CT Tax Help

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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 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 […]

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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 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

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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 two phases, the first raising the threshold to $43,888 on July 1, 2024, and the second increasing it to $58,656 on January 1, 2025. This

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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 contributions and cost thresholds for high-deductible health plans (HDHPs), which could impact financial planning for those utilizing these accounts. For individuals with self-only HDHP coverage,

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IRS Grants Penalty Relief for CAMT Underpayment of Estimated Corporate Taxes

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 based on a corporation’s adjusted financial statement income effective after December 31, 2022. Under normal circumstances, corporations are required to make quarterly estimated income tax

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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?

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 backdrop of approximately $4.7 trillion in gross revenues collected by the agency, which underpins nearly 96% of federal government operations. Despite the increase in refunds,

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

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 Trade Commission (FTC) recently issued rule that prohibits them for nearly all employees. Here’s what we know now: What does the new rule say? Non-compete

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RMD Relief Extended for 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 of reliefs that began in 2021, aiming to alleviate financial stress for beneficiaries during the regulatory transition period. Under Notice 2024-35, the IRS specifies that

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Lower Interest Rates on Delinquent Property Taxes Heads to CT House

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 rate on delinquent property taxes once they are sold to third-party entities. The bill aims to lower the interest rate from the longstanding 18% to

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CT – Once Again – Discusses Phasing Out Motor Vehicle Tax

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 five years and increasing the property tax assessment rate from 70% to 90% of appraised values, has sparked mixed reactions during recent public hearings. Supporters

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IRS Targeting High-Income Taxpayers with Unfiled Returns

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 Reduction Act, involves sending out IRS compliance letters to more than 125,000 cases where tax returns have not been filed since 2017. These mailings began in

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