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State Launches myconneCT, a New Online Tax Filing System

The State of Connecticut has launched of a new online tax filing system called myconneCT.

The State of Connecticut has launched of a new online tax filing system called myconneCT. myconneCT, a major component of the phase one of the Connecticut Department of Revenue’s (DRS) multi-year modernization initiative, is designed to improve the taxpayer’s experience. It is now available for taxpayers to file state returns, make payments, view their filing histories, and navigate withholdings and surcharges.
 
The following Connecticut taxes, administered by DRS, must be filed and paid electronically through the myconneCT portal on or before Wednesday, September 30, 2020:
 
  • Sales and Use/Business Use
  • Withholding
  • Room Occupancy (B&B Occupancy)
  • Prepaid Wireless E 9-1-1 Fee
  • Admissions and Dues
  • Tourism Surcharge
  • Rental Surcharge
  • Dry Cleaning Surcharge
 
Only the above tax types are impacted at this time. If you do not file or pay any of the tax types listed above, you are not impacted at this time, and should continue using your current method of filing.
 
Taxpayers can create a myconneCT username to ensure the timely filing of their returns. For information about myconneCT along with FAQs, tutorials, and to start filing, taxpayers should visit the DRS: https://portal.ct.gov/DRS/myconneCT/myconneCT
27 Mar, 2024
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (CTA). The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from individuals who own or control a company. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN) https://www.fincen.gov/. This law affects many small businesses and legal entities. The law requires the reporting of detailed information about individuals affiliated with these companies, who ultimately own and/or control them. Please understand: IGNORING the filing requirements will result in severe punishment, including fines of $591 for each day of noncompliance (as of 2024, and annually inflation adjusted), up to $10,000, and up to two years imprisonment.
13 Mar, 2024
To help taxpayers with filing, the Internal Revenue Service today debunked some common myths to help taxpayers understand what to do with Form 1099-K. Following feedback from partners and to help avoid taxpayer confusion, the IRS announced in Nov. 2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions, would not change for 2023. The reporting threshold requirements remain over $20,000 in payments and over 200 transactions. The IRS continues to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K. Here are some common scenarios involving these forms. More information is also available at IRS.gov for what to do with Form 1099-K and frequently asked questions.
22 Feb, 2024
IR-2024-47, Feb. 21, 2024 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 5.5% for the portion of a corporate overpayment exceeding $10,000. 8% for underpayments (taxes owed but not fully paid). 10% for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporat
18 Feb, 2024
02/14/2024 Governor Lamont Signs Legislation Approving $17 Million To Cover Federal Gap in Winter Heating Assistance (HARTFORD, CT) – Governor Ned Lamont today announced that he has signed into law legislation approved this afternoon by the Connecticut General Assembly that allocates $17 million to cover a gap in federal assistance to the state this winter from the Low Income Home Energy Assistance Program (LIHEAP). Federal LIHEAP money is used by the state to fund the Connecticut Energy Assistance Program (CEAP), which is administered by the Connecticut Department of Social Services and helps low-income residents afford to heat their homes during the winter months. This year, Congressional Republicans blocked consideration of President Joe Biden’s request for additional funding for LIHEAP, rolling this aid back to the lowest levels since the winter of 2018-2019. The legislation signed into law today by Governor Lamont designates $13.5 million in supplemental aid for CEAP this winter season, and $3.5 million for Operation Fuel, a nonprofit that provides energy assistance support to Connecticut residents. “The federal LIHEAP program is an important safeguard to assist our most vulnerable residents, seniors, and families with children,” Governor Lamont said . “Working with the state legislature, we have identified one-time funds that can be used to supplement the decline in assistance that our state received this winter. The Connecticut Department of Social Services and Operation Fuel will work to ensure this funding gets to those in need. I continue to urge bipartisan leaders in Congress to follow the example of what Connecticut’s Congressional delegation have repeatedly demanded – more federal funding for LIHEAP next winter.” The legislation is Senate Bill 111 , An Act Concerning Home Energy Assistance. It was approved in the Senate by a vote of 35 to 0 and in the House of Representatives by a vote of 147 to 0. The bill took effect immediately upon being signed by the governor this afternoon.
04 Feb, 2024
The Child Tax Credit helps families with qualifying children get a tax break. You may be able to claim the credit even if you don't normally file a tax return.
30 Jan, 2024
Gabriel Thorness, MBA, CPA, of Missoula, MT, has joined Burzenski & Company, PC as a part-time Tax Accountant. He has more than 13 years of experience in accounting and tax services in both small business and individual taxes. Skilled in financial analysis, compliance, and strategic tax planning, Gabe excels in optimizing financial processes and systems to improve efficiency and accuracy.
21 Jan, 2024
The IRS has announced the new standard mileage rates for 2024. Beginning January 1, 2024, the standard mileage rate will increase to 67 cents per mile for business miles driven, up from 65.5 cents in 2023. The 2024 mileage rate for medical or moving purposes for qualified active duty members of the Armed Forces decreased to 21 cents per mile, down from 22 cents in 2023. The mileage rate for driving an automobile for charitable purposes in 2024 will remain unchanged at 14 cents per mile.
18 Jan, 2024
Amber Murray has been promoted from Staff Accountant to Senior Accountant at the firm. She joined Burzenski & Company, PC in July 2021 as a Staff Accountant. She is a graduate from Southern Connecticut State University, where she earned a Bachelors of Science degree in accounting. She recently graduated from Southern New Hampshire University, where she earned her MBA.
18 Jan, 2024
David Gray has been promoted from Staff Accountant to Senior Accountant at the firm. He joined Burzenski & Company, PC in October 2022 as a Staff Accountant. David is a graduate of Southern Connecticut State University where he earned his MBA and Manhattan College where he earned his Bachelor of Business Administration in Accounting.
19 Dec, 2023
Millions of workers nationwide could be in line for a pay hike next year, with half of U.S. states planning to boost their minimum wages in 2024.
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