Message from Jack McGovern, CPA regarding COVID-19

CPA Philly, President

Message from Jack McGovern, CPA regarding COVID-19 – 3.21.20

Clearly, the safety and health of you and your family is of the utmost importance. The team at CPA Philly is here to help you navigate your financial concerns amidst the Coronavirus Epidemic. We’ll do our best to answer any questions you might have to give you peace of mind with simple, clear guidance – please let us know how we can help.

Ways we can help address your tax returns and concerns quickly and sensibly:

1. We can prepare your taxes remotely. Perhaps you are getting a refund, we can file electronically and get the refund quickly.  If you owe money, we can help develop a payment strategy.  We can help you apply for loans or you may need copies of your taxes and financial statements  to obtain business loans and we can scan and send your financial documents to lenders.

2. We can provide tax strategies:

• Perhaps you consider selling and realizing stock losses and buying alternative investments. This is tricky because you have to be aware of “wash rules”.
• You may want to fund your retirement plans while the stock market is at historic low points.
• You may want to declare salaries if there is a payroll tax holiday
• No doubt the government will provide new tax incentives such as carry back and we can help you understand and utilize these opportunities

3. Interest Rates are at historic lows, and we can provide introductions and secure information to lenders

4. We have an IRS approved prototype safe Harbor 401k Plan available for business owners

5. We will interact with your key support system including Management, Family, Legal and investments counselors.

6. Many individuals will form a business to address their new circumstances and we can help you get it launched.

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Important Issues to consider:

1. Remember, “You have nothing if you don’t have your health”. Accordingly, take care of yourself and others and practice recommended health safety guidelines.

2. US Citizens are resilient: we take care of those who can’t care for themselves. Our country survived the Great Depression, Two World Wars, the Internet Bubble and the Housing Crisis. This virus will pass, and the economy will rebound but the questions are When? What should I be doing? To me, the good news is there should not be a run on the banks because our Nation does depend on pure currency and there are banking regulations and bailouts available that were not in place in the past. We can’t predict the low or high points of the market, but we understand over time the markets rebound and we can help you through this tough time.

3. Business will change as a result of this crisis

4. You need to make responsible, informed decisions. Don’t Panic

5. You need a Plan:

• In business school, they taught us that people who have short term and long term plans out perform non- planners. Accordingly, develop a plan – we can help you.
• Identify the issues
• Measure your resources
• Seek out relevant information including: savings, loans and tax incentives
• Measure your down sides and vulnerability

6. Implement, monitor and track your Plan.

• Your plan should address what to do during the quarantine period and after
• Utilize quick books and excel to plan and track results
• Utilize technology for communications, and financial data

Our firm has been in existence for over 25 years and we are here to help you through this challenge. We are literally “Main Street” Accountants and Advisors. In addition to preparing tax returns and developing tax strategies we have served on bank boards and been involved in all facets of industry. We represent landlords and Tenants. We interact with the politicians, bankers and officials who are dealing with this matter. We represent and serve on Non Profit Boards.  We work with turn around specialists.  We are embracing technology and repositioning our business to remotely help you.