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
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.
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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
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
Shipman & Goodwin attorneys Alan E. Lieberman and Louis B. Schatz authored the article “2016 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. Coming off a tumultuous year in 2015, which involved significant tax increases, the Governor generally remained true to his pledge in 2016 not to increase Connecticut taxes,
The 2017 regular legislative session ended at midnight on June 7, 2017, with Governor Malloy and the Connecticut General Assembly unable to agree on a biennial budget for the period from July 1, 2017 through June 30, 2019, or on a strategy for how the state will address the estimated $5 billion deficit projected for that period.
Continue Reading 2017 Legislative Session: Refusing to Budge(t)
On April 17, 2017, the Connecticut Department of Revenue Services (“Department”) released eagerly awaited market-based sourcing guidance. The guidance will have an impact of virtually all companies (regardless of form) doing business within and without Connecticut. The guidance was issued in the form of Special Notice 2017(1) and provides a detailed explanation of the recent changes to Connecticut’s tax law concerning apportionment for taxpayers, including corporations, pass-through entities (such partnership and S corporations), and individuals.
Continue Reading Eagerly Awaited “Market-Based Sourcing” Guidance Issued by Connecticut Department of Revenue Services
In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of what he characterized as “the new economic reality” facing Connecticut and the nation. The Governor’s proposed changes to the biennial budget, including significant rescissions, funding reductions and state
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