A tax reciprocal agreement is established when two states agree to avoid the burden of dual taxation on employees who live in one state while working in another state. The contract exempts the employee from taxes in his or her work state while requiring payment only to the home state. For example, Illinois has reciprocal.. read more →

The IRS has provided information to taxpayers and employers about changes related to the Tax Cuts and Jobs Act on the rules for these expenses: moving, vehicle and unreimbursed employee. But there’s a bright spot: The agency offered information about higher depreciation limits for some vehicles. The TCJA, the tax overhaul that Congress passed last.. read more →

01 Aug 2018
August 1, 2018

2018 DHL&S Summer Outing

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On Friday, June 29, 2018, DHL&S recharged their batteries after a very busy tax season at the Colonial Tavern in Oxford, CT. Enjoying the beautiful weather, eating, swimming and playing water balloon toss, were just some of the activities planned for the day! Getting together outside of the office in a relaxed atmosphere really gave.. read more →

On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA) tax, which is administered by the state workforce agency. Although these employer payroll taxes.. read more →

Thinking that maybe an outside expert can help you solve an internal business problem? Here are the positives to hiring a business consultant. They can Be a source of specialized knowledge, bringing skills and experience. Help with marketing, sales development, business expansion, and improvements and aid in executing these ideas and recommendations. Bridge a gap.. read more →

A Medicaid trust can help you qualify for Medicaid while preserving your estate. But they’re complicated, and you need to know the kinds of trusts available, and how they work. Medicaid trusts fall into the general categories of revocable and irrevocable trusts. Most elder lawyers are partial to irrevocable trusts because they can’t be changed.. read more →

What’s in a word? A world of tax consequences when the word is “business” or “hobby.” In a nutshell: If you and the IRS determine that an activity is a business, you’ll owe taxes on profits and will be allowed to deduct expenses for conducting that business. But if your passion for, say, making quilts.. read more →

By:  James S. Rollinson, Jr., CPA Two old court cases were very favorable to the online retailer but unfortunately, do not reflect the digital world we live in today. “National Bellas Hess, Inc. v. Department of Revenue of Illinois” in 1967 and “Quill Corporation v. North Dakota” in 1992. Both cases provided a precedent that in.. read more →

By:  Hahn Trinh The number of senior financial scam cases are increasing exponentially.  Senior citizens are at the highest risk of fraud.  Being the generation with financial stability as well as the generation not as up-to-date with the ever-growing uses of technology, they have become the target of most financial scams.  Seniors are often less.. read more →

In response to the Federal “Tax Cuts and Jobs Act”, and its limitation on the deductibility of State and Local Taxes, the State of Connecticut legislature passed, and the governor signed a bill on May 31, 2018, that changes the Connecticut taxation of partnerships (including multi-member LLC’s) and S-Corporations (pass-through entities).  Effective for tax years beginning.. read more →