The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
The New Year brings with it new estate and gift tax exemption and exclusion amounts. In 2017, a new tax law doubled the federal estate and gift tax exemption. And that exemption amount has increased each year between 2018...more
Have you considered establishing a donor advised fund as part of your year end giving? A donor advised fund is a type of charitable giving vehicle that allows you to make an irrevocable contribution to a charitable...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more
3/8/2021
/ Capital Gains Tax ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Interest Rates ,
IRS ,
Tax Deductions ,
Tax Planning ,
Tax Rates
The CARES Act was enacted in March 2020 for purposes including providing financial assistance to eligible borrowers under the Paycheck Protection Program, well known as PPP, and more than $500 billion of forgivable loans have...more
The Internal Revenue Service (IRS) released Notice 2020-75 on November 9, 2020, which validates the federal income tax deductibility of the payment of the Connecticut Pass-Through Entity Tax (the “PET”)....more
Under general income tax principles, when a borrower has its indebtedness forgiven, the borrower recognizes income in the forgiven amount. Under the CARES Act, however, Congress made clear that forgiveness of a Paycheck...more
10/5/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Liability ,
Tax Planning ,
Tax Relief
The Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act, permits any taxpayer with a Required Minimum Distribution (RMD) due in 2020 from a defined-contribution retirement plan, including a 401(k) or...more
The Connecticut Department of Revenue Services (DRS) has announced the following:
The filing and payment deadline for personal income tax returns is extended 90 days, to July 15, 2020....more
The Internal Revenue Service (IRS) previously announced that the time for payment of income tax and including self-employment tax was extended until July 15, 2020, for amounts up to $1 million for individuals and $10 million...more
The U.S. Treasury Department announced this week that the deadline for payment of federal income tax by individuals has been extended for a 90-day period for balances up to $1 million. Any possible penalties and interest...more
3/18/2020
The first important new law impacting retirement distributions in over a decade was enacted on December 20, 2019 as the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act of 2019”). ...more
1/9/2020
/ 401k ,
403(b) Plans ,
Beneficiary Designations ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Multiemployer Plan ,
New Legislation ,
Part-Time Employees ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Planning ,
Tax Rates
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2020. Many...more
12/19/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
FICA Taxes ,
Highly Compensated Employees ,
IRS ,
Popular ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security ,
Tax Planning
- Create a Plan Document...
- Do not rely solely on special acts, ordinances, or collective bargaining agreements...
- Reflect collectively bargained provisions...
- Update contemporaneously to reflect changes in...more
12/4/2019
/ Best Practices ,
Claim Procedures ,
Collective Bargaining Agreements (CBA) ,
Compensation & Benefits ,
Employee Benefits ,
Municipalities ,
Pensions ,
Plan Documents ,
Public Employees ,
Public Employers ,
Retirement Plan ,
State and Local Government
In the Spring of 2018, the Connecticut Legislature adopted a Pass-Through Entity Tax (the “PE Tax”), which imposes a 6.99% tax on pass-through entities (partnerships, limited liability companies and S-corporations). The PE...more
The “Opportunity Zone” community development program was established by Congress in the 2017 Tax Cuts and Jobs Act to encourage long-term investments in low-income urban and rural communities nationwide. ...more
1/14/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Investment Opportunities ,
Low Income Housing ,
Low-Income Issues ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
Qualified Opportunity Funds ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Reform ,
Trump Administration
Following the passage of the Federal Tax Cuts and Jobs Act in late 2017, the Connecticut legislature attempted to modify Connecticut estate tax law and make it more consistent with the new, much higher $11.2 million federal...more
8/24/2018
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Trump Administration
June 5, 2018 The Tax Cuts and Jobs Act, which was passed by Congress last year, imposed a $10,000 limit on state and local tax (“SALT”) deductions.
...more
6/6/2018
/ Corporate Taxes ,
Income Taxes ,
New Legislation ,
Pass-Through Entities ,
SALT ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
The rise of the internet retailer has created significant loss of sales tax revenue for state revenue agencies due to the loss of revenue from sales and use tax collected in brick-and-mortar retail establishments....more
Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more
2/21/2018
/ Colleges ,
Compensation & Benefits ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Income Taxes ,
Net Investment Income ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT ,
Universities
Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more
2/12/2018
/ Colleges ,
Compensation & Benefits ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT ,
Universities
Under pre- 2018 rules, when a partnership (which for this Client Alert will include a limited liability company which is taxed as a partnership) was audited by the IRS, one of the partners acted as the “Tax Matters Partner”...more
A Revocable Trust (sometimes known as a Revocable Living Trust or Inter Vivos Trust) is an arrangement established by a person (the “Settlor” or “Grantor”) to direct how his or her assets are to be managed during life and...more
Many couples consider (or should consider) signing a prenuptial agreement before they are married, but avoid raising the issue or resist the idea. They may fear a negative reaction by their intended, or the couple is “so in...more