ARE YOU LEADING? 
By Tom Sponsel, CPA/ABV, CFF
Managing Partner
[email protected]

In the midst of this crisis, it's all too easy to grow overwhelmed and lose sight of the long-term vision for your company. You may find yourself in that predicament now, amid the COVID-19 pandemic. But you have to rise above your anxiety and push forward as a leader. Your employees and their families, customers, and vendors are counting on YOU!

Stay confident. Part of leading a company is putting on a poker face during difficult times. It will rub off on employees and stakeholders, thus boosting morale and keeping the business up and running. Pessimism won't get you anywhere. There's more power in positive thinking. Confidence with an assertive attitude toward action can be contagious.

IRS Defers Due Date of June 15th Estimated Tax Payments

The Internal Revenue Service has extended relief for the Federal Estimated Tax Payment (for Individuals and Corporations) normally due June 15, 2020 to July 15, 2020, without penalty.

The IRS issued Notice 2020-23, which extends additional key deadlines for individuals and businesses. Please refer to this  link for a summary of additional information.

The IRS had previously extended the filing and payment of federal income taxes originally due on April 15, 2020 to July 15, 2020, without any penalties or interest.

Not-for-Profit Tax Return Deadline Extended

Extensions generally now apply to all taxpayers who have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The extensions apply to many forms and tax payments made by tax-exempt organizations, including: Form 990-series annual information returns or notices (Forms 990, 990-EZ, 990-PF, 990-BL, 990-N (e-postcard). 

See  Notice 2020-23 and  Rev. Proc. 2018-58 for more information, including a complete list of affected forms, tax payments and other time-sensitive actions.
WHAT WILL YOUR RECOVERY LOOK LIKE? 
By Lisa Purichia
Partner, Director of Accounting & Retirement Plan Services
[email protected]

As you cope with the continuing impact of COVID-19, you're probably struggling with day-to-day operations rather than planning for the long-term recovery of your business. But it's vital to move toward a brighter future and proactively assert your plans for recovery.

You must understand that a lot has changed in a relatively short period of time. What did you learn about yourself and your team? What new processes and procedures make sense to implement after this mandated crisis is over? What innovations have you utilized during the crisis that will make you more cost-efficient going forward? Do not plan to automatically revert to your old ways without first contemplating if there is a better way. Again, what did you learn from this crisis? As a notable politician once quoted, "Never let a crisis go to waste!"  The same - but with a whole different meaning - goes for your business. Take something positive from this experience; it will make your team stronger and more confident of future success.

Remember How We Got Here

The outbreak of COVID-19 started as a health crisis, and it is now transforming into an economic one. At Sponsel CPA Group, we are keenly aware of how this virus may be impacting you personally and professionally. That's why we've built the COVID-19 Resource Center, which we continue to update with resources to help you navigate the new normal that COVID-19 created.

Closing Early for the Weekend

To give our staff members some much-needed and deserved rest amid this particularly busy and chaotic tax season, our office will be closed on Friday, April 17.