On December 20, 2019, the President signed legislation repealing the excise tax, otherwise known as the “Cadillac tax,” on high cost health insurance plans. Both houses of Congress had adopted the legislation the day before, as part of a federal spending package.
The excise tax was a component of the Affordable Care Act (ACA). Without
Effective October 1, 2019, a new Connecticut law, P.A. 19-177, changed the existing requirements in Connecticut General Statutes Section 20-298b that apply to the ownership of architectural firms doing business as professional corporations incorporated in Connecticut. The new law now permits these architectural firms to have more than 33-1/3% of their voting stock owned by
In May we wrote about a Connecticut Senate Bill 435 (S.B. 435) and certain proposed federal legislation which would have created incentives for Connecticut employers to help their student loan-burdened employees pay down their debt.
The 2019 legislative session adjourned in June, and at that time, S.B. 435 had been referred to the Committee on
Auctions are a fun way for a charity to raise money. In a Connecticut auction, the auctioneer is deemed to be the retailer for sales tax purposes. Sales of tangible personal property or enumerated services at an auction are subject to Connecticut sales taxation to the same extent as any other retail sale in the
One hotly debated aspect of the Affordable Care Act (“ACA”) has been the so-called “Cadillac Tax” on high-cost health benefits, currently slated to take effect in 2022. The Cadillac Tax is a 40% excise tax on the amount of employer-sponsored health care coverage which exceeds $10,200 for individuals and $27,500 for families. (Higher thresholds apply
Last year, the Connecticut General Assembly enacted the pass-through entity tax at the flat rate of 6.99% on most pass-through entities, including partnerships, S corporations and limited liability companies that are treated as partnerships or S corporations for federal income tax purposes. Initially, each individual owner of a pass-through entity was entitled to a refundable
Earlier this year, the Connecticut legislature repealed the biannual business entity tax (“BET”) of $250 for years commencing on or after January 1, 2020. The BET applied to each limited liability company, limited liability partnership, limited partnership and S corporation formed under the laws of Connecticut or registered to do business in Connecticut.
Since the
On June 25, 2019, Governor Lamont signed into law “An Act Concerning Paid Family and Medical Leave,” (“PFMLA”) enacting what is reported to be the most generous family leave law in the country. The law provides employees with up to 12 weeks of paid leave (14 weeks for those incapacitated by pregnancy) in a 12-month
During the recently concluded 2019 legislative session, the Connecticut General Assembly passed an amendment of Connecticut General Statutes § 12-391(e)(2)(B) that is of critical importance to nonresidents who own real or tangible personal property located in Connecticut.
Prior to this amendment, some nonresidents formed business entities and transferred ownership of their Connecticut real or tangible
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 which, among other things, expands the types of tax-exempt organizations that must file their annual returns electronically.
Currently, a tax-exempt organization is required to e-file its annual Form 990-series return (990, 990-EZ, 990-N, 990-T or 990-PF) only if the tax-exempt