Tax News

Manufacturing Apprenticeship Tax Credit

Due to the current and impending shortage of skilled craft workers in the manufacturing trades in Connecticut, corporations who employ an apprentice will be entitled to the Tax Credit for Manufacturing Apprenticeships.

Corporations claiming this tax credit must have a qualified apprenticeship training program:

  • Certified in accordance with regulations adopted by the Connecticut Department of Labor
  • Registered with theConnecticut State Apprenticeship Council

The apprenticeship program must meet the following requirements:

Filing Deadline for Employer Forms W-2 and 1099-MISC

For tax year 2016, the new deadline for filing employer copies of Forms W-2 and 1099-MISC is January 31, 2017.  In the past, employers had until February 28 to file these forms.   The new filing date, stated in a new federal law under the Protecting Americans from Tax Hikes (PATH) Act of 2015, gives the IRS more time to identify and prevent refund fraud.

The January 31 deadline to furnish employee’s copies of Forms W-2 and 1099-MISC remains the same.

Changes to the Federal Application for Federal Student Aid (FAFSA)

College students need to complete the Application for Federal Student Aid (FAFSA) to qualify for any needed financial aid. Two new changes have taken affect for the new FAFSA process:

  • You can now submit the FAFSA form as early as Oct 1st., instead of the previous Jan 1 submission date.  This is not the deadline, but students who apply earlier tend to receive more aid.
  • Going forward, you can base your answers on your federal tax return from the … Continue reading »

New IRS Email Scam

A new IRS scam has recently emerged. Fraudulent emails are being sent out asking taxpayers to pay a penalty for not having the required healthcare coverage imposed by the Affordable Care Act.

The IRS sends taxpayers notices by mail only, BUT unfortunately, there are some fraudulent letters also being sent by regular mail.

Please be aware:

  • IRS does not contact taxpayers by phone, email or text
  • IRS does not require payment from taxpayers with prepaid debit cards or an … Continue reading »

IRS Phone Scam

There have been a growing number of tax-related phone scams, where the scammers are usually after your money and possibly your identity. Please be aware that the IRS will NEVER call you.

A scammer may call you and:

  • Identify themselves as an IRS agent, with a fake name and a fake badge number.
  • Alter the name and phone number that appears on your Caller ID to make it look like they’re calling from the IRS or Washington, D.C.
  • Convincingly … Continue reading »
Web Statistics