Thank You for Your Patience
Mitchell & Nemitz
April 8, 2020
We want to thank all of our clients for allowing us to serve you. This year has been an unprecedented time in the history of our country as well as the world. As a result, this has caused many different things to be upended and changed related to our personal and business lives. Not only are we all being subject to stay-at-home orders and social distancing measures, there have been major developments related to taxes and finances in general.
Over the past month, we have seen the most robust economy in the history of our nation go into a potential recession due to COVID-19. From an economic standpoint, we have seen businesses required to fully or partially close and workers being furloughed. Over the past couple of weeks, we have seen our government’s response to assisting individuals and businesses in the form of three multi-trillion dollar stimulus bills aimed at beefing up unemployment benefits, putting money in the hands of individual taxpayers, providing much needed loans and grants to businesses, and a variety of other things. All to help us survive over the next few months until things can get back to normal.
Our firm has been focused over the last couple of weeks to helping our clients navigate the provisions of the last two stimulus bills. The main one being the CARES Act that was signed on March 27th, 2020. The CARES Act created many different programs for both individuals and businesses, but the biggest program was a loan and grant program for businesses, geared to provide much needed resources to help them keep their employees on payroll and pay other certain expenses for the next couple of months. We have had to make it a priority, since this bill was signed, to help our business and individual clients navigate the provisions of the CARES Act. This has included preparing documents to enable businesses to apply for these loans and grants and consulting with our clients on what are the best options for them both individually and for their businesses.
Needless to say, this has taken away significant time from our ability to prepare, review, and finalize tax returns. Normally our goal is to get tax returns that came in by March 15th out by April 15th. We have normally been able to meet that goal for the majority of our clients. Unfortunately, we are going to fall short of that goal this year, due to having to allocate our resources to other areas not related to tax preparation. This is by far the toughest tax season we have ever seen, and we hope and pray that we will not see another like this anytime soon.
All of that is to say, we ask for your patience as we continue to work through all of the various issues surrounding us and our country but rest assured that we are still working hard to get as many tax returns done as we possibly can. However, we are physically not going to be able to get them all done by April 15th. We also want to remind you that both the federal government as well as NC have extended both the filing and payment deadlines until July 15th. This also includes 1st quarter estimated tax payments and contributions for IRAs and retirement plans. If we are unable to get your return done by April 15th, no extension will be required as the deadline is now July 15th. We will take some days off to recuperate and reintroduce ourselves to our families and then we will be back to working on returns to get them done as quickly as possible.
You and your family will be in our thoughts and prayers as we continue to navigate the current situation. We have confidence that things will get back to normal as we all abide by the stay at home and social distancing measures to get past this COVID-19 virus threat.
Your team at Mitchell & Nemitz, PA