There have been A LOT of questions around the substance and execution of the Paycheck Protection Program loans. On the evening of April 6, the Treasury Department released a Q&A to try to provide some clarification on the most commonly asked questions. You can read the full document here. Below, we have pulled out, and summarized, […]
PPP Loan Questions and Answers Read More »
The gig economy has brought with it a lot of opportunity for part-time work from driving for Lyft or Uber to delivering groceries ordered online to performing freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others, you’re a gig worker — part of a growing segment
Tax Responsibilities of Gig Workers Read More »
Yesterday, we posted details on the relief available to businesses impacted by COVID-19 and how to know if you are qualified to apply for it. Today, we have new information and links to sample applications that we can share as well. Starting April 3, small businesses and sole proprietorships can apply for and receive Paycheck Protection Program
Business Loan Application Released by Department of Treasury Read More »
Right now, your highest priority is your health and that of your loved ones, and we wish that all of you stay healthy and safe. But we realize that your next biggest concern may be where money is going to come from to pay your expenses during this pandemic. This is especially true if you
COVID-19 Tax & Business Relief Update Read More »
When the Tax Cuts and Jobs Act passed, it created a new tax credit for certain employers that provide paid family and medical leave that was originally only available for the 2018 and 2019 tax years. However, in December, it was extended through 2020 for eligible employers with a written policy providing at least two
Family and Medical Leave Act Credit an Option For Your Business? Read More »
The Connecticut Recovery Bridge Loan program for small businesses and non-profits is now up and running. The Department of Economic and Community Development (DECD) and Connecticut Innovations (CI) have teamed up to administer the program. The funds will be allocated on a first-come, first-served basis, so we recommend you apply as soon as possible if
How to Apply for the Connecticut Recovery Bridge Loan Program Read More »
As we mentioned in our blog post from last week, we are doing our best to keep you informed about any changes that may impact you, and not surprisingly, we do have additional information to share now. On the evening of March 20, the IRS released Notice 2020-18 which provided some clarification on 2019 tax return filings and
Further Tax Change Updates… Read More »
During these uneasy times, all of us at Bailey Scarano wish you and your loved ones the best of health. We want to also remind you of our dedication to provide the highest level of service especially during these tumultuous times when you need us the most. Many of you have already reached out for clarification on
More Tax Updates and Valuable Information Read More »
There’s no doubt that the last few weeks, and likely the ones to come, have been full of confusion, fear, change and questions. We are continuing to work as normally as possible while following the guidance on how to flatten the curve of the virus’ spread. On March 17[1], Treasury Secretary Steve Mnuchin announced that
Valuable Information on Coronavirus-Related Assistance & Tax Changes Read More »
Last year’s tax season held some big surprises for quite a few people when they found out that they had been under-withholding and owed taxes when they typically get refunds. While the IRS did waive most of the underpayment penalties, they also decided to overhaul Form W-4 for employees to use starting in 2020. It
What You Need to Know about the New 2020 W-4 Form Read More »
“Simplicity is the key to a family budget,” a wise person (who was probably not an accountant) once said. However, it also needs to be comprehensive enough to cover all necessary items and occasional surprises. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term and
Do You Have a Family Budget? Read More »
Incentive stock options (ISOs) – which allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date – are a popular form of executive or key employee compensation. If the stock appreciates, you can buy shares at a
Incentive Stock Options Need Careful Tax Planning Read More »