Connecticut Taxes, Guidebook to (2017)

Connecticut Taxes, Guidebook to (2017)

by Richard D. Pomp


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Connecticut Taxes, Guidebook to (2017) by Richard D. Pomp

CCH's Guidebook to Connecticut Taxes is the perfect resource for concise explanation for practitioners working with state taxation in Connecticut. Designed as a quick reference work, the Guidebook presents succinct discussions of state and local taxes, giving a general picture of the state tax laws and regulations and highlighting the significant cases and administrative rulings. This annual publication is useful to tax practitioners, in-state and multistate businesspersons, and those who are obligated to file Connecticut returns or who are required to deal with Connecticut taxes. The comprehensive and authoritative Guidebook is authored by a team of leading experts in Connecticut state taxation: - Richard D. Pomp--Coordinating Editor - Leslie E. Grodd, Esq.--Estate and Gift Taxes - Christine L. Hill, Esq.--Sales and Use Taxes - Diana L. Leyden, Esq.--Miscellaneous Taxes - Glenn G. Rybacki, Esq.--Administration and Procedure - David F. Sherwood, Esq.--Property Tax - Jay M. Smolin, CPA--Personal Income Tax - Richard W. Tomeo, Esq.--Corporate Business Tax - Laura R. Wyeth, CPA--Sales and Use Taxes It is the one source those involved with Connecticut taxation need for quick and accurate answers, presenting thorough coverage of the taxes of major interest including: - personal income tax - corporation income tax - sales and use taxes Other Connecticut taxes are summarized, as well, with particular emphasis placed on persons or transactions subject to tax, exemptions, basis and rate of tax, and returns and payment. For the user's convenience in determining what is new in the Connecticut tax law, a special Highlights of Tax Changes section is included to provide at-a-glance awareness of key recent developments in the law. While this handbook focuses on the law applicable to the filing of income tax returns in 2016 for the 2015 tax year, legislative changes effective after 2015 are also noted with an indication of the effective date to avoid confusion and to assist in future tax planning. Helpful references to both the Connecticut and related federal provisions are provided throughout for those who wish to examine full text of the applicable law. Also, detailed Tables of Contents, Law and Regulations Finding Lists, a Topical Index and organized presentation of the content make pinpointing critical information quick and easy. Helpful references to specific paragraphs in the comprehensive CCH Connecticut Tax Reports service are also provided throughout the Guidebook to assist users in further, more comprehensive tax research and tax planning. A free link to the online version (PDF) of Multistate Corporate Tax Course for CPE 2015 is included. ABOUT THE EDITORS: Richard D. Pomp--Coordinating Editor Richard D. Pomp is the Alva P. Loiselle Professor of Law. He is a summa cum laude graduate of the University of Michigan and a magna cum laude graduate of Harvard Law School. He has taught at Harvard, New York University, Texas and Boston College. In addition, he has been a Distinguished Professor in Residence, Chulalongkorn Law School, Bangkok, Thailand, and a Visiting Scholar at the University of Tokyo Law School. Professor Pomp teaches in all areas of taxation. Professor Pomp was Director of the New York Tax Study Commission when New York restructured its personal and corporate income tax, and created an independent tax tribunal. He is currently a consultant to the U.S. Treasury on state taxation of e-commerce. Professor Pomp serves as an expert witness in courts throughout the country and as a litigation consultant to law firms, corporations, accounting firms, and state tax administrations. He has participated in various capacities in Supreme Court litigation. Professor Pomp has served as a consultant to cities, states, Multistate Tax Commission, U.S. Congress, U.S. Treasury, Department of Justice, United Nations, IMF, World Bank and numerous foreign countries. He is the author of the leading casebook on state taxation, used in more than 50 schools and by state tax administrations and major accounting firms for their internal training, and also of more than 50 articles, several chapters in books, and various monographs. His writings have appeared in The New York Times, The Wall Street Journal, and The Financial Times. Professor Pomp sits on numerous advisory and editorial boards, including the CCH State Tax Advisory Board, D&T Center for Multistate Taxation, Center for State and Local Taxation, NYU Institute on State and Local Taxation, Interstate Tax Report, and is Chairman of the Board of the Institute on Taxation and Economic Policy. Leslie E. Grodd, Esq.--Estate and Gift Taxes Leslie E. Grodd is counsel with the law firm of Halloran & Sage, LLP, a resident of their Westport, Connecticut office. Mr. Grodd received his bachelor's degree from the University of Vermont, his M.B.A. from New York University and his J.D. from St. Johns University School of Law. He is also a CPA and a member of the State Society. Prior to joining Halloran & Sage, LLP, Mr. Grodd was a principal in the law firm of Blazzard, Grodd & Hasenauer, PC, which he co-founded in 1974, and prior thereto was associated with the accounting firm Coopers & Lybrand in the tax department of the New York City office. Mr. Grodd has spoken at several conferences around the country in the fields of estate and income tax planning. He is former chairman of the Federal Tax Committee of the CT CPA Society and the Executive Committee of the Tax Section of the Connecticut Bar Association. He is also a fellow of the American College of Tax Counsel. Christine L. Hill, Esq.--Sales and Use Taxes Christine L. Hill is Counsel with United Technologies Corporation. Ms. HIll has over a decade of experience in the state tax area, starting as a Revenue Examiner with the Connecticut Department of Revenue Services, continuing as a Manager in the State Tax Consulting Group of PwC LLP in Hartford, where she focused her practice on state and local tax matters. Ms. Hill has extensive experience in multistate tax matters, with an emphasis on Connecticut taxes, including represenation before taxing agencies, both at the audit and appellate levels. She is also a frequent lecturer on state tax issues. Ms. HIll serves as a member of the Executive Committee of the Connecticut Bar Association Tax Secton and currently chairs its Sales and Use Tax Subcommittee. Ms. Hill received her J.D. with a focus on taxation from the University of Connecticut School of Law and a bachelor's degree from Rutgers College. Ms. Hill is admitted to practice in Connecticut and Massachusetts. Glenn G. Rybacki, Esq.