Good Afternoon Clients, Friends and Families-
Through these unprecedented times, our focus remains on providing you with safe and reliable tax, accounting and technology services.
KJ Tax & Accounting, LLC, Advanced Office Solutions, LLC and QBO Hero, LLC are prepared and ready to help.
As the situation with coronavirus (COVID-19) continues to develop, our entire team is ready and standing by to help you your family and small business owners like you. You rely on us every day for your professional and personal financial needs, and we're going to continue to provide reliable access to the important services you count on. Our thoughts and prayers are with all that are impacted by the pandemic. May God be with you and provide the strength, courage and hope in this difficult journey. Patience, peace and persistence and a lot of WE CAN will go a long way for so many. If you are able, please reach out and take care of the less fortunate, the individuals that really need help in any small way. WE CAN together get through this.
How Unemployment Insurance Can Help With Coronavirus
As of today, March 16
th
, 2020, hundreds of thousands of individuals are set to be laid off due to commerce and business interruption. As we speak, the relief package that was promised Friday is now stalled in the Senate. If you are laid off or lost your Job, we suggest that you contact the Wisconsin Unemployment division or the state that you work in as soon as possible-
https://dwd.wisconsin.gov/uiben/online/
Federal and State Tax Update- Refunds, Payments and Filing of Tax Returns.
As the situation with coronavirus (COVID-19) continues to develop, we are monitoring due dates, payment dates, filing dates and other obligations we are aware that our clients are in need of addressing.
Based upon our conversations, we anticipate that Treasury and the IRS will announce this week an extension of the April 15th deadline by as much as 90 days, and a waiver of penalties and interest for most taxpayers.
Additionally, Treasury and the IRS are aware of the major deadline for businesses today, March 16th, and the challenges facing taxpayers and tax preparers in meeting that deadline. They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers unable to file in a timely manner. We will continue to keep you updated as we receive more information.
We have also been in contact with the Wisconsin Department of Revenue (DOR) and are working with them to provide the same relief to state returns. Wisconsin law currently provides that any extension granted by the IRS for filing income taxes, also extends the time allowed for filing Wisconsin income taxes. See
Publication 401
, Extensions of Time to File. However, this does not apply to payments; Wisconsin law would need to change to allow an extension of time to pay. We have requested DOR Secretary Barca to provide a statement to the public and have also asked that penalties and interest be waived. We will continue to keep you updated as we receive notice when decisions have been made.
You can also visit our
AICPA Coronavirus Resource Center
for frequent updates and resources to help you manage your business at this time. If you are a resident another state, please check with your States Department of Revenue website for more information.
For Businesses--Commercial Insurance Considerations
The COVID-19 is creating complex and rapidly changing issues on many fronts - your commercial insurance policy and it's response in the event of a claim included. Commercial insurance policies vary by industry, individual business characteristics, and location. Please refer to your policy language for your specific coverage. Everyday we're in communication with clients and insurance company partners as Coronavirus issues evolve. Some of the most common issues our Commercial Insurance Consultants are discussing are Workers Compensation scenarios, potential business interruption concerns, event cancellations, and strategies to mitigate financial impacts as well as the protection of employees, customers, and the general public.
If a claim, or potential claim, needs to be reported, report it as quickly as possible. Please contact your insurance agent so they can help you review your current commercial insurance policies that may be impacted – your insurance agent should have on-staff loss prevention resources and experienced claim professionals to help walk you through the process.
SBA Disaster Recovery Assistance- Guidance for Businesses and Employers to Plan and Respond to COVID-19
Although a critical measure to provide much needed guidance and relief today failed to pass the Senate as of now, here is the latest on what the SBA is doing to respond to the Pandemic and the downward spiraling economy.
Update on the Physical Office located at 501 E Main Street-
OUR PHYSICAL LOCATION WILL CLOSE TO THE GENERAL PUBLIC STARTING TUESDAY, MARCH 17
TH
, 2020 THORUGH AT LEAST APRIL 6
TH
, 2020. HOWEVER, ALL OF OUR TEAM WILL BE AVAILABLE TO YOU VIA REMOTE ACCESS TO BETTER SERVE YOU.
IMPORTANT INFORMATION
KJ TAX PHONE- 262-514-3800
FAX 262-910-1117
JIM FILCETTI CELL TEXT OR CALL 262-994-3650
QBO HERO JON FILICETTI
PHONE 262-664-7111
FAX 262-910-1117
AOS JIM BITZAN
PHONE 262-853-3103
FAX 262-910-1117
More information will be coming soon with more specific ways we can receive and deliver communications, documents and resources.
With being patient, teamwork, prayers, thoughts, hard work and compassion we are thankful and grateful for our team, our clients, our families and our caring communities for your support through these very disruptive times.
May you all be healthy, be present and make a positive difference now---
James N. Filicetti, CPA
KJ Tax & Accounting, LLC
QBO Hero, LLC
Advanced Office Solutions, LLC
501 East Main Street
Waterford, WI 53185
Office (262) 514-3800 x102
Mobile (262) 994-3650
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