Following Governor Dannel Malloy’s emergency declaration and the continuing impact of Storm Sandy, Department of Revenue Services (DRS) Commissioner Kevin B. Sullivan has extended the deadline for state tax filings and payments due this week to the end of the business day on November 7, 2012.

Few things are as daunting a shoe box full of receipts when tax time comes along. The thought of making sense of this mess can be frustrating. However, it doesn’t have to be like this. Preparers can work with their clients to find a solution to manage expenses better. Below are a few options that can help you get your shoe box tax payers organized.

1) Filing System – Help your client identify receipt categories and label a file folder for each one. Have your client store the file folders in a portable file box, stored in a location that is easily accessed.

The Connecticut Department of Revenue Services announced on January 30, 2012 the distribution of refund debit cards for most income taxpayers who do not choose direct deposit.

New Tax Rates

The following tax rates are in effect as of July 1, 2011:

WASHINGTON -  The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes.

Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year.  The following is a brief overview of the changes which may affect your employees:

Legislation signed into law earlier this year makes two new credits available to employers.

Tax Tips Small Business

  • Thinking of Selling Your Corporation?

    Carefully review your options before making a decision

    When it come time to sell your corporation, you have two options. You can either sell the corporation stock or have the corporation sell the assets and distribute the proceeds. The tax implications of the two sales are very different. If you choose to sell the stock, you are the seller. The corporation is not affected by the transaction. The new owner steps into your shoes as the shareholder and takes over the existing corporation. If your share of the proceeds exceeds your basis in the stock, you'll have a capital gain to report on Schedule D.

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Small Business Quick Tip

  • Employer Provided Education

    Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
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Tax Tips Personal

  • Giving to Charity

    New rules require diligent recordkeeping
    Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007,

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Personal Quick Tip

  • Teacher Expenses

    If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.