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.
A Tax Notes State article, linked by permission
Shortly following the adoption of the federal Tax Cuts and Jobs Act of 2017, Connecticut adopted its passthrough entity (PTE) tax (also known as PET). Connecticut was the first state in the country to adopt a PET, which was effective with the 2018 tax year. The purpose
On June 12, 2023, Connecticut Governor Ned Lamont signed into law legislation enacting the fiscal years 2024 and 2025 biennial state budget (House Bill 6941) (the “Bill”). Included in the Bill was a provision eliminating the angel investor tax credit for eligible investments in qualified cannabis businesses. Cannabis businesses will no longer be eligible for
On February 8, 2023, Governor Ned Lamont presented Connecticut lawmakers with a $50.5 billion two-year budget that called for more than $500 million in tax relief to Connecticut taxpayers. At this point it is unclear how much of the Governor’s tax cut proposals will be adopted by the Legislature, but since the Democrats control both the
This newsletter summarizes Connecticut tax legislation enacted, court decisions rendered, and administrative guidance published by the Connecticut Department of Revenue Services (DRS) during calendar year 2022. Please contact a member of our State and Local Tax Practice Group if you have any questions regarding the new tax law changes and how they may affect you and
Today, the IRS announced the 2023 contribution limits for 401(k), 403(b) and most 457 plans, which will be $22,500 in 2023, up from $20,500. The catch-up contribution limit, for employees age 50 and older, will increase to $7,500, up from $6,500. This is being touted as the biggest increase ever in the deferral limits for
This article first appeared on CBIA’s website and is published here with permission.
On May 7, 2022, Gov. Lamont signed Public Act 22-118 into law. Among its many provisions, the act provides pass-through businesses operating in Connecticut, such as limited liability companies and S corporations and their members and shareholders, with the opportunity to directly
Lou Schatz will present the session “2021 Connecticut Legislative, Administrative and Judicial Tax Update” during the Federal Tax Institute of New England 2022 event presented by the CBA Estates and Probate Section and Tax Section. The session will be a brief overview of the significant Connecticut income tax, corporate tax, sales tax and miscellaneous tax