Important Information about the Coronavirus (COVID-19)

Updated Thursday, March 26, 2020

We are closely monitoring the evolving impact of the Coronavirus (COVID-19) and are actively engaged in regular communications with local and state public health and safety officials to ensure the well-being of our clients and our staff.

Important Industry and Economic Updates

State of Connecticut Tax Updates:
Businesses with tax filing deadlines due March 15 through June 1, 2020 have been extended 30 days. Tax payments are now due by June 15th. Learn More

The Connecticut Department of Revenue Services (DRS) is extending the filing and payment deadline for Individual State Income Tax Returns from April 15, 2020 to July 15, 2020. This extension also applies to CT estimated income tay payments for the first and second quarters of 2020. Learn More

Federal Tax Updates:
Treasury Secretary announced that the April 15, 2020 Tax Filing Deadline has been moved to July 15, 2020 to allow all taxpayers and businesses additional time to file and make payments without interest or penalties. This delay is in effort to maintain money in the economy while providing relief to individuals and companies who have been negatively impacted financially by the Coronavirus outbreak. This applies to individuals, trusts, estates, partnerships, associations, companies and corporations. For more information, read the IRS Notice 2020-18.

Treasury Secretary Steven Mnuchin is encouraging anyone who can file now to do so, especially those who are expecting to receive tax refunds.

We have compiled a complete summary of federal government tax-related actions taken to date that have been enacted to ease tax compliance burdens and economic pain caused by COVID-19. View Here

State of Connecticut – Stay Safe, Stay Home Initiative:
Governor Ned Lamont has signed an executive order for all non-essential CT businesses to close and suspend in-person operations beginning Monday, March 23 at 8PM. At this time, businesses are strongly encouraged to employ work-from-home procedures until further notice.  Additional guidance for businesses regarding this order will be released over the weekend. Read the Governor’s announcement here. Should any of our business clients have questions, we are here to help guide you in all of your business and cash flow concerns.

U.S. Small Business Administration (SBA):
The SBA announced on Thursday, March 12th that they will provide disaster assistance loans for small businesses that have been severely impacted by the Coronavirus outbreak. In order to make the 30 million small businesses in the United States more resilient to Coronavirus-related economic disruptions, the SBA will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses in need of financial assistance.

The SBA will continue to assist small businesses with counseling and navigating preparedness plans through their network of 68 District Offices and numerous resource partners located around the country. The SBA will provide every small business with the most effective and customer-focused response possible during these times of uncertainty.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

For general questions, please contact the SBA disaster assistance customer service center at 1.800.659.2955 (TTY 1.800.877.8339). To learn more about loan assistance, or to apply, visit the SBA website.

MahoneySabol Company Updates

As of March 18th, the majority of our employees are working remotely and our office spaces are closed. We have business continuity plans in place that enable us to continue to provide a high level of service as our team works remotely. These plans include the use of various technologies, as we remain committed to delivering the service that you are accustomed to receiving.

If you need to drop off documents, please do so Monday-Friday between 9:00 AM and 3:00 PM. There is a box outside our front door and our receptionist will retrieve the file upon drop-off.

We draw on our 30 years of experience in helping our clients navigate through the most urgent and challenging situations. In a crisis, the foremost concerns must be personal health and safety of our clients and friends, our families, and our employees. Our firm exists to protect our clients’ businesses and help you manage through the most complex of challenges. During this period, we will be available to you as always via phone and email. Please do not hesitate to reach out.

Additional Coronavirus (COVID-19) Resources

State of Connecticut:
For up to date information and to ask general questions about COVID-19 in the state of Connecticut, call 2-1-1 or text the word “COVID19” to 898211. You can also visit the State of Connecticut website at https://portal.ct.gov/coronavirus

IRS:
The IRS has issued a detailed Q & A in regards to tax payment and filing relief announced last week. The webpage is updated daily with the latest news and information about changes in tax filing deadlines, payment deadlines, eligibility, IRAs, and HSAs. Learn More

Centers for Disease Control and Prevention:
https://www.cdc.gov/coronavirus