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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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Tax Treatment of the Economic Injury Disaster Loan (EIDL)

Tax Treatment of the Economic Injury Disaster Loan (EIDL)

Many organizations, big and small, have felt the financial impact of the pandemic.  Financial aid packages are available to ease the strain and help these organizations survive this tumultuous time.  Today, we will focus specifically on the Economic Injury Disaster...

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Tax Reporting For Cryptocurrency Received Via Crowdsourcing

Tax Reporting For Cryptocurrency Received Via Crowdsourcing

Cryptocurrency, a virtual or digital currency that can be exchanged online for goods and services, has become a “hot” topic for the IRS.  In 2019, the IRS issued more than 10,000 letters to taxpayers regarding cryptocurrency underreporting and the draft 2020 Form 1040...

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New Portal: myconneCT

New Portal: myconneCT

The State of Connecticut is transitioning to a new portal called myconneCT.  The portal is being implemented in phases and effective September 2, 2020, many tax types will no longer be available in the Taxpayer Service Center (TSC).  The tax types that will no longer...

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Business Valuations:  Does my Business Need One?

Business Valuations: Does my Business Need One?

Our firm is often asked “Do I need a Business Valuation?”.  There are many reasons why a business may want/need a business valuation prepared by a Certified Valuation Analyst; here are some of the reasons: Mergers, Acquisitions, Selling your Company – Basing a...

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This blog could become outdated due to tax law updates.

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