--Administration and Procedure Glenn G. Rybacki is a counsel in the law firm of Shipman & Goodwin LLP, Hartford, Connecticut. As a member of the firm's tax practice group, Mr. Rybacki's practice focuses on tax planning, audit representation and appeals before federalnad state tax authorities. While Connecticut matters are central to his practice, he has extensive multistate experience, primarily in New York and New Jersey. The tax planning aspect of his practice emphasizes the structuring of entities, operations, and transactions to achieve maximum tax savings and avoid future tax liabilities. The representation aspect of his practice focuses on obtaining significant reductions through negotiated settlements and administrative appeals before the Internal Revenue Service, the Connecticut Department of Revenue Services, and other state taxing authorities. Prior to joining Shipman & Goodwin, Mr. Rybacki was a tax manager at Deloitte & Touche,LLP in Stamford, CT. There he developed multistate tax planning for manufacturers, service providers, and emerging e-commerce businesses. He also represented clients in state and local tax matters before taxing authorities from several states including Connecticut, New York, New Jersey, California, Texas and Washington. Before joining the private sector, Mr. Rybacki was a revenue examiner forthe Department of Revenue Services in Connecticut for over ten years. Mr. Rybacki received his Bachelor's Degree from Providence College and his J.D. from Quinnipiac College, School of Law. He is admitted to practice in Connecticut and New York, and is a member of the American, Connecticutand New York State Bar Associations. Diana L. Leyden, Esq.--Miscellaneous Taxes Diana L. Leyden is currently the Director of the University of Connecticut School of Law Tax Clinic and teaches as an Assistant Clinical Professor in the program. The Tax Clinic provides free legal representation to low-income taxpayers in federal and Connecticut tax controversies. Professor Leyden received her J.D. from the University of Connecticut School of Law and an LL.M. in Taxation from Georgetown University Law Center. She served as a clerk to the Honorable Herbert Chabot, U.S. Tax Court. Prior to joining the faculty of the University of Connecticut School of Law, Professor Leyden practiced tax law with Steptoe & Johnson, Washington, D.C., and Day, Berry & Howard, Boston. She also served as both a hearing officer and manager with the MA Department of Revenue Appeal & Review Bureau, and as a senior staff attorney with the Connecticut Department of Revenue Services Legal Division. Professor Leyden is admitted to practice in Connecticut, the District of Columbia, and Massachusetts, and is a member of the bars of the U.S. Tax Court and the Federal Court of Claims. David F. Sherwood, Esq.--Property Tax David F. Sherwood is a partner in the law firm of Moriarty, Paetzold & Sherwood, Glastonbury, CT. He graduated magna cum laude from the University of Pennsylvania, received a Ph.D. with highest honors from Yale University and received his J.D. with highest honors from the University of Connecticut School of Law. Mr. Sherwood is a frequent author on tax-related matters and has been guest lecturer at the Connecticut Bar Association's Continuing Legal Education Section on Connecticut State and Local Taxation; National Business Institute; and Connecticut Association of Assessing Officers Symposium. Mr. Sherwood is a member of the Hartford County, Connecticut and American Bar Associations. Jay M. Smolin, CPA--Personal Income Tax Jay M. Smolin is a partner is a managing director of Wilmington Family Office, which he joined in 2006. At Wilmington Family Office, he provides personal financial planning and investment services to individual clients. He retired as a partner in the northeast personal financial planning practice of KPMG LLP in February 2004. He was the partner in charge of the personal financial planning practice for the Fairfiled-Westchester area, and served corporate executives, high wealth individuals and family groups. Mr. Smolin joined KPMG in 1974, having graduated from the University of Michigan, attaining both a B.B.A. and M.B.A. in accounting. Mr. Smolin is a frequent speaker at various professional and corporate sponsored seminars on financial planning. He is a member of the AICPA, the New York and Connecticut State Societies of CPAs, and the American Compensation Association. He is an accredited Personal Financial Specialist by the AICPA, is a member, and Past President of the Estate Planning Council of Lower Fairfield, and is a member of the International Association for Financial Planning. He is also named in the publications Who's Who in Finance and Industry and Who's Who in America. Richard W. Tomeo, Esq.--Corporate Business Tax Richard W. Tomeo is a partner in the law firm of Robinson & Cole LLP, Hartford. He heads the firm's state and local tax practice group. He graduated with honors from the University of Connecticut School of Law and holds an LL.M. in Taxation from the George Washington University Law Center. Mr. Tomeo is an active member of the State and Local Tax Committee of the American Bar Assocation Tax Section, is a former chair of the CT Bar Association Tax Section and currently chairss its Corporation Business Tax Section. He is an editor of the Journal of Multistate Taxation and the Senior Editor for Taxation of the Connecticut Bar Journal. He is a contributing author for the ABA Sales and Use Tax Deskbook, the CCH Business Incentives Guide and the CCH E-Commerce Tax Alert. He is a frequent speaker on state and local tax topics. Laura R. Wyeth, CPA--Sales and Use Taxes Laura R. Wyeth is director of PwC's State Tax Consulting Group in Hartford, which provides state and local tax planning and compliance services, including assistance with state income, sales and use, and gross receipts tax audits. Ms. Wyeth has extensive experience consulting on state tax matters with taxpayers from diverse industries, including e-commerce businesses. She is co-chair of the CT Department of Revenue Services Managed Compliance Task Force established by Commissioner Gene Gavin, which was successful in obtaining legislation that greatly simplified sales and use tax reporting and audits through the use of managed audits and managed compliance agreements. She served as chair of the CT Dept. of Revenue Services Small and Medium-Sized Business Users Committee which was established to advise the Commissioner of Revenue Services and has served on task forces established by the commissioner to study and propose legislation regarding both sales and use tax and income tax issues. Ms. Wyeth has served as chair of the CT Society of CPAs' State Taxation Committee and its Legislative Subcommittee, and has served on its Board of Governors. She currently chairs the Taxation and Finance Committee of the Connecticut Business and Industry Association and is a member of the Tax and Fiscal Policies Committee of the MetroHartford Chamber of Commerce. Ms. Wyeth has written and lectured widely on state tax issues. A member of the AICPA as well as CSCPA, she holds a master's degree in accounting from the State University of New York at Albany and a bachelor's degree from Columbia University in New York City.

