When Connecticut enacted legislation in 2017 to become a mandatory withholding state, effective January 1, 2018, for Connecticut residents receiving pension, 401(k), IRA or annuity distributions, few would have imagined the difficulty residents and payers would have understanding the new rules, including how the exception from withholding would apply for rollover distributions. Nor would many
ERISA/Pension and Employee Benefits
Connecticut Retirement Security Authority Makes Progress, But State-Run IRA Program Not Ready for Business Quite Yet
In 2016, the Connecticut General Assembly created the Connecticut Retirement Security Exchange, to facilitate the establishment and maintenance of an individual retirement account (“IRA”) program for Connecticut employees whose employers do not provide their own retirement plans. Under the program, private Connecticut employers, whether for profit or not-for-profit, who have five or more employees would…
2017 Survey of Connecticut Tax Law Developments
Shipman & Goodwin attorneys Alan Lieberman and Louis Schatz authored the article “2017 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. This survey summarizes Connecticut tax legislation enacted, court decisions rendered, and administrative guidance published by the DRS during 2017.
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Connecticut Tax Developments
Connecticut Tax Developments is published by the State and Local Tax Practice as a service to clients and friends. The contents are intended for informational purposes only, and the advice of a competent professional is required to address any specific situation. Reproduction or redistribution is permitted only with attribution to the source.
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Webinar: An Overview of the Significant Provisions of the Tax Cuts and Jobs Act – Four-Part Series
Join Shipman & Goodwin tax attorneys for a four-part CLE webinar reviewing some of the more significant provisions of the Tax Cuts and Jobs Act.
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A Strategy for Maintaining the Tax Efficiency of Charitable Contributions In 2018
The Tax Cuts and Jobs Act (the “Act”) may take the Qualified Charitable Distribution (QCD), a planning technique authorized in IRC Section 408(d)(8) that allows charitable contributions to be made directly from an IRA, and turn it into a household name. Here is an explanation of why it will be so popular, and exactly how…
DRS Updates: New Withholding on Pensions and Annuities, Economic Nexus for Sales Tax and “Fresh Start” Program
Effective January 1, 2018, each payer of pension and annuity distributions, including distributions from an employer pension, an annuity, or similar instrument or plan, will be required to deduct and withhold Connecticut income tax from the taxable portion of such distributions if the payer (i) maintains an office or transacts business in Connecticut, and (ii) makes payment of any amount taxable in Connecticut to a resident individual.
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2016 Survey of Connecticut Tax Law Developments
Shipman & Goodwin attorneys Alan E. Lieberman and Louis B. Schatz authored the article “2016 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. Coming off a tumultuous year in 2015, which involved significant tax increases, the Governor generally remained true to his pledge in 2016 not to increase Connecticut taxes,…
2017 Legislative Session: Refusing to Budge(t)
The 2017 regular legislative session ended at midnight on June 7, 2017, with Governor Malloy and the Connecticut General Assembly unable to agree on a biennial budget for the period from July 1, 2017 through June 30, 2019, or on a strategy for how the state will address the estimated $5 billion deficit projected for that period.
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2015 Connecticut Tax Law Developments
Shipman & Goodwin attorneys Alan E. Lieberman and Louis B. Schatz authored the article “2015 Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will…