The State of Connecticut recently passed a law enacting a new nonvoluntary tax on all passthrough entities doing business in the state. The law was passed to offset the federal tax deduction limit of $10,000 on individual state and local tax deductions from the Tax Cuts and Jobs Act. The new tax is effective for periods beginning on or after January 1, 2018. To learn more about this new tax, how it works and what it looks like moving forward, read our recent insight.
Do you owe tax in Alabama, Connecticut, Indiana or New Jersey? These states are offering amnesty programs to help reduce or waive penalties and other reductions. To learn more about each state’s program, click here.