The CARES Act was enacted in March 2020 for purposes including providing financial assistance to eligible borrowers under the Paycheck Protection Program, well known as PPP, and more than $500 billion of forgivable loans have...more
Under general income tax principles, when a borrower has its indebtedness forgiven, the borrower recognizes income in the forgiven amount. Under the CARES Act, however, Congress made clear that forgiveness of a Paycheck...more
10/5/2020
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Tax Relief
The Connecticut Department of Revenue Services (DRS) has announced the following:
The filing and payment deadline for personal income tax returns is extended 90 days, to July 15, 2020....more
The Internal Revenue Service (IRS) previously announced that the time for payment of income tax and including self-employment tax was extended until July 15, 2020, for amounts up to $1 million for individuals and $10 million...more