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December 1, 2020 Leave a Comment

CT Paid Family Medical Leave Act – What You Need to Know

By now, you have most likely heard of the CT Paid Family Medical Leave Act (PFMLA), which will begin on Jan 1, 2021 with .5% being deducted from employee wages by their CT employer.

There will be an impact to the EMPLOYERS and the EMPLOYEES and can involve the SELF-EMPLOYED.

CTPAIDLEAVE.ORG is an excellent site designed to answer questions for employees, employers, and self- employed.  Please take the time to visit this site. The following information is a snippet of what you need to know!

 

If you are an employer, this is what you need to know now:

If you have one or more employees, you MUST participate.

Employer registration is now open online at ctpaidleave.org.

Employee contributions begin on Jan 01, 2021 and will be run through your payroll system.

The employee deductions must be submitted quarterly to CPLA.

There are exemptions available; but, generally not for the very small businesses.

 

If you are an employee, this is what you need to know now:

You will have .5% deducted from your wages (equates to $250 yearly if you have earnings of $50,000).

The deduction is capped at wages of $142,800 for 2021.

Employees will be eligible for benefits starting in January, 2022.

This program can apply to part time employees assuming you have met certain earned-wage thresholds.

As an employee, there is nothing at this point that you need to do – just be aware that there will be a deduction in your paycheck starting the first pay in January.

 

If you are self-employed and/or a sole proprietor this is what you need to know now:

You can opt into the program if you wish, but you have to opt in for minimum of three years.

You can begin making contributions on Jan 01, 2021.

You can opt in now by registering at ctpaidleave.org.

 

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Filed Under: Featured Information, News, Personal Finance Tagged With: CTPFL, paid family leave, sole proprietors

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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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2020 Year-End Letter

We envision a somewhat different tax season here at the Madison office of National Tax and Finance, formerly MJW EA & Co LLC, as 2021 is rapidly approaching. Due to COVID19, as well as advanced technology, we are encouraging our clients to use our Canopy portal to deliver their tax, financial and personal documents. It […]

  • CT Paid Family Medical Leave Act – What You Need to Know
  • Thanksgiving closure
  • Small Business Owners – Got a Weird Letter in the Mail? Here’s the Scoop…

Recent Posts

  • 2020 Year-End Letter
  • CT Paid Family Medical Leave Act – What You Need to Know
  • Thanksgiving closure
  • Small Business Owners – Got a Weird Letter in the Mail? Here’s the Scoop…
  • We’ve Moved!
  • Home
  • About Us
  • Services
  • FAQ
  • Contact Us
  • Blog/News
  • Tax Packet
  • COVID-19 Related News and Updates
  • CT Food Bank
  • Bare Necessities

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