We have put together some information and links that you may find useful.
We have talked with many clients and agencies to see where needs are so we can try to help in any way that we can. Below is a culmination of that effort to date:
Personal and Business Taxes:
“In a press briefing Tuesday morning, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.”
March 17, 2020
There is no mention of failure to file penalties being waived. There is no mention of a tax FILING deadline being changed for business and or personal taxes. You still need to file or be placed on extension as required by current law.
Loss of Business:
If you are experiencing a shutdown or a loss of business due to the Covid 19 outbreak there is help available:
Link to the SBA Disaster Assistance loan program. If you need any help filing, please feel free to call Lisa 860-559-8843 directly
Link for business guidance and loan resources
The State of Mass also has https://www.mass.gov/info-details/covid-19-resources-and-guidance-for-businesses#small-business-recovery-loan-fund-
You should also contact your insurance carrier to see if you have loss of business coverage. This may be a better option for some.
Help for Employees:
If you have employees there is help for them also:
For Connecticut Employers -http://www.ctdol.state.ct.us/DOLCOVIDFAQ.PDF
If you are a client of ours, and we have access to your payroll info, we have taken the step to prefill the unemployment comp info for your current employees. We are keeping this in-house so if and when you should need them we can help expedite the process for your employees to file for unemployment comp benefits. If you need to lay-off workers, contact us immediately and we can finalize the packages and get them to you electronically.
Independent Contractors (1099 people)
There is no unemployment benefits for the self-employed that we know of. If you have been impacted file for disaster recovery assistance.
For Massachusetts: (from the Mass.gov website as of 03/18/2020)
“”Currently self-employed individuals and 1099 contract employees are not eligible for unemployment benefits. If the President of the United States makes a disaster unemployment declaration for Massachusetts or nationwide, the self-employed and 1099 contractors would become eligible for unemployment assistance. This is already coded into the DUA system and would be available immediately upon declaration and press release announcement.”” Again, I would apply:
This is uncharted territory for many of us, but we are here to help in any way we can. We will get through this. The number one concern is for everyone’s health and safety during this uncertain time.
For our younger clients: Please remember that although this virus may not be as severe a threat to your personal health as it is to older adults, it is nonetheless still a threat. By taking simple recommended precautions ( yes, mom was right, wash your hands!) you can help to prevent the spread of the virus to the far more vulnerable around us: Your mom, your dad, your grandma and your grandpa!