March 21, 2020
In regards to the COVID-19 pandemic, please be advised that we adhere to all instructions issued by Federal and State authorities and would like to notify our clients of the following information:
1. Customer Service Hours:
As many of you know, the federal government has asked everyone to stay at home and avoid groups of 10 or more people. While the Maryland Governor Larry Hogan asked to avoid groups of 50 people or more. He also asked that businesses must be closed, in prevention of spreading the virus and announced penalties of $ 5,000 or 1 year in jail or both, for businesses that open and violate this provision.
This was especially directed to restaurants, bars, theaters and the like, but does not limit the opening of other types of businesses. Therefore, we will open our office starting on Monday March 23rd. during normal business hours. However, this could change, based on news or instructions issued by the health authorities, reserving the right to limit the number of people who can be served, in a certain moment.
2. Deadline to file taxes:
As good news, the Federal Government has extended the deadline for paying your personal taxes from April 15, to July 15, 2020. No need to file any form for this automatic extension, so don’t worry if April 15 passes.
3. Economic Consequences:
COVID-19 has greatly affected the national economy, causing a lot of anxiety and instability on people. The stock market fell in historical figures and people prefer to save their money in fear of an unknown future. For the same reason, many of our clients have also been affected, and some of their jobs or contracts that were about to begin, have been canceled. Therefore, if you have experienced a radical loss in activities, we will make adjustments or discounts in our fees, according to the documentation and the situation of each client. If your business experiences a substantial downturn, a service plan change may also be suggested.
4. Checks for economic incentives from the Government:
The Federal Government will send economic incentives to the families that qualify, and would be distributed as follows:
Individuals earning less than $ 75,000 will receive $ 1,200
Couples earning less than $ 150,000 will receive $ 2,400
Unfortunately, this stimulus is aimed at individuals who have a valid social security number and does not apply to people with ITIN.
5. Unemployment resources:
Remember, if you are not working or if you see yourself in a situation that requires you to fire an employee, you qualify to apply for assistance from the unemployment office, no matter if you own the business. This assumes you’re being paid with payroll tax deductions and the application can be done online on the following links
Thank you for understanding, we trust that the actions taken by the health authorities will eradicate this pandemic, we also hope that the situation improves and in a couple of months all this will be just a bad memory.
Jose A. Burgos, CPB, EA