Product Details

ISBN-13: 9780808044581
Publisher: C C H, Incorporated
Publication date: 11/11/2016
Pages: 324
Product dimensions: 5.90(w) x 8.90(h) x 0.70(d)

Table of Contents

Highlights of 2016 Connecticut Tax Changes 13

Tax Calendar 15

Part I Tables

Tax Rates 17

Business Incentives and Credits 18

Part II Personal Income Tax

1 Rates, Persons Subject, Exemptions 23

2 Computation of income 33

3 Allocation and Apportionment 53

4 Credits 57

5 Withholding 67

6 Returns, Payment, and Records 77

7 Collection of Tax 87

8 Taxpayer Remedies 91

Part III Corporation Business Tax

9 Rates, Taxpayers Subject, Exemptions 93

10 Computation of Income 101

11 Allocation and Apportionment 107

12 Credits 113

13 Returns, Payment, and Records 135

14 Collection of Tax 141

15 Taxpayer Remedies 145

Part IV Sales and Use Taxes

16 Persons and Transactions Subject to Tax 147

17 Basis and Rate of Tax 157

18 Exemptions and Credits 165

19 Returns, Payment, and Records 189

20 Collection of Tax 207

21 Taxpayer Remedies 215

Part V Estate, and Gift Taxes

22 Estate, and Gift Taxes 219

Part VI Property Taxes

23 Property Taxes 227

Part VII Miscellaneous Taxes

24 Unemployment Compensation 259

25 Other State Taxes 267

Alcoholic Beverage Taxes 269

Controlled Substances Tax 271

Motor Vehicle Fuels Taxes 272

Motor Vehicle Registration 275

Petroleum Products Gross Earnings Tax 277

Cigarette and Tobacco Taxes 278

Insurance Taxes 283

Public Utilities Taxes 285

Real Property Transfer Tax 287

Attorney's Occupational Tax 289

Part VIII Administration and Procedure

26 Administration 291

27 Collection of Tax 297

28 Taxpayer Remedies 307

29 Connecticut Resources 313

Part IX Doing Business in Connecticut

30 Fees and Taxes 315

Part X Unclaimed Property

31 Unclaimed Property 321

Law and Regulation Locator 329

Topical Index 335

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