CT recently passed legislation that included a Child Tax Rebate.  The rebate is $250 per child (up to 3 children) for qualifying CT residents.  To qualify for the rebate, you must meet the following requirements: You must be a resident of Connecticut at the time of your application; You must have claimed at least one… Read More

CT has established a Tax Amnesty Program that is running from November 1, 2021 to January 31, 2022. Interested taxpayers must complete an application with DRS to participate in the program. After compliance with the program’s requirements, these taxpayers will be entitled to the cancellation of penalties and a 75% reduction in interest on the… Read More

With the recently enacted American Rescue Plan, there were changes made to the child tax credit that may benefit many taxpayers, most notably: The amount has increased for certain taxpayers The credit is fully refundable The credit may be partially received in monthly payments The qualifying age for children has been raised from 16 to… Read More

The Treasury Department and Internal Revenue Service have announced that the federal income tax filing and payment due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.  Penalties & interest and will begin to accrue on any remaining unpaid balances as of May 17,… Read More

The American Rescue Plan Act of 2021, signed into law March 11, 2021, is a $1.9 trillion economic stimulus bill which includes many tax provisions.  While there are additional relief provisions in this law, we will focus on the tax provisions only, a summary of which is below.  We are continuing to learn about these… Read More

The Consolidated Appropriations Act of 2021 was signed into law December 27, 2020 and contained both a $900 billion stimulus bill and an $1.4 trillion omnibus spending bill.  Included within this legislation were numerous tax provisions, some stimulus related and some not stimulus related.  Below is a summary of the tax relevant provisions and stimulus… Read More

Today is Giving Tuesday!  While there are numerous reasons to give, an added incentive this year is you may get a tax break as well (even if you don’t itemize).  As part of the CARES Act, an “above-the-line” deduction of up to $300 was put into place for certain charitable donations made by Dec 31,… Read More

The CT Department of Economic and Community Development (DECD) has created a $50 million grant program to assist CT small businesses that have been negatively impacted by Covid-19.  Eligible CT businesses and nonprofits can receive a one-time $5,000 grant (no repayment requirements!).  Of the $50 million, $25 million will go to businesses/nonprofits located in the… Read More