Covid-19 Update
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The latest Covid-19 Update
We hope that you and your family are safe and healthy as we all embrace the changes that COVID-19 has brought. There is a variety of Covid-19 Updates that we wanted to share with you.
As of today, our office is closed, there are no staff members there that is our covid-19 update. This is in keeping with Governor Pritzker’s “shelter in place” order that was made last Friday. We want to keep our staff safe, and also not risk passing the virus on to guests or visitors. Therefore, we request that you please furnish us with all correspondence, documents, tax return information, and any other transmittals via e-mail. All payments for outstanding invoices can also be made online at www.madonia.com under the Payments tab.
Our entire staff has now transitioned to working remotely with access to client files and information. Please feel free to email or call any of us as the need arises. Our team has the latest remote access technology, and can easily have telephone conferences, draft contracts and letters, and do most of what we can do from within our office suite. We understand that many clients’ businesses now face new challenges, and we are here to help you.
As many of you know, the Internal Revenue Service has moved the tax filing deadline from April 15 to July 15. Unlike a tax return extension, this extends both the time to file the tax return AND the time to pay in any tax due. Interest and penalty will not accrue until July 16, 2020. The IRS also extended the time to pay in the estimated tax payment for the first quarter of 2020. This would otherwise have been due by April 15, it appears that this is now due with the second quarter estimated payment on June 15. For Illinois taxpayers, Governor Pritzker has mentioned that the state will extend the tax filing deadline, but no official pronouncement has been made. We will keep an eye on that. For clients who file tax returns in other states, please send me an email and I will update you on that state’s filing deadlines.
The Circuit Court of Cook County has closed the courthouses until April 15. Courtrooms will remain open for Domestic Relations (to handle child custody issues), and bond court will remain open. For any questions about filing or response deadlines on pending lawsuits, we will update those clients in separate emails.
On March 18, 2020, President Trump signed the Families First Coronavirus Response Act. That Act has several aspects of tax relief for small business. We are in the process of preparing a summary of that Act now, and will include it in a separate email. Also, Capital Hill has promised more stimulus and aid to businesses. We are constantly monitoring that, and will provide an update once new plans are signed into law.
I have spoken with many clients over the past 4 days, and they share many of the same concerns. They question when business will get back to “normal”, how to cope with a sharp decline in sales, and how to handle personnel matters as they shrink their workforce. Let’s face it, this type of business interruption is something new to all of us. While we don’t have any instant fixes, I can assure you that the team at Anthony J. Madonia & Associates, Ltd. is committed to helping clients with issues they now face, and help anticipate future issues. As we celebrate our 25th year of providing legal counsel and services, we remain a valuable resource for you and your business. We will continue to share any Covid-19 updates.
Please let me know how we can help you and your company.