Anthony Switajewski, CPA, MST
As the extraordinary global pandemic of Coronavirus Disease 19 (COVID-19) continues to disrupt daily life on an unprecedented scale, Connecticut’s businesses should know that the Connecticut Department of Revenue Services (DRS) has taken steps to provide them with support.
Effective immediately, DRS announced it is using its statutory authority to grant an automatic extension of Connecticut filing deadlines for certain annual business tax returns, in order to help businesses to cope with the impact of the pandemic. The filing deadlines for these tax returns due on or after March 15, 2020, and before June 1, 2020, have been extended by at least 30 days by DRS, and the payments associated with these returns are also extended to June.
Acting DRS Commissioner John Biello issued this statement this week in a press release regarding the extensions of certain filing deadlines:
“DRS understands some business taxpayers may find it difficult to meet tomorrow’s state tax filing deadline, given current circumstances. This extension is designed to support these taxpayers, and tax practitioners, meet their responsibility to file returns and remit payments. DRS encourages those with questions specific to their own, individual circumstances to call or e-mail the agency.”
Among the extensions being granted are as follows:
2019 Form CT-1065/CT-1120 SI Connecticut Pass-Though Entity Tax Return. The filing date has been extended to April 15, 2020, and the payment deadline has been extended to June 15, 2020.
2019 Form CT-990T Connecticut Unrelated Business Income Tax Return. The filing date has been extended to June 15, 2020, and the payment deadline has been extended to June 15, 2020.
2019 Form CT-1120 and CT-1120CU Connecticut Corporation Business Return. The filing date has been extended to June 15, 2020, and the payment deadline extended to June 15, 2020.
As of now, the DRS has not announced an extension of the filing or payment date for individual tax returns that are due April 15. However, it is likely that the DRS will follow the IRS’s lead.
Tax officials across the country, at both a state and federal level, have agreed that the uncertainty caused by the COVID-19 pandemic will assuredly lead to confusion and numerous questions regarding filing deadlines, payments and compliance. Connecticut is by no means in this alone, as every business in the nation is certainly feeling the impact right now.
Coupled with the federal government’s recent announcement that certain federal income tax payments are being deferred from April 15 to July 15—even as, for now, the federal filing deadline remains April 15—it seems the good news through all of this is that federal and state leaders seem to be considering the needs and concerns of businesses, and have taken actions to try and blunt some of the enormous economic impact they are feeling as the outbreak continues. These extensions granted for Connecticut businesses are evidence of that.
As this situation progresses, business owners are being encouraged to check the DRS website on a regular basis at www.ct.gov/drs. Connecticut has also established a special link to all pertinent COVID-19 information and developments at www.ct.gov/coronavirus. DRS is also urging people with questions to either email them at DRS@po.state.ct.us or call them 860-297-5962 (from anywhere); 800-382-9463 (within Connecticut and outside Greater Hartford area only); or 860-297-4911 (for hearing impaired callers only).
Anthony Switajewski, CPA, MST is a tax partner with blumshapiro, the largest regional business advisory firm based in New England, with offices in Connecticut, Massachusetts, Rhode Island and Virginia. The firm, with a team of over 500, offers a diversity of services, which include auditing, accounting, tax and business advisory services. blum serves a wide range of privately held companies, government, education and non-profit organizations and provides non-audit services for publicly traded companies. To learn more visit us at blumshapiro.com.
Disclaimer: Any written tax content, comments, or advice contained in this article is limited to the matters specifically set forth herein. Such content, comments, or advice may be based on tax statutes, regulations, and administrative and judicial interpretations thereof and we have no obligation to update any content, comments or advice for retroactive or prospective changes to such authorities. This communication is not intended to address the potential application of penalties and interest, for which the taxpayer is responsible, that may be imposed for non-compliance with tax law.