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COVID-19 UPDATES

 

Important information from your CironeFriedberg Team to try to keep you updated on important changes to assist you during these challenging times.
 

U.S. Delays April 15 Tax Payments for 90 Days for Most Americans

Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 tax payment deadline, giving individuals and many businesses 90 extra days to pay taxes they owe.

Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million. The payment extension, which affects millions of taxpayers, is part of the Trump administration’s effort to curb the economic effects of the coronavirus pandemic. Mr. Mnuchin said the delay will free $300 billion of liquidity in the economy as individuals and businesses have more time to pay their taxes.

The IRS will continue to process tax refunds, and Mr. Mnuchin urged people who can file their tax returns to do so. Mr. Mnuchin said last week that the tax payment deadline would be delayed for all but the superrich, but his Tuesday announcement was the first explanation of the length of the delay and how it might work. The tax agency hasn’t yet released full details about how the delay will work.

 

Unemployment Insurance Resources Available to Employers and Workers Affected by COVID-19

If you or your employees have been affected by COVID-19 or are caring for ill family members, the Connecticut Department of Labor (DOL) has provided information regarding employers and employees filing for unemployment insurance. 

Federal law permits states to amend their laws to provide unemployment insurance benefits in multiple scenarios related to COVID-19. For example, federal law allows states to pay benefits where:

  • An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work;
  • An individual is quarantined with the expectation of returning to work after the quarantine is over; and
  • An individual leaves employment due to a risk of exposure or infection or to care or a family member.

In addition, federal law does not require an employee to be permanently separated to receive benefits due to the impact of COVID-19.

For more information and frequently asked questions regarding the unemployment insurance, please visit http://www.ctdol.state.ct.us/DOLCOVIDFAQ.PDF

 

COVID-19 Disaster Relief Loans for Small Businesses      

On Monday, March 16th, the Governor’s office announced that Connecticut small businesses can now apply for COVID-19 related disaster relief loans of up to $2 million directly from the U.S. Small Business Administration (SBA).

Small businesses can learn more about the program and apply for financial assistance at https://www.sba.gov  or call the SBA at 1-800-659-2955.

Small businesses with questions about this SBA loan program or other assistance provided at the state-level can call 860-500-2333 to speak directly with a DECD representative. Businesses can visit the state’s dedicated coronavirus website at ct.gov/coronavirus to stay informed on news and guidance related to COVID-19 and its impact on Connecticut


 

CironeFriedberg, LLP
CironeFriedberg, LLP
info@cironefriedberg.com
24 Stony Hill Rd, Bethel, CT 06801
(203) 798-2721
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(203) 366-5876
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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