COVID-19 Pandemic: TRG Firm Updates as of April 3rd, 2020
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This will be the first in a series of posts to provide updated info about the state of aid programs and how things are progressing in our firm.
Before getting into the details, I want to take a moment to say thank you to all of our clients, colleagues, friends, and family. I don’t want to minimize what we’re experiencing at this moment. These are not good times. And also, it is in times like these that what is truly important - the relationships we share with one another - is what will carry us through.
This week, the governor extended and intensified the order affecting our state’s businesses and personal lives. As tough as these measures are, it’s important to follow the guidelines here. It can be a matter of life or death.
There have been a number of changes to tax law, employment law, and the assistance programs since last week’s posts. We’ll do the best we can to get you reliable information. Please understand that it takes time for us to verify, develop an understanding, and write a summary of these new rules.
What is timely today could be obsolete tomorrow. Please take care in where you get your news from. There is a lot of confusion and mis-information out there.
Two weeks ago, I had thought that we’d still be able to get most 1040s completed ahead of the 4/15 deadline. That seems naive after all that has happened - though we’re still going to push as many returns through as we can, the fact is that some returns will not be ready by 4/15.
Earlier today, we were able to re-establish contact with Bernadette, our team member in The Philippines. She and her family are ok - thankfully! - and she’s able to work through a secure connection.
Our office remains closed to the public, both to clients and employees. We took this step out of an abundance of caution. We will maintain this posture for the foreseeable future. Clients wishing to pick up their returns (rather than chance the mail), can arrange this with David directly - we’ll slide your return under the door when you arrive. This will be on a case by case basis. Most returns will be posted to our portal and delivered electronically.
The changes to our tax and employment laws are astounding in their scope and we expect that it will take years for all of the details to truly become manifest. We’ve been taking webinars to get up to speed, with two more scheduled for Thursday 2nd April and Friday 3rd April, as well as another one next week.
Regarding the stimulus checks, in many cases, it will be better for the IRS to use 2018 tax filing information as the basis for the amounts that will be paid out. This is generally the case if one’s AGI (Adjusted Gross Income) is significantly higher in 2019 versus 2018. If you suspect that the reverse is true, that your 2019 income will be significantly lower than 2018, please email us so we can take action.
Regarding the Payroll Protection Program offered through the SBA as part of last week’s CARES Act, this will be administered through banks as an expansion of an existing program. Technically, this program opens to businesses on Friday 3rd April, but the reality is that not all banks will be ready. Each bank is currently developing their own applications and requirements. While you should start by looking at a bank that you have a relationship with first, the fact is that if your local bank can’t provide you access to these funds, you’ll need to go to a different bank.
The firm’s efforts to modernize over the past three years have positioned us to continue providing the service you expect. Now more than ever, we need everyone to make use of the portal and apps that we’ve implemented for file sharing, accounting, tax prep, and communications.
In times of turmoil, focus on values and what is truly important - your family, your friends, the people in your life. People around you look to you as leaders in your own circle. Leaders lead. Steady hands in troubled waters will keep the ship afloat.
We’ll post future updates so check back often.
Take care, stay safe, and wash your hands.
Sincerely,
Jonathan Rivlin, CPA
President
The Rivlin Group PC