Office Operations and Tax Filing Updates
Dear Clients and Friends,
Most importantly, we at L.H. Frishkoff hope that you, your families and colleagues are healthy and managing to cope as best as possible in these difficult and uncertain times.
We want to assure you that our firm is up and running and currently occupying our NYC office on a staggered work period basis. We have set up secure systems so that our staff can work remotely, without interruption. We are available to answer your questions and provide our full range of services.We are asking all clients to scan and send documents via email or to use our Sharefile portal. If you need information on how to use Sharefile, please email the LHF employee that you’re working with.
As you are probably aware the current situation is extremely fluid and the Federal and State Governments are constantly updating their response, not only from a health basis, but also economically as well. We will keep you updated regarding news we receive from the IRS or government regarding tax deadlines and other financial issues that might affect you.
At this time the following is the best known information relating to taxes based upon most recent pronouncements:
1. The due date for tax payments has been extended by 90 days for those individuals owing less than $1m and businesses owing less than $10m. it is important to note that this is not an extension of the filing date but one of payment.
2. We are of the opinion that the filing date may also be extended. It seems that the idea of filing on time is to make sure refunds are processed as soon as possible. Most jurisdictions including New York have not weighed in yet on this specific issue. We will update you as they do.
3. We urge you to please send in your tax documentation if you have not already done so that we can process returns for refunds if applicable and in lieu of waiting for State direction. We would prefer you do electronically via email or fax in case we have to work 100% remotely.
4. For those of you who own businesses, there have been a number of initiatives passed by Congress. As of the time of this writing the Senate has not completed a bill and there may be dramatic differences to that put forth by Congress. We will be issuing further information as it becomes available.
5. In the meantime we would urge you to discuss with your insurance agent the status of business interruption insurance and whether you have coverage. The issue at hand is not the cause but the interruption.
If you have employees, you should familiarize yourself with the new requirements for payroll for sick employees or if they or their families are directly affected. We will also be providing further information as it becomes clear.
Thank you and stay healthy,
L.H. Frishkoff & Co. LLP
(on behalf of the partners and our staff)