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
As was previously reported on this blog, due to COVID-19 there is a temporary suspension of the ten-cent fee on the distribution of each single-use plastic bag effective through June 30, 2020. The Department of Revenue Services has indicated that the suspension of the tax to June 30 will not be extended and taxpayers
Pro Bono legal assistance is available for small businesses or non-profits with 25 or fewer employees in Connecticut. As part of the nationwide program organized by Lawyers for Good Government, the Connecticut COVID-19 Small Business Virtual Legal Clinic was created and its mission is to help Connecticut’s entrepreneurs and small businesses that have suffered adversely
On Tuesday May 26, 2020, Treasury and the IRS issued final regulations to relieve certain tax-exempt organizations from reporting donor information on their IRS Forms 990. The final regulations largely adopt the proposed version of the regulations issued in September 2019. The final regulations only require 501(c)(3) and 527 organizations to continue to provide donor
On May 13, 2020, Governor Lamont issued Executive Order 7NN which temporarily permits Connecticut nonstock corporations to hold member meetings remotely.
Prior to issuing the executive order, a member meeting was required to be held in person at a predetermined location. Unlike meetings of directors or trustees, remote participation in a member meeting (such as
On June 5, 2020, the IRS issued Notice 2020-39 (the “Notice”), which announces various extensions of deadlines for Qualified Opportunity Funds (QOF) and their investors due to COVID-19 pandemic. A summary of the extensions that are set forth in the Notice are summarized below:
180-Day Investment Period
Generally, taxpayers must reinvestment capital gain in a