Author Archives: Mario V. Lucibello, CPA
Connecticut Sales and Use Tax: U.S. Supreme Court Asked Whether Teachers Created Nexus for Mail-Order Bookseller
The Connecticut Commissioner of Revenue Services had asked the U.S. Supreme Court whether an out-of-state mail order company that sells books to teachers and students was liable for sales and use tax deficiency assessments because the teachers acted as the … Continue reading
ATTENTION: Connecticut manufacturers, you may qualify for this subsidy!!
Came across this subsidy earlier this morning for all that are interested in applying for some state finds for new hires! http://www.ctihub.com/show/paige-rasid/post/192/step-up-(subsidized-training-and-employment-program)–small-ct-manufacturing-businesses-take-note
So now that health care has passed what is the tax penalty for not having health insurance?
“In 2016, when the penalty is fully phased in, it will be $695 for an individual (up to $2,085 per family) or 2.5 percent of household income, whichever is greater. The penalty will increase annually based on the cost of … Continue reading
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Long Time New Milford Accounting Firm, Greenhaus Riordan & Co, In the News!!
Follow this link for a terrific article on our founding partner, Larry Greenhaus, written by the New Milford Spectrum. http://www.newmilfordspectrum.com/news/article/Greenhaus-Riordan-Co-respected-in-the-3459463.php#photo-2778757
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Employee or independent contractor? Now an even bigger risk!
With unemployment on the rise, State labor departments are cracking down on the misclassifications of contractors that should in fact be employees as outlined by state law. State labor departments are now going one step further and working collaboratively with the IRS … Continue reading
Scrap metal dealers – protect your cash dealings from IRS scrutiny….Or else!
After reading the 80 page IRS audit technique guide made specifically for the scrap metal recycling industry (click here to request a copy) it was obvious the IRS will focus their audits primarily on cash purchases. More specifically, when a scrap yard … Continue reading
Posted in Small Business, Tax
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Now that I have a condo in Florida, I can be a “Florida resident” and I don’t have to pay Connecticut Tax, Right?
This is a common question I get from clients and I feel it may become even more common now that CT has increased the income tax rate. So what determines residency? In Connecticut, for income tax purposes you are considered … Continue reading
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CT Income Tax Increase. RETROACTIVE!
Effective January 1, 2011 new increased tax rates will be in effect in Connecticut. For single filers: 3% – $0 – $10,000 5% – $10,000 – $50,000 5.5% – $50,000 – $100,000 6% – $100,000 – $200,000 6.5% – $200,000 … Continue reading
CT Sales Tax Increased to 6.35% 7/1/11!!
Effective 7/1/11 the CT sales tax has been increased to 6.35%!
Is your luxury car deductible?
Answer: It depends Let us look at two court cases: In R.J. Denison, 36 TCM 1759 a securities investment advisor who operated as an S- Corporation was allowed his deductions for a chauffeured luxury automobile. However, in David M. Connelly … Continue reading
