The IRS will deposit money in the bank accounts of millions this week, but not everyone will get a payout.
The Treasury Department reversed itself on requiring low-income seniors to file tax returns to receive $1,200 stimulus checks.
WASHINGTON – The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue regulations to rein in an attempt by Connecticut and other states to get around a new limitation on the deductibility of state and local taxes.
WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS.
WASHINGTON – U.S. Reps. John Larson and Joe Courtney had good news Wednesday for Connecticut homeowners with crumbling foundations – the Internal Revenue Service will allow them to take a deduction for a casualty loss for money spent to fix crumbling foundations. But that tax relief may be short lived if Republicans in Congress succeed in overhauling the tax code.