A Message from Our Managing Partners and Team Regarding COVID-19
To Our Valued Clients, Community Members, Friends and Family:
First and foremost, we at Gallagher, Flynn & Company, LLP (GFC) hope everyone receiving this message is safe and has the resources to maintain that safety and security for the duration of these uncertain times. Please do not hesitate to reach out to us for any help you may need – business or otherwise. Due to our wide network and dedicated GFC team, we will do our best to give or connect you with the support you need.
On the accounting and tax front, you will be receiving multiple messages from us in the coming days and weeks. Here is what to look forward to:
- Federal financial relief for businesses – over this past weekend, the House of Representatives passed The Families First Coronavirus Act. This legislation provides for possible employer tax credits, employee benefits in the event of specific work interruptions due to COVID-19, and expanded Family and Medical Leave Act provisions. This legislation has not yet been passed by the Senate nor has it been signed by the President. Once this legislation passes, we will provide specific details on the legislation in its final form.
- Federal and state tax filing deadlines – the IRS and many states have hinted at possible extensions of income tax deadlines beyond April 15th, 2020. Earlier today, the IRS verbally issued a statement that some tax payments can be deferred for 90 days beyond April 15th, 2020. Until specific written guidance is published, we cannot definitively conclude how this extension of time to pay impacts each of our clients. Once the IRS publishes these rules, we will provide specific details over e-mail. We will also have in-depth follow-up discussions with all of our clients on how it impacts them and their businesses.
- Financial Statement GAAP Ramifications – the financial statements of businesses may be impacted by the ancillary effects of the COVID-19 issue. We are still working to understand the potential ramifications and will communicate more as soon as we can.
GFC is working hard to prioritize the safety of our employees while continuing to provide exceptional client service during this critical time of year for our clients’ tax and accounting needs. We are currently implementing three changes to our usual operating procedures.
- First, we are strongly encouraging our people to work remotely until further notice. Our reliable remote working technology is already up and running, and we have full confidence in it moving forward;
- Second, we are encouraging our people to limit their time at client sites to the minimum critical activities necessary to complete our work. If our teams are scheduled to be at your site, they will reach out to discuss how we will work with you going forward;
- Third, we are encouraging clients to avoid in-person meetings in our offices. If you are planning to drop off tax or accounting information, we prefer you do it with minimal interaction with our team. As usual, we encourage clients to send us this information electronically instead of hard copy. Please reach out to your GFC contact with instructions on how you can do this.
Be safe and please reach out to us if needed – we are here to help.
Jason B. Hamilton, CPA – Managing Partner
Philip A. Lapp, CPA – Managing Partner
and your Gallagher, Flynn & Company, LLP team