Although the 2018 legislative session of the Connecticut General Assembly ended with the adoption of bipartisan budget legislation, it was marked by a continued failure to conduct a more holistic review of the state’s sources of expense and revenue.  Such a review was invited by the 2015 report of the State Tax Panel and the more recent report of the Commission on Fiscal Stability and Economic Growth, but there seemed to be little appetite for debate on the subject in this gubernatorial election year. 
Continue Reading 2018 Connecticut Tax Developments: A Year of Reaction Rather Than Proaction

Shipman & Goodwin attorney Louis Schatz will present the topic, Recent Connecticut Tax Law Developments, on Thursday November 15th at The 2018 Long Island Tax Professionals Symposium.

Each year, more than 700 practicing tax professionals gather to network, update their knowledge, solve tax questions with peers and the IRS, renew friendships and visit with current

Before 2018 draws to a close, please join Marcum and Shipman & Goodwin for an in-depth look at how current tax developments and new provisions impact your tax planning for 2019 and beyond.

Shipman & Goodwin attorneys Louis Schatz, Danielle Ferrucci and David Bigger will join Marcum accountants and advisors as panelists. The discussion

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.

Click here to read the full article.

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.
Continue Reading Connecticut Tax Developments

In a story in Bloomberg Tax (“Connecticut Mulls State, Local Tax Deduction Cap Workarounds”), Shipman & Goodwin attorney Louis B. Schatz discussed Connecticut’s proposed legislation for addressing the impact of the new federal tax law.

To read the full story, please click here.

Reproduced with permission. April 14, 2018 Copyright 2018 by the Bureau

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.
Continue Reading Webinar: An Overview of the Significant Provisions of the Tax Cuts and Jobs Act – Four-Part Series

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

Connecticut was the last state in the country to adopt a budget, more than 120 days after the commencement of the current fiscal year.  The biennial budget for the period from July 1, 2017 through June 30, 2019 was the result of bipartisan negotiations between Democrat and Republican legislators, which largely excluded the participation of Governor Malloy. 
Continue Reading 2017 Connecticut Tax Developments: The New Biennial Budget: Trick or Treat?

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.
Continue Reading DRS Updates: New Withholding on Pensions and Annuities, Economic Nexus for Sales Tax and “Fresh Start” Program