Valuable Information on Coronavirus-Related Assistance & Tax Changes

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 taxpayers and businesses will have until July 15, 2020 to pay their taxes this year without incurring penalties or interest charges. As of right now, you do still have to file your returns by April 15, but you can delay paying any taxes due until July 15. We are still waiting to hear if there will be a similar payment extension for quarterly estimated payments normally due on April 15. 

“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”

We are doing our best to keep up with all the tax developments and small business incentives on a state level too. Here is some information and websites that may help you depending on your specific circumstances:

  • Small Business Administration (SBA) Assistance: On March 16, the SBA approved Governor Lamont’s request to begin offering disaster-relief loans to Connecticut small businesses and nonprofits. CT companies can apply for loans of up to $2 million through a special page on the SBA website, as well as learn the latest information available for businesses as it develops. 
  • Filing Extensions for State Returns: The CT Department of Revenue Services has extended the filing deadlines for certain annual tax returns due on or after March 15, 2020, and before June 1, 2020, for at least 30 days. Additionally, the payments associated with these returns are also extended to June. 
    • 2019 Form CT-1065/CT-1120 SI Connecticut Pass-Though Entity Tax Return: Filing date extended to April 15, 2020; payment deadline extended to June 15, 2020
    • 2019 Form CT-990T Connecticut Unrelated Business Income Tax Return: Filing date extended to June 15, 2020; payment deadline extended to June 15, 2020
    • 2019 Form CT-1120 and CT-1120CU Connecticut Corporation Business Return: Filing date extended to June 15, 2020; payment deadline extended to June 15, 2020

Unemployment Assistance: Workers impacted by the coronavirus pandemic no longer have to be actively looking for work to qualify for assistance. Employers who have to furlough workers can use the Dept. of Labor shared work program, which allows businesses to reduce working hours and have those wages supplemented with unemployment insurance. 

We will continue to share information as it changes and develops. 


[1] CPA Practice Advisor article

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