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Delayed Refunds from IRS

Delayed Refunds from IRS

​The pandemic has been difficult for everyone, including the IRS. In June 2021, after most individual tax returns had been filed, the IRS had around 35 million unprocessed tax returns. The most recent update from the IRS discloses they have processed all returns...

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2021 CT State Tax Developments

2021 CT State Tax Developments

CT recently released a summary of its legislation enacted during the 2021 Regular Session and June Special Session. Here are a few key developments that may apply to your business: “Admissions Tax: Beginning July 1, 2021, admissions tax applies only to movie theaters....

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Advance payments of the Child Tax Credit (CTC)

Advance payments of the Child Tax Credit (CTC)

The IRS has issued a notice informing taxpayers that they can get an advance on half of their estimated CTC for 2021. This advance will be paid in monthly increments beginning July 2021 through December. The advance payments will generally be made on the 15th of each...

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PPE Expense Deduction for Teachers

PPE Expense Deduction for Teachers

The IRS released guidance on Thursday, February 4, 2020, regarding one of the provisions in the COVID-Related Tax Relief Act that was passed in December. Educators who are a kindergarten through twelfth-grade teacher, instructor, principal, counselor, or aide who work...

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MMNT Launches ‘App’ To Get Closer to Clients

MMNT Launches ‘App’ To Get Closer to Clients

CPA firm focuses on the smartphone to increase touch points with clients and deliver insightful content and free tools to use on the go  The Connecticut based Certified Public Accounting Firm, MMNT, LLC, has launched its own App to make it easier to communicate with...

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Did You Take a Distribution From Your 529 Plan During 2020?

Did You Take a Distribution From Your 529 Plan During 2020?

Did you take a distribution from your 529 Plan during 2020? If you withdrew from a 529 plan, and subsequently received a refund for the tuition paid, you may be in for a surprise when you file your tax return. There are various ways you could have used those funds to...

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IRS is Helping Taxpayers with Tax Debt

IRS is Helping Taxpayers with Tax Debt

Due to Covid-19, IRS has decided to help taxpayers that have an outstanding tax liability. Some of the highlights of the debt relief initiative are as follows: Taxpayers who qualify for a short-term payment plan option may now have up to 180 days to resolve their tax...

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CT Paid Family and Medical Leave Act (PFMLA)

CT Paid Family and Medical Leave Act (PFMLA)

What is it?The CT Paid Family and Medical Leave Act (PFMLA) allows employees access to paid leave for life events covered under the federal Family and Medical Leave Act of 1993 (FMLA), the Connecticut Family and Medical Leave Act (CT FMLA) and the Connecticut Family...

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This blog could become outdated due to tax law updates.

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