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.
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
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