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COVID-19

Current Due Dates for Various Tax Returns [Update 3/31/20]

We are compiling the current due dates for various types of tax returns in this space. As information is received from or released by the various states and taxing agencies we will update this space. Some of these states have noted that guidance will be forthcoming, but until it is issued we can not rely upon it. As this is a very uncertain time and information continues to fly around, continue to check back for updates.

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Connecticut Extended Filing and Payment Deadlines for Sales Tax

At the direction of Governor Ned Lamont, and in recognition of the impact of COVID-19, the Department of Revenue Services (DRS) is providing immediate administrative tax relief to Connecticut small businesses. DRS is granting an automatic extension of filing and payment deadlines for Sales Tax and Room Occupancy Tax.

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IRS Issues Guidance on Rebate Checks [Updated]

The U.S. Dpeartment of the Treasury and the Internal Revenue Service announced on April 1, 2020 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. If you receive other typically non-taxable benefits, you should file a simple return at this time. 

 

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Announcements

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Do you like our "Weekly Tax Tips" would you like to receive our monthly e-mail newsletter distributed on the first Friday of each month. The newsletter covers a broad array of tax and financial information.

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News

Tax Deadlines Move to July 15

The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know:

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New Law Requires Small Business to Provide Paid Leave

Families First Coronavirus Response Act provides worker benefits

The Families First Coronavirus Response Act is a new law passed last week that offers COVID-19 assistance for both employees and employers.

This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.

Here are the details of the new law’s benefits:

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Tax Quiz: Who's the Highest?

Take this trivia quiz and test your state tax knowledge!

Here’s a quiz to test your state tax IQ and give you some fun facts about the taxes paid by friends in other states.

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Spare Change Goes Digital

A clever new way to save...

With close to 85% of purchases made with credit or debit cards, many people have forgotten the satisfying clinking sound of tossing a penny, nickel, dime or quarter into a glass jar of spare change. But all that is starting to change!

Clever new savings ideas

In today's world of smartphones, several apps have digitized yesterday's jar of coins by sweeping electronic spare change into a digital jar to increase savings balances or pay down debt. For example, if you make a purchase for $1.89, the app rounds up your purchase to $2.00 and transfers the extra 11 cents into the app's account. Here are three of the more popular apps and how they work.

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The IRS Data Theft Problem

Here's how to minimize your risk

What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information?

The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves.

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Live Streaming Entertainment is Changing!

If it’s between 9:30 am and 6 pm CST, a 28-year-old named Tyler Blevins—better known as Ninja—is most likely broadcasting himself playing video games. He’s also making an estimated $500,000 a month doing it.

Blevins represents the new wave of visual entertainment and video game streaming. His popularity started to soar in late 2017 when he and other video game streamers began playing a game called Fortnite. Fast forward to 2019, and Blevins is now the most recognized name in the video game streaming industry with nearly 15 million followers.

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Should You Buy or Rent a Home?

The pros and cons of renting versus buying

For many folks, the lyrics of a 1960s rock song summarize the American dream: "Our house is a very, very, very fine house." According to U.S. Census figures, about two-thirds of American families are homeowners.

But buying a house or condo may not be the best choice for every family in every situation. Renting offers the following advantages:

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Thursday, 2nd April 2020
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Weekly Tax Tip

02 April 2020

Weekly tips to help you better understand tax and financial situations.