My only caveat is many firms have no income without completing returns. It would be another industry in dire straights for a while. And with technology many cpas and preparers can certainly work remotely.
But perhaps the extension as an option because of the situation.
Also by filing on time the government would have a better understanding of anticipated revenue - and they will be spending an awful lot. It could be very important for modeling and planning.
Just a few thoughts on why it’s probably being discussed thoroughly before passing into law.
Many CPAs also hire seasonally and their staff may not be available into the summer. But if business places are shut down, it will be hard even to file all those extensions for clients. It is a tough one.
Clarification: the extension for moving the filing date beyond April 15 requires a change in the law. What the Treasury did earlier this week was to make an Administrative decision that they would waive late fees and penalties for payments made after April 15. However, the return still would have been due by Apr 15; Congress is now gonna officially push out the filing date.
The filing date change to 7/15 is not official, its proposed.
@privatebanker Of course CPAs everywhere are working remotely with office buildings basically shut down to flatten the curve. It can be very stressful to do this with kids home from school indefinitely, daycares closed, and spouse working remotely too without multiple home office spaces, fast internet, multiple monitor setup, etc. I’m sure it works fine for many people, like single young adults or families with one working adult.
It saddens me that I watch daily briefings that don’t seem to be in tune with the pandemic. Why do our medical personnel have to work without proper equipment??? It’s absolutely heartbreaking.
This thread moves so fast that I have some trouble keeping up. Of course since many people are out of work this gives us more time.
“I’m worried about my son’s online Spanish class. He has to pass it, and he’s not good at languages.”
I had tough time learning a second language way back when I was in school. To me the secret is to use the language. For example your son might want to watch TV shows and movies in Spanish. He should see if there are other students in the class who would be willing to chat in Spanish online for an hour every few days. Years ago I did this with French, and found that the quality of the audio gear mattered. However, audio gear is generally a lot better now than it was back then. One of my daughters used to watch TV shows in Spanish and did very well in it.
“even though hydroxychloroquine and chloroquine are not approved to treat covid-19, physicians may use these drugs to treat covid-19 … because these drugs are currently available on the market.”
Years ago I had a mystery very bad infection and hydroxychloroquine was one of two drugs used to treat it. Even way back then (perhaps 30 years ago) it was quite inexpensive and at least for me had no side effects at all. Let’s hope that this one works out.
Regarding N95 masks, does anyone know whether hospitals will accept unused masks that have been opened? I checked and my supplies have all been opened.
We use Merry Maids and had a cleaning today. Thank goodness, because they’re closing at the end of the business day on Friday. At least our house will be clean for awhile, ha. I am not a good housekeeper.
I got home safely. Per our doctor’s instructions, I left all my luggage in the car. I’ll bring it in tomorrow morning. I stripped, wrapped myself up in a towel, and ran upstairs to take a long shower and wash my hair. I used the “kids’” bathroom instead of the master bath. Then my husband and I sat in the hot tub a long time. As hard as it was to leave my dad, it’s good to be home.
We are probably going to head up to our remote cabin soon. We can last awhile and not have to see a single person.
Anyone who has a problem with the April 15th filing date can get an automatic extension to October 15th - it’s a very simple process. So the extension of payment date to July is meaningful, because it is the part about paying money that’s a hardship. Not the Form 4868.
Good for her! Yes, we lost some precious time early on but they are at it now. They are catching up with tests and will catch up with shortage of the supply. Wish Cuomo does the right and institute shelter in place. NY now has 4 times as many as CA in alarmingly short period of time. CA ordered shelter in place statewide. It will suck up a lot of national resources. NY reached at this stage in two weeks surpassing CA by 4 folds while CA had it for about 2 months.
@1NJParent I remember reading that article. It was circulating earlier. The publication date, 3/15, is not when the paper is written. The article was written before it was known that she was in fact ill. You can see that from the content. Besides, nowhere in the article it mentions it is defuncting.
The magnitude and responsibility of China’s mishandling had a far reaching consequences. They willfully suppressed the info while spreading the virus all over the world. When nations tried to close the border, they got furious. It should have been Chinese themselves who should have closed their own border to stop spreading to outside world. The US mishandling amounts to the slow start and losing the precious time. They can’t be compared next to each other. By putting it on the same page, as if the US mishandling has any world wide consequences, we are letting the chinese off the hook. Don’t be pawns yourselves.
You seriously think if this virus had started here that the US would have willingly closed its borders and let the world know about it?
The same US that has multiple senators (and undoubtedly other rich cronies) selling all of their stocks after a private briefing about it while simultaneously telling all of us citizens that all was well and they could easily control it?
Really?
I guess readers need to decide what they believe.
I’m awed at just how far some folks are willing to defend things. (I’ve yet to see anyone defend how China started handling the virus.)
Real debriefings that I’ve been in for work (and my AF days) look at the pros and cons of every single player with hopes of being able to do better next time.
Sheer numbers are going up, but it’s helpful to see the percentages aren’t. Numbers I’ve seen still seem to come in around 6-7% of those tested being positive. Since most testing is limited to people with symptoms or contact, this still means 92-93% have something else (common cold or similar - not dangerous).
Isolation and social distancing are necessary, but the percentage who have it at the moment is still low - meaning isolation and social distancing still have a chance to work. I suspect this is why states are cracking down on those without statistical knowledge or empathy. If those 6-7% mingle (and some don’t know they’re in that percentage - others “quarantine in an office(!))”, the tidal wave is still looming.
In an ideal world everyone would understand and want to comply to the best of their ability (grocery stores, etc, still are needed). We’ve never lived in an ideal world.
As hard as it was to leave my dad, it’s good to be home.