2020 TAX SEASON COVID-19-RELATED UPDATES

Covid 2020 Tax Season Update

Due to the COVID-19 Corona Virus crisis Parson CPA has several updates for our clients regarding the 2020 tax season. Please read through each update carefully. Thanks for being the best part of Parson CPA, and stay safe!


Parson CPA Operational Plan

In light of the recent events surrounding the spread of COVID-19, I wanted to provide a brief synopsis of ParsonCPA’s (Strategic Tax Partners) operational plan that will enable us to continue to meet the needs of our clients while also placing a high priority on the safety of our employees and community.

The Executive Order issued by Governor Andy Beshear on March 25 states that “professional service firms must implement telecommuting and remote work to the fullest extent possible, and should only use in-person interaction to support Minimum Basic Operations or where telecommuting is impossible.”

ParsonCPA’s daily operations will continue with some adjustments in order to follow CDC, State and Local guidelines and precautions.  We want to limit our potential exposure to the virus and keep our clients safe while continuing to get taxes prepared and filed.  To prevent spread of the virus, we are reminding our clients and strongly encouraging your use of the tools we have in place to work remotely with you.  We are discouraging in-person meetings, at least until there is a decline in new COVID-19 cases, and our employees are working remotely from the safe environment of their homes.

Options for Our Clients to File Taxes Remotely
Here are some helpful features which will enable you to file your taxes while minimizing physical contact with others:

  • We have our client portal, Intuit Link, again this year. This application provides a list of documents you had included in your return from last year, as well as questions or additional information needed to accurately complete your return.  It also has a messaging interface that we can conveniently ask and answer follow – up questions back and forth.  If you have not accepted the invitation to this application from January, we will send a new invitation at your request.  That invitation may refer to Strategic Tax Partners, this is my Management Company which owns the Tax Software License.
  • For Remote authorization when the tax return is complete and awaiting signatures, we will use DocuSign.  It can get us the authorization needed to file your return in just minutes.
  • Final option is drop-off.  We have a black box outside our door at the 5427 Bardstown Road, Suite 4 office that accepts large envelopes.  It will be emptied and sanitized regularly.
  • We will also be offering a drive-thru drop off and pick up service. Just call us when you are on your way and we will meet you at the front door from the convenience of your car.

Please also see our 2020 Tax Season Delivery/Pick Up Options below

If you have already filed your return, we appreciate your business and hope you are well.  If you have not already contacted us, we hope one of the above ways will accommodate your needs and we look forward to hearing from you soon.

ParsonCPA will continue to support our clients as usual through this busy tax season. We know that this is a stressful time for everyone, and we hope that you, your family, and community stay safe.

 


Tax Deadline Now July 15th

Tax forms and payments won’t be due to the Internal Revenue Service until July 15 this year, Treasury Secretary Steven Mnuchin said in a tweet.

Read the full Bloomberg article here.

The Kentucky Department of Revenue has followed suit, moving the filing and payment deadline to July 15.

Indiana Department of Revenue announced an extension as well.

 


2020 Tax Season Delivery/Pick Up Options

Download a PDF form here to print, complete, and send back to Parson CPA (a scan and email is great, or you can mail it.)

Below are the options from the PDF form for you to view:

1. Electronic Delivery
Your tax return will be delivered to you via email. You will get 3 or 4 separate emails:

  1. ParsonCPA invoice with payment link
  2. Client copy of the Tax Return
  3. Docusign for the 8879 to each taxpayer:
    1. Taxpayer email _________________________
    2. Spouse email ___________________________

The ParsonCPA fee can be paid over phone instead of Payment link:

_____via credit/debit card before emailed

 This method will have NO fee added to prep fee.

***

2. No Contact Pick Up
Your tax return and support docs will be available for pick up at our office.

  1. You will need to schedule a time slot so we can limit multiple clients arriving at the same time.
  2. Your tax return package will be waiting for you on a table outside the front door.
  3. Once you are back in your car we will call you to review the packet.
  4. You will need to sign the 8879 and return to the table.

ParsonCPA fee will need to be paid:

_____via credit/debit card over the phone

_____via check returned with 8879 to table

This method will have NO fee added to prep fee.

***

3. Priority Mail Delivery
Your tax return and support docs will be returned to you via tracked priority mail.

The 8879 will still need to be signed and returned via several methods:

_____Fax

_____Scanned and emailed to Denita@parsoncpa.com

_____Snail mail with addressed and stamped envelope provided

ParsonCPA fee will need to be paid:

_____via credit/debit card before shipped

_____via check returned with 8879

This method will have a $8 fee added to prep fee for USPS Priority Cost

***

4. No Contact Delivery
Your tax return and support docs will be available for drop off at your home.

  1. You will need to schedule a time slot so we can coordinate our driver.
  2. You tax return package will be delivered to your door- the driver will call or text you when he arrives:
    Delivery instructions: ______________________________________________________________________________________________________
  3. Once our driver is back in the car, you can review the packet and sign the 8879.
  4. You will need to put the signed the 8879 in the enclosed envelope for the driver to bring back to my office.

ParsonCPA fee will need to be paid:

_____via credit/debit card over the phone before delivery

_____via check returned with 8879 to driver

This method will have a $15 fee added to prep fee. This fee will go directly to the driver.

 


Families First Act Passed Into Law

On Wednesday, March 18, 2020, President Trump signed the Families First Coronavirus Response Act into law. The two most prominent sections of the Act institute an emergency expansion of the Family and Medical Leave Act (FMLA) and introduce a new emergency paid sick leave entitlement for certain employee absences caused by the COVID-19 pandemic.

Effective for wages paid after April 2, 2020 all full time employees qualify for 80 hours of Federal paid sick leave at your full pay rate of up to $511 daily if you are ill, quarantined, been advised by a medical professional to self-quarantine or have symptoms for which you are seeking medical diagnosis, all from Covid-19. You also qualify for FMLA sick leave at up to 2/3 of your normal pay up to $200 daily for 12 weeks (of which 10 are paid) for caring for any individual under quarantine, isolation, etc., or because your child under 18’s school or daycare has been closed.

These rules apply to wages earned through December 31, 2020.

The Act also provides emergency federal funding for COVID-19 testing, nutrition assistance, unemployment compensation benefits, and other things.

More details to come as we learn more.

 


2020 SBA Loan Comparison

March 31, 2020
I hope this message finds you doing well in light of the virus and what it has done to business and life as we knew it. I haven’t heard from all of you, so I hope that means your business hasn’t been significantly impacted to date. Many are contemplating these loans. I wanted to provide a good comparison of the two loan options. Below is a link to the best loans I’ve found to date. We can get your average payroll figures to be able to tell you how much Payroll Protection funds you would be eligible for. If you have specific questions, please reach out to us.

Click here to view the PDF that shows the comparison of the loans.

As of the writing of this email, the IRS still has not provided guidance on how these Covid-19 tax subsidies/stimulus things will be handled. At this point, there is tons of speculation. As factual information is communicated, we will pass on the information to you.

Paid Sick leave is the first of these Coronavirus laws to take effect, it takes effect April 1st. Most of you will be eligible for an exemption. If you are considering paying this to your employees, please reach out to us to discuss details of the bill that you may not be aware of. We are here to help and we are all in this together. I hope you are staying healthy and safe.

Thank you,

Loni

 

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Contact Loni Today!

(502) 742-0757

5427 Bardstown Road,
Suite # 4
Louisville, Kentucky 40291

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