Connecticut has passed a bill that provides tax relief for 2020 only for employees working remotely who would have potentially had their wages taxed by two states (H.B. 6516) The bill provides particular relief to Connecticut residents who are required to pay income taxes for the 2020 tax year to other states that
Lee Allison
Notice 2020-75: The SALT Cap Does Not Apply to Income Tax Payments Made by Partnerships and S Corporations (in contrast to actual payments made by a partner or S corporation shareholder)
In Notice 2020-75, the Treasury/IRS announced that proposed regulations will be issued to provide certainty that income tax payments made by partnerships and S corporations (as opposed to flowing through the tax to, and with payment then made by, each actual partner or S corp shareholder) are deductible without being subject to the SALT…
When Down the Hall Becomes Across State Lines—Part 2
Many people relocated to a different state as Covid-19 pandemic restrictions intensified. That relocation may have lasted much longer than was anticipated and may have resulted in an unintended establishment of residency in another state. In Part 2 of a two-part series published in Bloomberg Tax, R&G attorneys explore common fact patterns and the…
When Down the Hall Becomes Across State Lines—Part 1
Many people relocated to a different state as Covid-19 pandemic restrictions intensified. That relocation may have lasted much longer than was anticipated and may have resulted in an unintended establishment of residency in another state. In Part 1 of a two-part series published in Bloomberg Tax, R&G attorneys explore several northeastern states’ tax residency…
President Releases Tax Reform Framework
On September 27, 2017, the White House and a group of congressional leaders, commonly referred to as the “Big Six”, released a joint framework for proposed tax reform. The framework sets out five goals: middle-class tax relief, simplifying tax returns for most Americans, business tax relief, ending incentives to shift jobs and capital overseas, and…
Trump Administration Releases Tax Reform Framework
On April 26, 2017, the Trump Administration announced several high-level goals and proposals for individual and corporate tax reform, the details of which the White House expects to develop through discussions with Congress and taxpayers. Read more about the proposals in the Ropes & Gray client alert here.