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Delays in IRS Processing

IRS pushes back the start of the new filing season as the agency keeps working through 2019 returns. The agency has pushed back the start of filing to Feb. 12 for returns for the tax year 2020. Click the link below to read the entire article. https://digitaledition.courant.com/infinity/article_share.aspx?guid=cc3143d9-1fc8-48b1-ae5d-a776753a600a

Categories IRS

PPP Second Draw Loan Regulations

Second Draw Loan applications will begin on January 11, 2021 from community financial institutions for at least the first two days of the reopening of the PPP loan portal. click here

CT Paid Family Medical Leave Insurance Program

On June 25, 2019, Connecticut passed legislation to create a comprehensive paid family and medical leave insurance program funded by employees and voluntary self-enrolled participants.  The collection of wage deductions must begin on January 1, 2021. Payment of benefits to eligible employees will begin on January 1, 2022.

Eversource Offers Financial Resources for Businesses

During this challenging time, Eversource is committed to providing programs and resources to lessen the financial hardship on small businesses – the backbone of our communities. If you need support, Eversource can help: We’re offering a special, extended payment arrangement for any past-due amount, with $0 down payment, 12 months to pay, and the first … Read more

CT Labor Department Launches New System for Self-Employed to Apply for Federal Unemployment Benefits

Today, the Connecticut Department of Labor began accepting claim applications for the self-employed, many who are eligible to collect unemployment insurance benefits under the federal Pandemic Unemployment Assistance (PUA) program. “Our agency is proud of the work it has accomplished in order to serve the self-employed – individuals who have not been eligible to apply … Read more

CARES Act Drastically Changes Required Minimum Distribution Rules For 2020

The CARES Act essentially suspended required minimum distributions (RMDs) for 2020 across the board. However, there have been a lot of questions about what this means for those who already took out distributions and the impact on taxes and inherited accounts. Find out more below: https://www.forbes.com/sites/jamiehopkins/2020/03/30/cares-act-drastically-changes-required-minimum-distribution-rules-for-2020/#212205fa19a0