Connecticut Business Services LLC

05/09/2022

The Internal Revenue Service decided to destroy an estimated 30 million paper-filed information return documents in March 2021 because of its inability to process its backlog of paper tax returns, according to a new report.

01/14/2022

Be sure to save these very important letters coming from the IRS.

Important Update: IRS is sending out letters 6475 for the 3rd economic impact payment and letter 6419 for advance child tax credit payment. If the dollar amounts in the letters don't match the return, you could be subject to major delays. Read more: http://ow.ly/UlwF50Hu5hn

12/13/2021

IR-2021-243, December 7, 2021 — The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments.

06/17/2021

Many people have had issues with year waiting for the refunds. Here is the latest from the IRS.

Got clients wondering about where their refunds are? We've got an update from our friends over at the about refunds, mail, COVID-19 operating procedures. http://ow.ly/pIVX50FcQsd

06/11/2021

Lots of letters going out this week. Wondering what it is for?

IR-2021-124, June 7, 2021 — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

02/17/2021

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.

12/21/2020

Worth a read!

As we shared last night, Congress reached a deal on the $900 billion package we've all been waiting for. This deal has not yet been voted upon, but here's what we know now. https://www.ctcpas.org/content/30706.aspx

10/09/2020

PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.

07/15/2020

The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.

05/18/2020

There is finally guidance on the PPP forgiveness

The SBA just issued much-awaited guidance, allowing borrowers to claim forgiveness of their Paycheck Protection Program (“PPP”) loans. The SBA’s Loan Forgiveness Application provides detailed instructions for borrowers and the calculation of PPP loan forgiveness.

05/01/2020

Business owners! As of July 1, 2020 the Annual Report fees with the Secretary of State increase. Now is the time to check that all your annual reports are up to date. If they are not now is the time to file and pay those returns before the increase hits.