On Thursday, April 9, the IRS announced, in Notice 2020-23 (the “Notice”), that it was providing expanded filing and tax payment relief. In general, the IRS Notice provides all taxpayers with a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, until July 15, 2020, to file returns
Federal and state governments have taken a number of actions in recent weeks in response to COVID-19 pandemic. Although there is certain to be additional governmental action in the near future, we thought it would be helpful to summarize the key actions that relate to our trusts and estates clients.
Automatic Postponement of Certain Federal
On April 1, 2020, Governor Ned Lamont signed Executive Order No. 7S, which, among other things, provides property tax relief to certain taxpayers impacted by COVID-19.
Under the “Deferment Program,” from March 10, 2020 through July 1, 2020 each municipality will have the right to allow eligible taxpayers the ability to defer payments of tax
In response to the COVID-19 pandemic, the Connecticut Department of Revenue Services announced on April 2, 2020 that it is extending the filing and payment deadline for gift tax return until July 15, 2020. Without the extension, returns reporting gifts made during 2019 would otherwise be due on April 15, 2020. The Department noted in
In response to the COVID-19 pandemic, the Department of Revenue Services announced on March 30, 2020 that the March and April due date (and associated payment) for sales and use tax returns or room occupancy tax returns to be filed by taxpayers with $150,000 or less of annual tax liability has been extended to May
On Friday, March 27, 2020, the President signed into law the Bipartisan Proposal for Coronavirus Aid, Relief, and Economic Security Act (also known as the “CARES Act”). The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19. This
On March 18, 2020, President Trump signed into law H.R. 6201, the Families First Coronavirus Response Act (“FFCRA”). Among other things, the FFCRA requires employers with less than 500 employees to (i) provide up to 12 weeks of partially-paid leave to parent caregivers of minor children home as a result of COVID-19 related school
In a joint statement issued Friday by three State agencies, including the Department of Revenue Services, the agencies announced the temporary suspension, through May 15, 2020, of the ten-cent fee that became effective during the summer of 2019 on the distribution of each single-use plastic bag in Connecticut. The suspension of the fee
Now that the dust has begun to settle with respect to understanding the retirement plan and IRA changes in the federal law known as Setting Every Community Up for Retirement Enhancement Act of 2019 (the federal “SECURE Act”) that was signed into law in December of last year, tax planning is underway for the changes
Prompted by the COVID-19 pandemic, the Treasury Department and the Internal Revenue Service (“IRS”) announced on March 21, 2020 that the federal income tax filing due date has been automatically extended from April 15, 2020 to July 15, 2020. The IRS further announced that taxpayers can also defer federal income tax payments due on April