Author Archives: dfMpvw3jJW

What to do If You Receive a Letter from the IRS or State

Most of us hope to never receive a letter from the IRS or the state unless it’s a refund check! Receiving aletter about your Federal, or State taxes can be nerve-racking, but don’t panic if you get one. Letters are sent out for various reasons and don’t necessarily mean you’re being audited. Also, keep in mind the […]

*IMPORTANT* New 2018 CT Tax Law Affects Partnerships & S Corporations Contact Innovative Tax & Accounting Group Inc. With Questions

CT Enacts Pass-Through Entity Tax On May 31, 2018, Governor Malloy signed Public Act 18-49, which has a direct impact on how Connecticut taxes partnerships and S corporations (known as pass-through entities). The new law, approved unanimously by both chambers of the General Assembly, was enacted in response to the Federal Tax Cuts and Jobs […]

Tax Deductions for CT Residents Affected by May Storms

If you experienced damage from the storms that occurred in Connecticut on May 15, 2018, you may be eligible to deduct the casualty losses on your 2018 tax return. Per the Tax Cuts and Jobs Act (TCJA), effective for 2018, casualty losses can only be claimed due to an official disaster declared by the President. On August 20, 2018, President […]

2018 TCJA Federal Tax Changes

• Personal Property Tax & State/Local Taxes (SALT) – Limited to $10,000 of combined property, state, local, and sales taxes• Standard Deduction – $12,000 Individual; $18,000 Head of Household; $24,000 for joint filers• Individual Tax Rates & Brackets – Same number of brackets (7), but each one is lower percentage by 1-4%• Qualified Pass-Through Income Deduction – up to a 20% deduction for […]

**Scam Alert Targeting CT Business Owners**

7/31/2019 – State officials released a warning of fraudulent mail being sent out to CT businesses. The enveleope is marked with “IMPORTANT – OPEN IMMEDIATELY” and “BUSINESS MAIL – TIME SENSITIVE.” The letter is from a company called “CT Certificate Service” and they request a payment of $112.50 to receive a copy of the “Connecticut […]

**2019 Connecticut Tax Changes**

2019 State of Connecticut Tax Changes (Per Department of Revenue Services) • Tobacco 21. – The legal age for purchasing cigarettes, tobacco products, and vaping products has been raised to 21. Starting October 1, 2019, there is a new tax on vaping products: 40¢ per milliliter for closed products, like Juul, and 10% of the wholesale price […]