Category Archives: Connecticut

2025 Tax Foundation’s State Tax Competitiveness: Some New Winners, But the Usual Losers

Posted on October 31, 2024 by Russ

The Tax Foundation released its 2025 State Tax Competitiveness Index (formerly the Business Tax Climate Index).  While taxes aren’t everything in where you situate a business, they’re absolutely an important factor. If I have to pay an extra 10% in … Continue reading →

Posted in Alaska, California, Connecticut, District of Columbia, Florida, Maryland, Montana, Nevada, New Jersey, New York, South Dakota, Wyoming | Comments Off on 2025 Tax Foundation’s State Tax Competitiveness: Some New Winners, But the Usual Losers

Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result

Posted on December 14, 2020 by Russ

Bluffing in poker can work quite well. However, if your opponent will always call, bluffing cannot work. One poker player learned that the IRS always call your bluffs (especially when they have evidence). Guy Smith owns an interior construction business … Continue reading →

Posted in Connecticut, Gambling, Tax Evasion | Comments Off on Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result

IRS To New York, New Jersey, and California: We Weren’t Kidding

Posted on June 11, 2019 by Russ

Today the IRS issued rules and guidance on charitable contributions as a workaround to the new limits on state and local taxes. Unsurprisingly, the IRS said exactly what I thought they would: both substance over form and quid pro quo … Continue reading →

Posted in California, Connecticut, Legislation, New Jersey, New York, Tax Preparation | Tagged | Comments Off on IRS To New York, New Jersey, and California: We Weren’t Kidding

No Man Is an Island

Posted on March 11, 2019 by Russ

On Saturday a superb editorial appeared in the Providence Journal, “When Taxpayers Flee a State.” Here’s an excerpt: Despite its name, Rhode Island is not an island unto itself. People are free to come and go, including business executives who … Continue reading →

Posted in California, Connecticut, Nevada, Rhode Island | Comments Off on No Man Is an Island

We’re Not Gonna Take It

Posted on August 23, 2018 by Russ

The IRS issued proposed regulations today on charitable contributions as it relates to state and local tax credits. Here’s a hint to politicians in Connecticut, New Jersey, and New York. The IRS is telling you: Here’s an excerpt from the … Continue reading →

Posted in Connecticut, IRS, Legislation, New Jersey, New York | Comments Off on We’re Not Gonna Take It

We’re Not Gonna Take It…

Posted on July 21, 2018 by Russ

You may have heard that earlier this week four states sued to stop parts of the new tax law from going into effect. The states–New York, New Jersey, Connecticut, and Maryland–don’t like the new $10,000 cap on deducting state and … Continue reading →

Posted in Connecticut, Legislation, Maryland, New Jersey, New York | Tagged | Comments Off on We’re Not Gonna Take It…

Cash & Carry Your Way to Tax Evasion

Posted on September 27, 2015 by Russ

Kasia’s Bakery is a very successful bakery in New Britain, Connecticut. Its owner, Marian Kobryn, emigrated from Poland to the US to escape political oppression. He opened the bakery, and it’s been a great success. The bakery operates on a … Continue reading →

Posted in Connecticut, Tax Evasion | 1 Comment

State Financial Health: Alaska, Dakotas on Top, Illinois, New Jersey, Massachusetts and Connecticut on the Bottom

Posted on July 7, 2015 by Russ

The Mercatus Center at George Mason University released a study today ranking the 50 states on their financial health. Here are the top six states: 1. Alaska (8.26) 2. North Dakota (2.97) 3. South Dakota (2.84) 4. Nebraska (2.75) 5. … Continue reading →

Posted in Alaska, California, Connecticut, Illinois, Massachusetts, New Jersey, North Dakota, South Dakota | Comments Off on State Financial Health: Alaska, Dakotas on Top, Illinois, New Jersey, Massachusetts and Connecticut on the Bottom

Ledyard 3, Mashantucket Pequots 0

Posted on August 11, 2013 by Russ

Back in mid-July the 2nd Circuit Court of Appeals ruled on an interesting case regarding tribal sovereignty at Indian casinos. The case pitted the country’s largest casino, Foxwoods, against the town of Ledyard and the State of Connecticut. The issue: … Continue reading →

Posted in Connecticut, Gambling | Tagged | Comments Off on Ledyard 3, Mashantucket Pequots 0

Bad States for Gamblers

Posted on October 22, 2012 by Russ

It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs … Continue reading →

Posted in Connecticut, Gambling, Hawaii, Illinois, Indiana, Massachusetts, Michigan, Minnesota, Mississippi, New York, Ohio, Washington State, West Virginia, Wisconsin | 1 Comment