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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 […]
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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 […]
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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 […]
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Exemption Granted from Electronic Filing for Form 1042
The IRS granted a temporary electronic filing exemption for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The exemption is automatic, so withholding agents do not need to file […]
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Warning Signs of Questionable Employee Retention Credit Claims
The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and […]
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Auto Depreciation Caps and Lease Inclusion Amounts for 2024
For 2024, the IRS has set new depreciation limits for business-use luxury cars and specific lease inclusion amounts. For vehicles placed in service or leased in 2024, there are distinct […]
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IRS Increases Audits on Personal Use of Business Aircraft
The IRS is expanding its ongoing efforts to improve tax compliance in high income categories with dozens of audits on personal use of business aircraft. Focused primarily on large corporations, […]
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2024 Tax Brackets & Ways to Move into a Lower One
Are you unsure of your tax bracket and looking for ways to reduce your tax burden? Here are some ideas to consider. First, a primer. In the United States, our […]
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New College Saving Opportunity: Converting 529 Plans to Roth IRAs
Saving for your children’s college education became much easier when 529 plans were introduced. The ability to access funds in a 529 plan without paying federal taxes, as long as […]
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IRS Announces Penalty Relief for 2020 and 2021 Tax Returns and Plans to Resume Collection Notices
The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty […]
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Navigating New IRS Regulations: Understanding De Minimis Error Safe Harbors
The IRS has recently finalized regulations that provide clarity and relief for businesses and individuals regarding the penalties for inaccuracies in information returns and payee statements. These final regulations, effective […]
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IRS’s Aggressive Compliance Measures Bring in Over $500 Million from Millionaires
In a recent update that underscores the effectiveness of heightened compliance activities, the Internal Revenue Service (IRS) has made a significant impact on tax collection from high-net-worth individuals. Commissioner Daniel […]
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