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You are here: Home / Featured Information / Small Business Owners – Got a Weird Letter in the Mail? Here’s the Scoop…

November 16, 2020 Leave a Comment

Small Business Owners – Got a Weird Letter in the Mail? Here’s the Scoop…

There are mailers going around to businesses from a company called C.F.S. (Connecticut LLCs) with the title “2021 Annual Report Instruction Form.”  This letter states that they will help CT businesses file their Annual Report for a fee of $120.  The letter also indicates that it “is not a government agency and does not have a contract with a government agency to provide this service.”  There is no reason to pay the fee to this company to do it for you; it is an attempt to con small businesses into paying for a service that is significantly lower than what they are charging.

Businesses do need to file an Annual Report with the Secretary of State on the CONCORD website.  It costs $80 (previously $20) and is done online by either you, the business owner, or by us if we are engaged by you to do it as part of our bookkeeping services.  It is very simple and certainly does not require a service charge.

If you have received this letter from CFS, do not send them money.  You can check on CONCORD to make sure your Annual Report filing is up to date, and if not, you can “file” the report, which is simply paying the $80 fee after ensuring all the information is accurate.

Stay vigilant and reach out to us if you ever have ANY doubt about what you get in the mail.  We are, as always, here to help.

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COVID-19 Related News and Updates

Check here for the most recent updates we have gathered regarding the impact of COVID-19 and taxes, personal finance and planning.

We are also going to be providing – and updating – links to get you the most up-to-date information on changes.

 

Regarding the PPP (Paycheck Protection Program), please note: 

Because we are not “authorized agents” for purposes of completing loan applications, we are not able to complete the actual loan applications for our clients. At this point, there is limited and unclear guidance available for the loan process. We will do our best to provide information and/or documentation requested by the lenders that we have access to as your bookkeepers/accountants and/or tax preparers, but we are unable to assist with the actual loan application or loan amount requests. There are severe penalties for misrepresentation. These documents must be signed under penalty of perjury and we take that responsibility very seriously.

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Get My Payment (Economic Impact Payment) status checking tool:  https://www.irs.gov/coronavirus/get-my-payment

Senator Chris Murphy’s Page:  https://www.murphy.senate.gov/coronavirus

From the IRS, those who would have had to take an RMD have been given relief for 2020.  Official policy can be found here:  https://www.irs.gov/pub/irs-drop/n-20-06.pdf

For those with student loans, check out this site for FAQs on relief in 2020:  https://studentaid.gov/announcements-events/coronavirus and https://patch.com/connecticut/across-ct/ct-coronavirus-payment-relief-student-loan-borrowers-lamont

SBA Loan Info:  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

CT Department of Labor

CT DMV is extending license renewals:  https://portal.ct.gov/DMV/Easy-Answers/Easy-Answers-Webpages/How-to-Renew-Your-Drivers-License

IRS FAQs on the stimulus payments:  https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Employee Retention Credit:  https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

CT Program for minority and female-owned businesses (It’s a 0% line of credit with forgiveness if used for certain types of expenses within 3 months):  https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19

The IRS has suspended their collections process during COVID-19.  Click here to read the updates:  https://www.taxprotoday.com/news/irs-hits-the-brakes-on-collections-in-response-to-the-coronavirus

 

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