MURPHY & CO., CPAs - UPDATE

March 21, 2020

As I am certain you know, Governor Lamont has issued Executive Order 7H, requiring that all non-essential businesses close until further notice.

For the safety and wellness of all our staff, families, and clients, our physical location will be open during very limited times (M-W-S 10AM-2PM). Our digital door, however, is open for business 24/7. If you don’t have a portal to use for secure electronic communication and document exchange with us, we would be happy to set one up for you. It’s free, easy to use, and secure. Email us at info@murphycocpa.com. Subject line “Portal”.

As you may be aware, both the Federal and State governments have extended the due dates for filing and paying taxes until July 15th. They have extended the first quarter estimated tax payments (normally due April 15th) until July 15th.. As of now, the second quarterly tax payments are still due on June 15th. (Yes, you read that right). We do not have guidance on contributions to IRA accounts. These contributions (by law), are normally due April 15th (regardless of your tax filing date). For now, assume that if you plan to make an IRA contribution (whether it’s a deductible IRA, non-deductible IRA, or a Roth IRA) that it must be paid by April 15th.

We are continuing to work remotely and will answer your emails and calls as quickly as we can. Please be patient with us.

For our business clients - please think about how you’re tracking expenses related to the Coronavirus. Be sure to add a line item in your accounting system to track the costs incurred related to the Coronavirus. From cleaning supplies to time spent managing your team remotely to new IT expenses, you want to capture any expenses you wouldn’t normally have.

There are two important reasons for this. One, if there is any government assistance or insurance available, you will be able to clearly show what expenses you had. Second, when looking back at your financial history, you will undoubtedly have a blip during this time. By segregating these expenses, you will be able to trace back to the details.

We will keep you informed of additional changes, tax news, deadlines, etc. and thank you for your ongoing support.

Please stay healthy!

Camille Murphy & the MCO Team

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