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

Yesterday the Internal Revenue Service (IRS) announced the new dollar limits that apply for retirement plans in 2024. These annual limits generally continue to increase (in some cases rather substantially compared to the limits in effect just ten years ago), based on the cost-of-living calculation methodology that is set forth in the Internal Revenue Code.