Due to the COVID-19 pandemic that has swept the nation, the tax deadline has been pushed back July 15th. What does this mean for your clients? How will this affect your work? Fear not. We’ve got the answers you’re looking for.
MORE TIME DOESN’T MEAN LESS BUSY
The most obvious symptom of this pushback is the time increase. On the plus side, the delayed deadlines will allow your clients to garner the income and gather the paperwork necessary to properly file their taxes. Similarly, this extra time will allow you to organize client paperwork. That being said, the next couple of months may be filled with countless back and forth phone calls, endless updates, and an enormous amount of emails exchanged.
This extra time can be looked at as a good or bad thing. Thankfully, it gives clients the ability to organize. Unfortunately, you might have a tough time organizing constant contact and support. Especially with a shelter in place order. This is the time to create great systems and consider outsourcing your customer service or increasing your remote administrative support.
BEING AN ESSENTIAL BUSINESS
Most states in America are under some sort of shelter in place or lockdown, and will most likely stay in that state for months. Though accounting is labeled as an essential business, as you all are aware, plenty of people do not feel comfortable leaving their home. Expect a bombardment of phone calls from clients over the next couple of months, or until the shelter in place is lifted.
SOME THINGS ARE UNCLEAR
Certain tax documents have not been clearly postponed. These documents being the 8938, 3520, 3520A, 5471, 8858 and 4868. Of course, if none of your clients deal with these documents, fear not. Until there are clearer extensions, tread carefully and make sure to inform your clients of this lack of clarity.
Stay safe and stay healthy!