On Wednesday, March 11, the Internal Revenue Service (IRS) in Notice 2020-15 published its first formal guidance addressing the developing public health emergency wrought by the novel coronavirus, COVID-19. The Notice provides that a high deductible health plan (HDHP) that covers testing for and treatment of COVID-19 before satisfaction of the plan’s minimum deductible will
In our May 20 blog post, we noted we were following two bills – HB 7071 and SB 563 – pending in the Connecticut legislature that would have provided some welcome tax savings for Connecticut taxpayers facing substantial expenses for the home health care of their loved ones, and/or who may be purchasing long-term
On June 26, 2019, Governor Ned Lamont signed a $43.4 billion budget for the 2020 and 2021 fiscal years. The biennial budget addresses the projected $3.7 billion budget deficit for the period, but still increases spending by 1.7% in the 2020 fiscal year, and by 3.4% in the 2021 fiscal year. Although a letter dated
With less than three weeks left in the regular session of the Connecticut legislature, two bills that are pending and awaiting further action by the legislature, if signed into law, would represent tax relief for Connecticut taxpayers who are paying for the care of their relatives in need of long-term/home health care, or who have
On Friday, March 8, Bloomberg News published an article claiming that the IRS is likely to issue additional regulations regarding states’ efforts to circumvent the state and local tax deduction limitation put in place pursuant to the Tax Cuts and Jobs Act. Bloomberg News quotes Scott Dinwiddie, of the IRS’s Income Tax and Accounting Division
Shipman & Goodwin attorney Louis Schatz authored the article Connecticut’s Response to the Tax Cuts and Jobs Act of 2017(Part II) for the New York State Society of Certified Public Accountants online tax publication, Tax Stringer. An excerpt from the article is provided below.
This article is the second in a two-part series about
For years now, the Connecticut Department of Revenue Services (DRS), the Connecticut Department of Labor (DOL) and the Internal Revenue Service (IRS) have been targeting Connecticut employers for worker misclassification audits. When a misclassification is discovered, these government entities can share information about employers who have misclassified employees as independent contractors. Thus, when one of
Shipman & Goodwin attorney Louis Schatz authored the article Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part I) for the New York State Society of Certified Public Accountants online tax publication, Tax Stringer. An excerpt from the article is provided below.
The Tax Cuts and Jobs Act of 2017 (TCJA)
Shipman & Goodwin attorneys Alan Lieberman and Robert Day will summarize Connecticut tax legislation enacted, court decisions rendered and administrative guidance published by the Connecticut Department of Revenue Services during 2018.
When: March 5, 2019
Where: Fairfield County Bar Association
970 Summer Street
Stamford, CT 06905
The 2018 session generated significant Connecticut tax
The IRS recently released two notices to provide guidance for tax-exempt organizations about how to comply with the new provision that they treat employer-provided parking and qualified transportation fringe benefits as unrelated business taxable income (“UBTI”).
This unprecedented treatment of expenses as income created substantial uncertainty about how to calculate the UBTI from the parking