A Note to our Community about COVID-19 (coronavirus)
To Our Valued Clients:
As the coronavirus (COVID-19) continues to affect local communities and global economies, we want you to know that maintaining business continuity is a priority for us. We’re working to minimize disruptions and impacts to you so that we can still offer the same level of superior service and support you have come to expect from our team.
Protecting our clients and staff
We have implemented procedures to protect the health and safety of our staff, clients and community including closing the physical office until at least April 12th in accordance with our local shelter-in-place ordinance, providing remote working solutions for all employees, using our secure client portal to receive and deliver documents electronically, and conducting all business communication via electronic means. When we are able to reopen the office, we will still have procedures in place to disinfect surfaces and limit social contact until the CDC has determined it is safe to return to normal operations.
Our firm is open to serve you
Our firm remains open and available to serve you. While our physical location is closed, we are still working normal business hours from home and can be reached easily via email. Nearly all the work we are currently doing can be delivered electronically. For any items that cannot be delivered electronically, we will work with you to deliver in a safe way in time to meet any upcoming deadlines.
Relief available
COVID-19 has probably caused some concerns about your financial well-being. However, there are relief measures available that may benefit you, such as:
• The IRS extended the April 15, 2020 federal income tax filing and payment deadline to July 15, 2020. However, we continue to work on filing returns as soon as possible.
• First quarter estimated tax payments usually due April 15, 2020 are now extended to July 15, 2020.
• States are also providing tax relief for individuals and businesses.
• Emergency paid sick and family leave benefits are available to employees (with some limitations and exceptions).
• Employers, including those self-employed, have available refundable tax credits to offset the costs for providing coronavirus-related leave benefits.
• Unemployment benefits have been expanded for workers temporarily unable to work due to coronavirus-related business closures and slowdowns.
• Forgivable SBA loans will soon be available for small businesses to pay payroll, rent, and utilities.
• $1,200 stimulus payments in the form of advance income tax credits will soon be sent to middle and low income adults, plus $500 per child.
Helpful resources
Resources are also available to address some of your concerns.
• AICPA Coronavirus Resource Center
• AICPA State Tax Filing Relief Chart for Coronavirus
• IRS Coronavirus Resource Center
• U.S. Small Business Administration: Coronavirus Small Business Guidance and Loan Resources
Our commitment to you
Whether you have tax or financial planning questions or need advice on ways to navigate business challenges, we’re here for you. If you have any questions or concerns, please don’t hesitate to contact me [email protected].
During this unpredictable and challenging time, it’s more important than ever to stay connected. We’re in this together.
Thank you for your continued support.
Carl R. Peabody, CPA