Coronavirus Update to your Tax and Accounting Services

Greg Mannia

March 18, 2020

Coronavirus Update to your Tax and Accounting Services

We are taking the Coronavirus very seriously and suggest that you do the same. If you have a disaster plan, we suggest that you review your plan now in case you need to implement it. If you need to discuss your contingency plans, please call us.

 

We are Implementing Our Contingency Plan at Mannia & Company, LLC and this is what you need to know:

  1. Individuals and corporations can delay their tax payments for 90 days due to the Coronavirus pandemic. Individuals can defer up to 1 million in payments for 90 days from the April 15 deadline. During that time, the IRS will not charge interest or penalties.                                                                                                                                                                          At this point the IRS has not yet issued formal guidance on this policy. Mnuchin’s            announcement did not delay the April 15 filing deadline. This announcement only affects 2019 federal income taxes only. Mnuchin did not address 2020 estimate tax payments, payroll taxes, or estate and gift taxes. We are still waiting to see how developments take place on the state level.
  2. There is other legislation that has been passed by the House relating to sick leave that has not been addressed by the Senate at this point. This has to do with mandates regarding employee pay as well as related tax credits for employers. While Senators have expressed concerns about the bill, Mnuchin and the President have indicated that they are supporting the bill. We will keep you abreast of what final legislation may come out of the Senate and the House.
  3. For those of you who are or will be significantly affected by the many shutdowns we will certainly be keeping abreast of any programs that may be implemented to assist businesses from a financial standpoint. We realize that this may be a slower process than you would like to see.
  4. We will remain open and our employees will generally be working in the office although there will be times where they will be working from home as well. You can certainly communicate with our office as you normally would.  Given the time of the year rest assured that your phone calls will be answered and emails and messages through Liscio (preferred) will be responded to and followed up on promptly.  We can’t emphasize enough the importance of utilizing Liscio to provide us with documentation and information that will assist us in the process of preparing your tax returns, both business and personal. Thanks in advance for engaging in this process!
  5. We are generally limiting our in-person meetings but certainly being cautious for those that we do meet with. We have video conferencing capabilities if this would be of interest to you.
  6. We will continue to prepare and process tax returns as we understand that the April 15th deadline is still in play. We encourage you to allow us to upload your tax returns through Liscio, and if that is not your choice we can certainly mail a copy to you.

If you are dropping off documentation/information and are not comfortable coming to the front desk you can certainly use the mail slot or place it on the table inside the front door.

While this is unprecedented, we believe that we can all get through this together.  We ask for your patience and cooperation during this time.  There will probably be some situations that we will have to figure out together. Finally, we want to take this opportunity to thank you for your continued trust in our firm. Please do not hesitate to reach out with any questions or concerns.

 

YOUR TEAM AT MANNIA & COMPANY

 

 

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