Important Coronavirus (COVID-19) Information and Resources

While the news concerning COVID-19 continues to develop, we would like to say that the health and safety of our team members, families, clients, and communities is our number one priority. We will be utilizing this COVID-19 Resource Center as a means of keeping our clients and community informed during these challenging times.

Our Whittlesey team will continue to provide the high level of client service that our clients and community deserve and trust. We will provide information and resources to help your organization continue through this difficult time. As always, our team is here for you. Please reach out to your Whittlesey advisor with any questions.

Whittlesey Updates

At this point, we have no reported COVID-19 cases. To help slow the spread of the virus, we are taking a proactive approach to keep our team members, families, and clients safe. Effective at the end of the day, Tuesday, March 17, we are implementing a work from home policy through March 27, with the possibility of extending it, if deemed necessary. During this time, our team members will be available by phone and email to make certain your deliverables are met on time, and your questions are answered. 

Whittlesey will remain fully operational at this time. We have the technology in place to continue to provide you the high level of client service you have grown accustomed to as long as needed. Our team members are equipped to work remotely. Our technology systems can be easily and securely accessed regardless of where our team members work or live. 

We encourage you to send documents electronically to help protect you from any risk. You can send such files by visiting the Whittlesey website and clicking on Client Portal. If you need assistance uploading your documents to the portal, please email Whittleseyportal@wadvising.com. Also, we are sorting mail daily throughout the next two weeks, so if you prefer to send information to us via Fed Ex or mail, please do so and inform your Whittlesey advisor. 

We remain committed to continuing the high quality and timeliness of service you deserve and expect. We will be in communication regarding any modifications to this ever-changing issue. If you have any questions about how this may affect you or your business, feel free to reach out to us. 

Industry and Economic Updates

IRS Updates: 

The Internal Revenue Service (IRS) announced a 90-day tax payment extension to July 15, 2020, for many individuals and corporations. Previously, if a taxpayer owed tax to the IRS, payment would have been due on April 15, 2020. But now, tax payments up to $1 million for individuals and up to $10 million for corporations (not part of a consolidated tax return filing) can be deferred for an additional 90 days.

The IRS indicates that this payment deferral is available whether a taxpayer files by April 15 or if they extend their tax return, and that the IRS’ issuance of tax refunds will not be affected by this extension of time for taxpayers to pay. The $1 million deferral for individuals applies whether an individual files as single or as married filing jointly.

The IRS has also confirmed that this tax payment deferral applies to 1st quarter 2020 estimated tax payments that would also have normally been due on April 15.

Our tax professionals continue to temporarily work remotely to serve our clients for the April 15 deadline. We will also update you as we receive additional information from the IRS.

Learn more: IRS Notice 2020-17

State of Connecticut and Massachusetts Updates:

U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak.

At President Trump’s direction, Mnuchin announced on Twitter, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Previously, the U.S. Treasury Department and the IRS had announced that taxpayers could defer making income tax payments for 2019 and estimated income tax payments for 2020 due April 15 (up to certain amounts) until July 15, 2020. Now, the federal government is stating that you don’t have to file a return by April 15.

Of course, if you’re due a tax refund, you probably want to file as soon as possible so you can receive the refund money. Contact us with any questions you have about filing your return. Learn more: www.ctcpas.org

The U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to Massachusetts and Connecticut small businesses suffering substantial economic injury as a result of coronavirus (COVID-19).

Learn more (Massachusetts) 

Learn more (Connecticut) 

Families First Coronavirus Response Act

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (the Act) to address mandated sick leave and mandated paid leave for those infected with or directly affected by COVID-19. The Act will take effect no later than 15 days after enactment and will remain in place until the end of 2020.

To offset wages paid under this law, employers will receive a tax credit, reducing their payroll tax cost. The Act does not prohibit employers from paying benefits in excess of these required amounts (see summaries below); it just mandates these minimum amounts of sick and paid leave to employees in certain circumstances.

Learn more: Families First Coronavirus Response Act

Additional Coronavirus (COVID-19) Resources

Important Information for Nonprofits: Click here

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

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

IRS: https://www.irs.gov/coronavirus