Chamber Legislative Alert!! Lawmakers could vote at any time on a new state budget and tax package that reportedly includes a $53 million income tax hike on most small businesses. Last year, the legislature implemented a new tax on pass-through entities (LLCs, LLPs, partnerships, sole proprietorships, S Corps) with an offsetting income tax credit to […]
Take Action Now!! Last week, Connecticut lawmakers passed the most aggressive minimum wage hike in state history. Minimum wage will go to $15 per hour over the next 5 years. How are you preparing to make these changes? Have you considered what you will do for the employee that is working for you now that […]
Concerned about the impact that mandated paid family and medical leave will have on your business? State lawmakers will soon act on legislation mandating 12-14 weeks annual paid leave at 100% of salary, capped at $1,000 weekly, for all private sector workers in Connecticut. Employers will shoulder additional administrative burdens involved with juggling new workforce […]
Join hundreds of business leaders at this annual event and share your business story with lawmakers. Legislators need to hear from the business community as they look to help employers grow the economy and create more jobs. The morning begins with a welcome session, followed by breakouts that give you an opportunity to meet with […]
Healthcare mandates increase health insurance costs to employers and their employees A series of bills mandating expanded healthcare coverage could significantly increase costs for Connecticut small businesses and their employees. Rising healthcare costs remain one of the main concerns for Connecticut employers, particularly small businesses, which are the majority of businesses in the Windham Region. “With […]
Publication 5318, Tax Reform: What’s New for Your Business, is a 12-page electronic document. Pub. 5318 provides a general overview of many of the Tax Cuts and Jobs Act (TCJA) changes enacted in December 2017 that impact business taxes. Publication 5318 includes sections on: Qualified Business Income Deduction Depreciation Business related losses Business related exclusions […]
Connecticut employers will save more than $100 million in workers’ compensation costs next fiscal year due to a reduction in assessment rates for the state’s Second Injury Fund. State Treasurer Denise Nappier this week announced a half-point drop in rates. “The rates for insurance companies will decrease from 2.75% to 2.25% for insured employers,” Nappier […]
The state Department of Labor has modified the initial fact-finding hearing for the unemployment compensation claims adjudication process. Employers will no longer receive Form UC-840E, Notice to Employer of Hearing, but will now be mailed Form UC-790, Fact Finding Supplement, and are required to respond in writing within 10 calendar days of when the form […]
As employers across the country celebrate National Small Business Week, the IRS reminds businesses that the passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes. Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment. Changes to depreciation and how they will affect businesses may […]
A legislative committee this week approved broad new mandates on Connecticut employers, including paid family and medical leave and a massive expansion of the state’s paid sick leave statute. The Labor and Public Employees Committee also unanimously passed long-overdue reforms to the state’s unemployment compensation system, although that bill faces significant challenges as it moves to […]
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