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You are here: Home / Archives for Q2

June 1, 2021 Leave a Comment

Second Quarter Estimated Taxes

As the Second Quarter of 2021 winds to a close, we wanted to remind you that estimated taxes are due on or before June 15, 2021.

If we prepared and included pre-addressed envelopes and vouchers with the amounts due in your tax return packet, please be sure to use those when mailing in your estimates (although we do strongly recommend paying these electronically – see below for instructions).  Please also be sure to write the correct Quarter, Year and your Social Security Number in the memo line so that the estimate gets applied to the right year.

*  We cannot stress enough that keeping accurate records of your estimates will prevent confusion when it comes time to prepare your return.  We provided you with an envelope to help keep track, so even if you pay online, print out the receipt showing the date and amount you paid and record it on the envelope or throw it in there for safe keeping.  99.9% of Post Filing Notices that are received are as a result of inaccurately reported estimate payments.

If we pay your estimates from our office, we will be calling shortly to remind you of the amount and the withdrawal date we will be processing them.  This is your time to inform us of any change in your employment or income which may affect your estimated tax due amount.

Again, you have the option to use EFTPS or IRS DirectPay for Federal estimated tax payments and TSC for the State.  Click here to be brought to the Federal site.  Click here to make CT online payments.

Federal estimates should be sent to:

Internal Revenue Service
P.O. Box 931100
Louisville, KY 40293-1100

CT Estimates should be sent to:

Department of Revenue Services
P.O. Box 5053
Hartford, CT 06102-5053

As always, we are here to answer any questions you may have.

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Filed Under: Featured Information, News, Personal Finance, Seasonal Information Tagged With: estimated taxes, estimates, Q2, quarterlies

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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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Name Change

We have just finished with the 2020 tax season! We are thrilled that we made it intact! It was a brutal one; but for the most part all of us – taxpayers included – came out unscathed in the world of taxation. Now we plan for the next tax season. After almost two years of […]

  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In

Recent Posts

  • Name Change
  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In
  • American Rescue Plan Act
  • Home
  • About Us
  • Services
  • FAQ
  • Contact Us
  • Blog/News
  • Tax Packet
  • COVID-19 Related News and Updates

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