Taxing Matters

05/05/2026

Scam alert !!! Business owners that are receiving this mailing stating your Annual filing is due - form 5102 is not a legitimate form If you are an LLC you do have a Secretary of State annual filing. This is not the same. Do not respond to this form. It is fraudulent!!

04/14/2026

The IRS website is having technical difficulties today. We can only assume it is being overloaded. Please try using the site at time that would not be so busy. Examples - late at night or early in the am. Alternatively you may have to mail any payments in - they do need to be post marked by April 15th. But Keep trying as paying online is the safest way to pay.

02/03/2026

The schedule is filling up pretty fast this year. Please make sure to call and get your appointment scheduled or drop your documents off any time between 10am-6pm Monday - Friday and 10am-2pm on Saturday So far we are seeing our clients receiving great refunds due to all the new tax law changes. Don’t forget to bring in your last paystub of 2025 if you had any overtime !!!! See you guys soon 😊

01/11/2026

****Did you receive overtime pay In 2025 ??? Here is what we need to be able to deduct it off your taxes ***this information is not on your W2 - We suggest you bring in a print out from your employer

To deduct qualified overtime pay from your federal taxes, you must use specific documentation, such as your Form W-2 or pay stubs, that itemizes the overtime compensation you received. The IRS requires you to use the new Schedule 1-A to claim this deduction.
Required Documentation
The type of documentation you need depends on the tax year:
For Tax Year 2025: Your employer may report the qualified overtime amount in Box 14 of your W-2 form or provide a separate year-end statement. If this is not provided, the IRS allows you to use your own records, such as pay stubs or earning statements, to reasonably determine the deductible amount. You should keep these records with your tax documents.
For Tax Year 2026 and later: Employers will be required to report the qualified overtime compensation separately on Form W-2 using a specific code (Code TT) in Box 12. Beginning in 2026, you will only be able to deduct amounts that are specifically reported on these official forms.
Key Information Needed
Regardless of the year, the documentation must show the "premium portion" of your overtime pay (the "extra half" in time-and-a-half pay), as only this portion is deductible. For example, if your regular rate is $20/hour and your overtime rate is $30/hour, only the $10/hour difference is deductible.

01/01/2026

Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill

IR-2025-129, Dec. 31, 2025
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard deduction and those who itemize deductions.

Who can take a deduction for interest on car loans

To help taxpayers take advantage of this new tax benefit, today’s guidance addresses important eligibility criteria, including:

Providing rules relating to new vehicles eligible for the deduction, including for determining if the final assembly of a vehicle occurred in the United States;
Providing rules for determining which vehicle loans qualify and the amount of interest paid on a loan that may be deductible;
Providing rules for determining if a new vehicle is purchased for personal use; and
Identifying taxpayers who can take the deduction and clarifying the $10,000 annual deduction limit.
What lenders need to know

The IRS previously announced transition guidance for certain lenders and other taxpayers receiving interest for vehicle loans in 2025. In general, those persons must file information returns with the IRS to report interest received during the tax year and other information related to the loan. These information returns enable taxpayers to claim the benefits of the vehicle loan interest deduction. To help lenders implement these information reporting requirements, the proposed regulations clarify:

Which lenders and other interest recipients are required to report and the time and manner for this reporting; and
What information must be included on the form provided to the IRS and to taxpayers.
More information

Treasury and IRS invite comments from the public on these proposed regulations by Feb. 2, 2026. Comments can be submitted through Regulations.gov and instructions can be found in the proposed regulations.

For more information, see One, Big, Beautiful Bill provisions on IRS.gov.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

11/28/2025

Here are some of the top “big beautiful bill” changes that will affect some of you come tax time. More of you may be itemizing again this year so be sure to bring in all your mortgage and taxes paid info. Make sure to make those end of the year tax payments and charitable deductions to help reduce your taxes. For those that purchased a new vehicle that qualifies for the car loan interest deduction make sure to bring in all the loan information and total of interest paid during the year.

FS-2025-03, July 14, 2025 — Provisions from the One, Big, Beautiful Bill Act, which was signed into law on July 4, 2025.

11/27/2025

03/20/2025

We have been seeing long delays with the state of Connecticut’s refunds. Especially larger refunds. We inquired about this to the state and we notified that a lot of larger refunds are being flagged as fraud - they are requiring taxpayers to show proof of their id and tax withholding. If you do receive a letter from the state just follow the instructions on the form. This is not a scam. It is some new form of identity protection that the state is performing

02/10/2025

Our office is experiencing telephone issues. We have recently switched phone providers and our new one is have difficulty keeping up with our call volume and is dropping some calls. We are working on the problem. In the mean time please know you do not need an appointment to drop off your tax documents. You can see the girl at the front desk any time Monday - Friday 10am - 6pm and Saturday 10am - 2pm. To schedule you can email at [email protected] Our phone calls are mostly going through but if both lines are being used the call will be dropped. Please just keep trying. Hopefully this will be resolved soon.

01/24/2025

We are receiving a lot of calls asking what the postcard from the state is. The postcard states you must go online to download a 1099-G form. There are a few possible items this maybe reporting to you - If you were on CT Unemployment / If you received CT paid leave. If you received a grant from the state and the last - if you received a refund from CT for your 2023 tax return. We will only need this if it is reporting ANYTHING BUT the Prior year refund info (we already have that info if we did your taxes in 2023). I hope this helps!!! 😊