Last week, our team began working remotely under the governor’s orders for social distancing. This week, we’re pleased to give you an update on operations at Boris Benic and Associates LLP. We also have some important tax news you’ll need during this time.
How We Are Working
This unprecedented situation has prompted questions about how we will do business moving forward. We want you to know, we are addressing them with plans that are ready to go.
- Our phone lines are open! The team uses an app called Communicator GO to receive and make calls from our office phone number. So, if you reach out, expect Liz to answer or pass along your message. Also, when we call you, our office number will be on the caller ID.
- We use a Virtual Private Network (VPN) to access our server which holds all client information, apps, and programs. Client information remains secure and easily accessible.
- Though everyone on our team is currently working from home, we are definitely in touch. We all take part in a daily Zoom videoconference. During that meeting, we share the status of client files and make sure every team member stays in the loop.
- Client tax returns are all still in process. Returns have been divided across our team members. Each person is working with their assigned clients to collect any information needed to prepare the return. At the beginning of 2020, we switched to a cloud-based tax software, CCH Axcess. CCH Axcess makes it easy to prepare a return remotely. Additionally, this industry-leading tax solution is known for its high level of security and sophistication.
If I haven’t spoken with you recently, please don’t hesitate to reach out. I’d love to hear how your team is managing during this unique time. Several large technology vendors have provided free access to products and features t hat ensure the ease of working remotely . Microsoft , Google, LogMeIn , Cisco, and Zoom are all offering free licenses to their meeting, collaboration, and remote work tools during the COVID-19 outbreak. However, tools alone are not enough. I t’s also important to allow for adequate connectivity, maximum data security, and support for everyone’s unique adjustment to this operational change.
Tax News
We are also closely monitoring all news about the tax and financial impact of COVID-19 on our clients’ businesses. Take note of this important information from the IRS:
- For COVID-19 related reasons, employees can receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable. Consequently, businesses with under 500 employees can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. Read the entire IRS statement here.
- All federal tax returns normally due on April 15th (individuals, trusts and certain businesses) are extended for 90 days, until July 15th, for filing and paying purposes. New York State has announced that it will follow suit and adopt the federal automatic filing and payment extension.
We appreciate you and have all the resources in place to support your organization through this unprecedented time in history. Keep in touch! Look for frequent updates from our team in the coming weeks as news and updates from the IRS, Treasury, Labor Department and NY State become available.
Stay safe and healthy,
Boris Benic and Associates LLP
Boris Benic: bbenic@bbcpas.com
Robert Puerto: rpuerto@bbcpas.com