We’d all be pulling our hair out if we looked at the status of our investment every day. One day we are up; the next we are down. As employers, you should steer clear of offering investment advice to your employees, but you can steer them toward helpful guidance from authoritative sources. One of the […]
Viewing Current Market Trends through a Historical Lens Read More »
After some confusion and patchwork extensions, the IRS issued Notice 2020-23 which provided a somewhat blanket extension for most income tax returns. Basically, any federal returns typically due between April 1 and July 15 are extended until July 15, 2020 without any need for an official extension or late payment penalty. The filings covered is too long to list
Tax Deadlines Further Extended Read More »
If you help your kids understand money when they’re young, they’re more likely to develop sound financial habits when they’re adults. Of course, you’ll want to tailor the information to your child’s age. Here are some tips: Toddlerhood & preschool Talk about how most people work to earn money to buy things like food and
Raising Financially Responsible Kids Read More »
It looks like more money, up to $2.3 trillion, will be available in the form of loans to help households, employers and state and local governments during the coronavirus pandemic. “Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,”
The Federal Reserve Will Inject $2.3 Trillion into the U.S. Economy Read More »
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 »