We are closely following developments regarding the novel coronavirus, COVID-19. We’d like to provide an update on how we are responding.
Over the last several weeks, we have taken numerous steps to ensure the important services we provide to our clients will continue uninterrupted in the coming months. We are also working diligently to safeguard the well-being of those who work in our office.
Important Tax Updates
Returns That Were Due March 16
Broude & Hochberg has timely filed both state and federal returns or extensions for all of our tax clients who had informational returns due on March 16 (this includes most partnerships, LLCs, and S-corps).
Federal Tax Returns & Payments for 2019
Yesterday, U.S. Treasury Secretary Steven Mnuchin announced that the federal government intends to delay the April 15 deadline for federal tax payments for 90 days for most Americans. According to Sec. Mnuchin, the payment deferral will be available to individuals who owe $1 million or less in taxes and to corporations that owe $10 million or less.
Sec. Mnuchin indicated the 90-day deferral would apply to tax payments; it was not immediately clear that filing deadlines would also be deferred. For this reason, Broude & Hochberg is operating as if all filings will still be due April 15, and we are prepared to file returns or extensions for all tax clients by the usual deadline.
We will provide further information to our clients on filing and payment deadlines as the Dept. of the Treasury and the Internal Revenue Service issue official guidance.
State Tax Returns & Payments for 2019
As of March 18, Massachusetts had made no official changes to state tax filing or payment deadlines. The MA Dept. of Revenue has, however, expressed its intention to follow the IRS in any tax relief granted at the federal level. We are closely monitoring communications from MA DOR and will inform clients of all developments.
Like Massachusetts, many other states have expressed their intentions to follow relief granted by the IRS. California and Maryland have already extended tax filing and payment deadlines for certain taxpayers. We will work with our tax clients to make sure that filing and payment deadlines are met in every state.
B & H Office Operations
In the interest of promoting social distancing at this important juncture, along with concern for the well-being of our team members and the community, Broude & Hochberg has implemented mandatory work-from-home during the coming weeks.This will have little impact on client services. Because of investments we have made in remote-work capabilities over the past several years, our team is able to work from home and is accustomed to doing so.
You may still reach our office by phone by calling our main number. You may still reach individuals by phone by calling their direct line. All team members are reachable by email.
For at least the next month, all in-person meetings will be postponed or conducted by video or teleconference using Zoom, which is no cost for clients to use. In extraordinary circumstances, where in-person meetings are required for executing vital documents, such as urgent estate planning documents, we will work to conduct such signings in accordance with recommendations from health care professionals.
We are committed to continuing the level of service you have come to expect from our team at Broude & Hochberg; the same service we have diligently provided to our clients since 1928. We will give further updates as necessary over the coming weeks. Should you have any questions, please feel free to contact us any time.