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Hartford Business Journal

The Hartford Business Journal published an article by Tax Partners Michael D'Addio and Andrew Ebneter, discussing 2017 tax changes for businesses and individuals in Connecticut.

Featured: Michael D'Addio, Principal, Tax & Business
Andrew Ebneter, Partner, Tax & Business

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Excerpt:

Q. The revised state budget taking place July 1 has some major changes in the corporate income tax, personal income tax, and sales tax. What are the most important changes for businesses?

Andrew Ebneter - While these changes promote apportionment uniformity among several types of business entities, pass-through entities will need to adjust their internal controls for tracking service revenue. If, for example, 100% of a company's services were performed in Connecticut for customers that were located outside of the state, the company's 2017 Connecticut apportionment percentage could be much less than in previous years.

Q. What's your view of these revisions to the tax code? Will they be effective in solely generating new revenue or can they also be perceived as being business friendly?

Michael D'Addio - When dealing with changes to apportionment formulas, there are always winners and losers. However, the single factor formula should benefit Connecticut businesses, which have significant interstate and international sales. Last year, Connecticut repealed the state's three factor apportionment formula for entities taxed as C corporations and replaced it with a single factor approach based on sales. However, this change was not extended to the apportionment rules for personal income tax returns (which affects partnerships and S corporations). The new rule will apply to all business entities.

Click here to read full article on www.hartfordbusiness.com >>
Click here to read full article as PDF >>

 
Featured
Michael D'Addio

Principal
Tax & Business
New Haven, CT
Andrew Ebneter

Partner
Tax & Business
New York, NY
 




 
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