The focus of the nation in 2020, including the State of Connecticut, was first and foremost on addressing the worldwide pandemic and the resulting social and economic turmoil. From the state and local tax perspective, Connecticut, like the vast majority of states, extended deadlines for the filing of tax returns and the making of tax
The American Rescue Plan Act of 2021 (“ARPA”), which was signed into law last month by President Biden, brought about many changes as part of its $1.9 trillion legislation. One significant impact of the ARPA was the expansion of eligibility for tax credits to certain governmental employers that voluntarily provide qualifying paid sick and family
On March 11, 2021, President Biden signed into law the American Rescue Plan of 2021 (“ARPA”). This Alert will summarize the significant tax and employee benefit provisions that are contained in ARPA.
Recovery Rebates to Individuals
ARPA enacted new Internal Revenue Code (the “Code”) Section 6428B, which provides individuals with a $1,400 recovery rebate credit
Earlier this week the Internal Revenue Service (“IRS”) announced that the federal income tax filing due date for individuals for the 2020 tax year has been automatically extended from April 15, 2021 to May 17, 2021. The IRS further announced that taxpayers can also defer federal income tax payments due on April 15, 2021 to
On March 4, 2021, Governor Lamont signed H.B. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tired Grants in Lieu of Taxes Program.
This new law allows Connecticut residents to take credits for
Update: On March 1, 2021, H.B. 6516 passed the Senate by a 28 to 7 vote. The Governor has indicated that he intends to sign the bill. We will follow H.B. 6516 and related bills as they make their way through the legislative process and will update when more information is available.
Update: On February
On January 19, 2020, the IRS issued Notice 2021-10 (the “Notice”), which extends the relief for Qualified Opportunity Funds (QOF) and their investors provided for by Notice 2020-39. Notice 2020-39 announced various extensions of deadlines for QOFs and their investors due to COVID-19 pandemic, each of which are discussed here.
A summary of the
On November 9, 2020, the IRS issued Notice 2020-75 (the “Notice”), which announced that the IRS intends to issue proposed regulations to clarify that state and local income taxes (“SALT”) imposed on and paid by a partnership or an S corporation, such as Connecticut’s Pass-through Entity Tax, are deductible by the partnership or S corporation
Louis Schatz and Alan Preis, CPA, will present the session “Current Developments in NJ/CT Taxation” during the 2020 NCCPAP Virtual Accounting and Tax Symposium.
Lou will review recent Connecticut tax developments, including legislative, judicial, and administrative changes. Particular emphasis will be placed on Connecticut’s reaction to COVID-19, recent changes to Connecticut’s pass-through entity tax, an
On Friday, August 28, the IRS released Notice 2020-65 (the “Notice”), which provides limited guidance to employers considering whether and how to implement the President’s August 8 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster (the “Memorandum”). The Memorandum had directed the Secretary of the Treasury