On Friday, November 1, the IRS announced the retirement plan limits that will take effect on January 1, 2025. Most notably, the annual contribution limit for participants in 401(k), 403(b), and governmental 457 plans was increased to $23,500, up from $23,000. The catch-up contribution limit for those aged 50 and older is unchanged for 2025, at
Following the severe storms and torrential rainfalls that began on August 18, 2024, the Internal Revenue Service (IRS) announced, in IR-2024-234 (September 10, 2024), tax filing and payment extensions for individuals and businesses in Connecticut and New York affected by the storm.
Who is Eligible:
Affected taxpayers include individuals and households that reside or have
Connecticut has long debated whether it should repeal its motor vehicle tax. Motor vehicle taxes are determined by the mill rates of individual towns and municipalities, which vary depending on each municipality’s taxable grand list. This typically results in disparities amongst towns and cities. However, together, municipalities collect approximately $1.047 billion in motor vehicle taxes on
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in lieu of the tax credit, if certain requirements are met. Direct payment now allows certain
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in lieu of the tax credit, if certain requirements are met. Among the various requirements set forth in
For years, employees who wanted to diversify the tax treatment of contributions to their 401(k) or 403(b) plan accounts could elect to have their own deferrals made on a Roth basis, but all employer contributions had to be made on a pre-tax basis. SECURE Act 2.0 changed that, allowing employers to make matching or nonelective employer
The Connecticut Supreme Court recently upheld the constitutionality of taxing an out-of-state company’s vehicles in Connecticut. The court upheld a New Britain Superior Court’s decision from 2022 that the Town of Somers did not violate the dormant commerce clause of the U.S. Constitution by taxing vehicles owned by a Massachusetts LLC and registered in Massachusetts
On December 21, 2023, the IRS announced the launch of a new voluntary disclosure program for employers that received an Employee Retention Credit (ERC) but were not actually entitled to the ERC. The ERC is a refundable tax credit for certain employers that had employees that were affected during the COVID-19 pandemic.
Eligibility
To participate
Late last month on December 20th, the IRS issued IRS Notice 2024-2 (“Notice”), an 81-page set of Q & A guidance that provides much needed information on how to comply with several law changes within the SECURE 2.0 law that President Biden signed into law in December of 2022. This Blog Post discusses
If you grew your Connecticut business or nonprofit organization in 2023 and have not yet set up a workplace retirement plan, you may need to do so or take other action in 2024.
As we’ve previously covered, Connecticut law now requires most employers that do not already sponsor a qualified retirement plan to facilitate