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IRS provides relief to retirement plan participants to sign elections remotely
The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. The change relates...
Delayed Connecticut Retirement Security Authority (CRSA) Says it Hopes to Launch Delayed Program Before Year End
The Connecticut Retirement Security Authority (CRSA) has selected Sumday, a subsidiary of BNY Mellon, to act as the program’s administrator. The CRSA is responsible for implementing a program to provide private-sector employees with...
3 common misconceptions about defined benefit plans
Defined benefit plans allow small business owners to set aside more money for retirement than other traditional retirement plans. A defined benefit plan is a qualified retirement plan that defines a specific benefit when a person retires; funds...
Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also...
Connecticut Wealth Management produces interview series to explore disruption caused by the Coronavirus pandemic
CTCPA member Kevin Leahy, president and CEO at Connecticut Wealth Management, along with Denis Horrigan, partner and co-founder at the firm, have started a video series where they interview professionals in various industries to help business...
IRS Issues FAQs on COVID-19-Related IRA, 401(k) Loans and Distributions
The Internal Revenue Service has issued a series of questions and answers regarding the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. That’s helpful as folks consider tapping these accounts in the...
11 Tax Tips for the Unemployed
Over the past five weeks, 26.5 million Americans have filed initial claims for unemployment, according to the U.S. Department of Labor. That’s in addition to the 7.1 million unemployed Americans reported before most of the country shut down in...
CT DOL is processing $600 stimulus checks for unemployed
The state Department of Labor has completed computer programming changes that allow the state to make the $600 weekly stimulus payments authorized by Congress for people receiving unemployment benefits during the COVID-19 pandemic, state...
Survey: One-Third Of Americans Plan To Use Stimulus Checks To Pay Bills
As the coronavirus pandemic extends into an uncertain future, Americans are now seeing their stimulus checks deposited in their bank accounts. These one-time payments from the government can be as much as $1,200 per individual (with no...
Six Tips for Running a Virtual Meeting
Remote work eliminates the micro-interactions, chats, and visual cues of in-person gatherings. So if you’re hosting a virtual meeting, try to replace as much of that as you can. Here’s how:
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of...
SBA has approved more than $100B in PPP loans; some CT companies reaping benefits
The highly anticipated April 3 launch of the federal government’s $350 billion small business stimulus program experienced a number of glitches and delays, but nearly a week later it’s clear Connecticut companies’ loan applications are being...
Overwhelmed? Plain Talk On The Paycheck Protection Program For Small Businesses Affected By COVID-19
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package that was signed into law by the President. The stimulus bill...
IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. "We urge people to...
AICPA-led coalition supports gross pay approach as calculation standard for PPP loans
An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program (PPP) pandemic...
Massive Coronavirus Stimulus Package Contains Many Significant Tax and Employee Benefits Provisions
The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19.
IRS post FAQs in regards to tax payment and filing relief announced last week
These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment.
Accounting remains an essential business in the latest guidance issued by the Lamont administration.
The essential businesses or nonprofits designated in this guidance are not subject to the in-person restriction set forth in Executive Order 7H.
US tax filing deadline moved to July 15, Mnuchin says
Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.
Calming clients’ fears during the coronavirus outbreak
In February, Dave Stolz, CPA/PFS, was able to tell a delighted client that she had sufficient investment resources to retire. Two weeks later, the global stock markets began a roller-coaster ride that continues to this day, ravaging many...