 70½ to 72. Then in 2020, the SECURE Act 2.0 further modified
New IRS Rules on Required Minimum Distributions Read More »
Staying informed about the FTC’s evolving non-compete regulations is challenging yet vital for Connecticut small businesses. We originally wrote about the ruling here, then again here. Now we want to give you the latest on the rulings and how it can impact your business. FTC’s Proposed Rule In April 2024, the FTC proposed a rule
FTC’s Non-Compete Ban Faces Conflicting Legal Judgements Read More »
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 vote in January 2024. This decision carries significant implications for both families and businesses in the Shoreline area of Connecticut. Impact on Families and Businesses
Senate Rejects Legislation to Restore Business Tax Breaks and Expand Child Tax Credit Read More »
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, leading U.S. District Court Judge Ada Brown in the Northern District of Texas to issue a temporarily pause. FTC’s Argument for the Ban The FTC’s
FTC Non-Compete Ruling Temporarily Halted Read More »
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 receive up to $32,000. In reality, the actual tax credits available are for Sick Leave and Family Leave, which are far more limited. The IRS
Don’t Believe False Claims About the “Self-Employment Tax Credit” Read More »
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 – akin to health or education savings accounts but without restrictive use criteria – could be revolutionary for financial planning across various life events. During
Are Universal Savings Accounts a Possibility in 2025? Read More »
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 circumvent their tax obligations. These tactics involve manipulative basis shifting across interrelated business entities to artificially lower the amount of tax due, an issue exacerbated
New IRS Initiative Targets Tax Loopholes and Abusive Partnership Transactions Read More »
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 affirms Congress’ constitutional authority to tax shareholders on their share of undistributed corporate income, particularly impacting pass-through businesses. This tax was originally introduced as part
Supreme Court Validates Tax on Overseas Profits for U.S. Corporations Read More »
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 COVID-19 related downturns. Despite the program’s intent to distribute $55 billion over 10 years, the IRS discovered widespread abuse, leading to an unplanned payout of
Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze Read More »
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 legislation, effective from October 1, 2024, will provide significant financial relief by exempting the primary residence or one motor vehicle of eligible veterans from property
New Law Gives Property Tax Exemptions to CT Veterans With Disabilities Read More »
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 initiative follows a substantial decline in ADR engagement, as detailed in a 2023 Government Accountability Office report. ADR utilization has decreased by 65% from 429
IRS Opens New Office to Encourage Alternative Dispute Resolution Read More »
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 Biden Administration plans to manage the expiring provisions of the Tax Cuts and Jobs Act (TCJA), which are set to phase out in 2025. Secretary
TCJA Expires in 2025. What Happens Next? Read More »