CT Personal Filing Update

March 25, 2020

From the CT DRS Website: Department of Revenue Services extends filing and payment deadlines for personal income tax returns to July 15, 2020 At the direction of Governor Ned Lamont, the Connecticut Department of Revenue Services (DRS) is extending the filing and payment deadline for personal income tax returns 90 days, to July 15, 2020. […]

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Small Businesses and Paid Coronavirus Leave

March 24, 2020

There are new credits available to small businesses intended to cover the costs of paying for leave to employees who either have coronavirus or have to care for a child. They are geared to the larger end of “small business” and, in fact, businesses with less than 50 employees are not obligated to provide leave. […]

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Mileage Logs

March 21, 2020

The IRS says you have to have “receipts” for your expenses. Your Mileage Log is your “receipt” for the 2-Miles-Makes-a-Dollar (to avoid decimal points) Standard Mileage or “Exact” auto expense deduction. It used to be a real PITA. Today there are cell phone apps that do it for you with virtually no effort. When you […]

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From CT’s Website

March 21, 2020

SBA assistance: On March 16, the U.S. Small Business Administration approved Governor Lamont’s request to begin offering disaster-relief loans to Connecticut small businesses and nonprofits. Companies in the state can now apply for loans of up to $2 million through a special page on the SBA website. SBA also has more valuable information for businesses. ________________________________________________ Follow the link […]

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Paid Leave and Tax Credits

March 21, 2020

From the IRS: Coronavirus: Paid Leave for Workers and Tax Credits for Small and Midsize Businesses The U.S. Treasury Department, IRS, and the U.S. Department of Labor announced today that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost […]

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CT Extends Personal Return (CT 1040) Deadline

March 21, 2020

From the CT DRS website: Department of Revenue Services extends filing and payment deadlines for personal income tax returns to July 15, 2020 At the direction of Governor Ned Lamont, the Connecticut Department of Revenue Services (DRS) is extending the filing and payment deadline for personal income tax returns 90 days, to July 15, 2020. […]

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Filing Deadline Moved to July 15th

March 20, 2020

Mnuchin said the April 15th tax filing deadline will be extended to July 15th. As always, we have to wait for official word and clarification but given that payments have been deferred until that date, it made sense to move the deadline as well. Keep tuned. I’ll post as I learn more.

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IRS Postpones Payments

March 19, 2020

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak 5K1.3KMarch 18, 2020 Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million […]

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Read a Book

March 18, 2020

Coronavirus has shut down the entire world. You have extra time now. Read a book – or listen to it. I haven’t listened to this one so I can’t personally recommend it. It was recommended by CPA Practice Advisor in today’s email. The reviews were mostly good. Low ratings were for repetitiveness caused by giving […]

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Mnuchin Said . . .

March 17, 2020

There is nothing concrete on either the Treasury’s website or the IRS website and I tend not to believe things until I see them in writing in an official and irrefutable way. My skepticism aside, supposedly tax payments with an April 15 due date will be given a 90-day interest and penalty-free deferment. The limits […]

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