The CT Mirror (https://ctmirror.org/tag/irs/)
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. Continue Reading →
WASHINGTON — Connecticut’s bid to do an end run around the limits on the deductibility of state and local taxes under the new federal law is likely to engender a new clash with the Trump administration, but it’s also based on precedent and law. Continue Reading →
WASHINGTON — A massive budget agreement headed for a vote in the Senate contains a provision that would save Newman’s Own from a thorny tax problem that threatens Paul Newman’s iconic food company. “This is not a tax break for Newman’s Own. It is simply legislative permission for us to continue to exist…,” said Bob Forrester, president and CEO of the Newman’s Own Foundation. Continue Reading →
WASHINGTON – In a new decision, the Internal Revenue Service will allow Connecticut homeowners with crumbling foundations to take a federal tax deduction for the cost of any repair made before 2021. The campaign for the tax break was spearheaded by Reps. John Larson, D-1st District, and Joe Courtney, D-2nd District, last year. Continue Reading →
WASHINGTON — The Westport-based Newman’s Own Foundation was on the verge of securing a provision in the federal tax overhaul that would have spared it from an unusual 200 percent tax hike it is facing, when the Senate parliamentarian forced lawmakers to strip it out of the massive bill. That decision could result in the sale of late actor Paul Newman’s food company and significantly damage the foundation’s ability to continue to fund charities. Continue Reading →
WASHINGTON — Both the tax bill the Senate hopes to vote on this week and a House-passed tax overhaul would keep the popular charitable deduction, but Connecticut non-profits say the legislation still would shrink American help to those in need. Continue Reading →
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. Continue Reading →
WASHINGTON — President Donald Trump’s tax plan, which he unveiled in Indiana Wednesday, would aid affluent individuals in Connecticut and lower the corporate income tax rate paid by many businesses in the state. But its impact on the state’s middle- and lower-income filers is unclear, in part because the tax plan would eliminate a number of popular deductions. Continue Reading →
WASHINGTON – Reps. Joe Courtney and John Larson asked Treasury Secretary Steven Mnuchin on Monday to allow a tax break for thousands of Connecticut homeowners who suffer from crumbling foundations. Continue Reading →
The financial disclosure form of White House aide Justin Clark of West Hartford drew unwelcome attention this week from the Center for Public Integrity: He is one of three members of the Trump administration who listed a debt to the IRS. Continue Reading →
WASHINGTON — The proposal, which will be considered later this month in a series of hearings, includes replacement of the law’s subsidies that help people buy insurance with tax credits based on a person’s age, not income, and elimination of federally mandated basic benefits in an insurance plan. Continue Reading →
The claim that wealth is leaving the state is often discussed, but does the data back it up? We analyzed two decades of IRS statistics on income among people moving from state to state to see if we could answer that question. Continue Reading →
WASHINGTON — East Hartford resident James Tillman was convicted of rape and jailed for almost 18 years before a DNA test exonerated and freed him in 2006. Congress is now adding to the restitution Tillman, and hundreds of wrongfully convicted people, received for the wrong the judicial system did them. Continue Reading →
WASHINGTON – GOP presidential hopeful Donald Trump has a new target for his ire — other super-rich guys, the nation’s hedge fund managers. “I know a lot of bad people in this country that are making a hell of a lot of money and not paying taxes,. The tax law is totally screwed up.” he said. Continue Reading →
WASHINGTON – Unless Congress acts soon, Connecticut commuters, students, homeowners and businesses will lose a number of valuable tax credits and deductions. These credits and deductions, known as “extenders,” aren’t a permanent part of the tax code and must be renewed by Congress from time to time.
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