Every year, the Connecticut Legislature has a regular session to discuss taxes. While these tax laws can affect individual taxpayers, they have a much bigger impact on businesses and their consumers. When taxes go up, it can impact sales. It can also affect a business’ bottom line. And if your company doesn’t comply with the new tax laws, they can be fined and suffer additional penalties.
As of this most recent session, there are several new tax laws that may affect your business. Most of these laws have gone into effect over the last month or two. But, if you haven’t already put measures in place to comply with the news laws, you need to act fast. The end of the year is fast approaching and, come January, you could be facing a huge headache if you don’t fix these things now.
Here is a summary of the new tax laws that may affect your business:
- The legal age to buy tobacco products in Connecticut has been raised to 21. Make sure your employees are trained and you have the appropriate signage in place.
- There is now a plastic bag fee of 10 cents per bag. This is not an optional charge. As of June 30, 2021, these plastic bags will not be allowed at all.
- The sales tax has gone up to 6.35% for all digital products. The tax on meals has also gone up by 1%.
- The tax on alcoholic beverages has gone up another 10%. Make sure you adjust accordingly.
If you have any questions about how the recent Connecticut tax laws may impact your business, give us a call right away. You can set up a time to meet with one of our business lawyers.