Responding to the Coronavirus Outbreak

While the world grapples with the coronavirus outbreak, Ellrich, Neal, Smith & Stohlman, P.A. is steadfast in banding together to make sure that we are handling things to the best of our ability. From our internal team to our valued clients, we are taking every measure possible to maintain a safe, healthy environment. Preparing for a pandemic like this means not only thinking about the physical well-being of our staff and clientele, but also thinking through what this may mean for tax and accounting issues that currently exist and have yet to arise.

Internally, we are taking a variety of precautionary measures to keep our team healthy and safe. Some of the most notable preventative actions include:

• Wiping down all common surfaces with disinfectant wipes, including personal keyboards, computer mouses, and all office equipment
• All employees are required to wash their hands for 30 seconds upon entering our office
• We have set ourselves up to be fully prepared to work remotely, if necessary

These measures are important to keep our Ellrich, Neal, Smith & Stohlman, P.A. team, and their families, healthy and safe. In addition, we have taken steps to make our clients as safe as possible. Most notably:

• Clients are encouraged to use our portal and/or mail their documents to us
• We are promoting the use of virtual meetings via gotomeeting.com, instead of face-to-face meetings
• For virtual meetings, clients do not need to download any software. Simply go to the gotomeeting.com website and sign into the meeting where the client will be able to see the employee as long as they have a camera on their computer or laptop

In addition to Ellrich, Neal, Smith & Stohlman, P.A. safety measures, it is important to recognize how the coronavirus is impacting taxes since we are in the middle of tax season. The Internal Revenue Service (IRS) and the Treasury Department have released guidance in regard to deferring tax payments due to the coronavirus. Take a look at the Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic here. As stated there, corporations and individuals (single filers and married couples who file joint returns) have 90 days to defer without penalty up to $10 million and $1 million, respectively.

Now, instead of the April 15^th deadline, individuals and corporations will have until the new July 15^th deadline. While the deadline for filing tax returns has not been extended, taxpayers are able to request that the IRS grant them a 6-month extension to file returns, which is available every year. The Treasury Secretary, Steven Mnuchin, stated that the new guidance released will make sure that, “hardworking Americans and businesses have additional liquidity for the next several months”.

We also encourage our clients and friends to continue to check the following sites for more information about the COVID-19 virus:

• Centers for Disease Control and Prevention (CDC)
• Information from the U.S. government
• Coronavirus: Resources, Updates, and What You Should Know from the Department of Treasury

At Ellrich, Neal, Smith & Stohlman, P.A., we are dedicated to continually giving our clients high-quality service and professional guidance. In our efforts to do just that, we are taking every measure to keep our internal staff, and our clients, healthy and safe during this time. If you have any questions, please feel free to reach out to us at your earliest convenience.