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PPE Expense Deduction for Teachers

PPE Expense Deduction for Teachers

The IRS released guidance on Thursday, February 4, 2020, regarding one of the provisions in the COVID-Related Tax Relief Act that was passed in December. Educators who are a kindergarten through twelfth-grade teacher, instructor, principal, counselor, or aide who work...

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MMNT Launches ‘App’ To Get Closer to Clients

MMNT Launches ‘App’ To Get Closer to Clients

CPA firm focuses on the smartphone to increase touch points with clients and deliver insightful content and free tools to use on the go  The Connecticut based Certified Public Accounting Firm, MMNT, LLC, has launched its own App to make it easier to communicate with...

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Did You Take a Distribution From Your 529 Plan During 2020?

Did You Take a Distribution From Your 529 Plan During 2020?

Did you take a distribution from your 529 Plan during 2020? If you withdrew from a 529 plan, and subsequently received a refund for the tuition paid, you may be in for a surprise when you file your tax return. There are various ways you could have used those funds to...

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IRS is Helping Taxpayers with Tax Debt

IRS is Helping Taxpayers with Tax Debt

Due to Covid-19, IRS has decided to help taxpayers that have an outstanding tax liability. Some of the highlights of the debt relief initiative are as follows: Taxpayers who qualify for a short-term payment plan option may now have up to 180 days to resolve their tax...

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CT Paid Family and Medical Leave Act (PFMLA)

CT Paid Family and Medical Leave Act (PFMLA)

What is it?The CT Paid Family and Medical Leave Act (PFMLA) allows employees access to paid leave for life events covered under the federal Family and Medical Leave Act of 1993 (FMLA), the Connecticut Family and Medical Leave Act (CT FMLA) and the Connecticut Family...

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PPP Loan Forgiveness Update

PPP Loan Forgiveness Update

PPP Loan Forgiveness Update As of November 17, 2020, the IRS released a new Ruling and a new Procedure in regards to Paycheck Protection Program (PPP) loans. Revenue Ruling 2020-27 provides guidance on PPP participants who have applied for forgiveness for their loans...

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2021 Annual Report Instruction Form for Connecticut LLCs

2021 Annual Report Instruction Form for Connecticut LLCs

Have you received a letter recently notifying your business that the Connecticut annual filing fee is due? Have you also noticed the fee stated in the letter is significantly higher than last year? The State of Connecticut has not outsourced its annual LLC filing...

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CT Cares Small Business Grant Program

CT Cares Small Business Grant Program

Connecticut’s Department of Economic and Community Development has created a program for small businesses whereby they may receive a one time grant of $5,000.  This is designed for businesses affected by the down turn in the economy due to COVID. This program is very...

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This blog could become outdated due to tax law updates.

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