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
As followers of this blog know, and as explained in our 2018 Connecticut Tax Law Update, Connecticut imposes sales tax economic nexus.
In Connecticut, the definitions of the terms “engaged in business in the state” and “retailer” have been modified so as to now subject to Connecticut taxing jurisdiction, to the extent not prohibited
Shipman & Goodwin attorney Louis Schatz will present a Connecticut Tax Update at the Westchester/Rockland Chapter NYSSCPA Tax Conference.
Continue Reading 2018 NYSSCPA Tax Conference
Shipman & Goodwin attorney Louis Schatz will present on Connecticut state tax updates during the Tri-State Tax Update. The event is hosted by the National Conference of CPA Practitioners (NCCPAP), Westchester/Rockland Chapter. For more information and to register, visit the NCCPAP event page.
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
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
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