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Response to COVID-19 and Our Commitment to You…

Monday, March 16, 2020
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Dear Clients and Friends of Fust Charles Chambers LLP:

We want to take this opportunity to update you on the measures Fust Charles Chambers is taking to help keep our people, our clients and communities safe.

We understand that many of our clients and contacts may have concerns and specific questions surrounding the timely performance of our Audit, Tax and Consulting services.  Please be assured that our Audit, Tax and Consulting Teams are well-prepared to continue to communicate and provide the high quality services that you are accustomed to.

We are keenly focused on ensuring the safety of our people, families and friends.  In addition, we continue to be focused on providing professional services to our clients and operating as close to “normal” as possible. Clearly, until the rate of infection is contained and authorities give more guidance on safety and security of our health and health care systems, we will all need to do our part to minimize the spread of the virus.

Below, we’ve outlined how we are working to minimize potential risk together:

  • Electronic Options – To protect both our staff and our clients against virus spread, we are recommending that where possible, we conduct information sharing using electronic options. While meeting with your tax advisor face-to-face can certainly alleviate stress around this time of year, we can accomplish much with telephone and electronic sharing. To provide us with documents, you can load documents to our secure client portal or email. Ask your Fust Charles Chambers advisor for guidance on the best method for you.
  • Travel and Client Meetings – To the extent possible, we will discourage face-to-face meetings with clients and working on-site at client locations. We have the electronic tools to send and receive client information and we encourage use of emails, portals and other tools to work together in this time. We have postponed all non-essential travel. We are utilizing alternative means of communication to avoid large, unnecessary meetings and gatherings, if possible. We have videoconferencing capabilities and the ability to host virtual meetings and communications.
  • Remote Work from Home – Because we are taking the spread of this virus so seriously, we have a plan of action in the event that our physical offices need to close. Should this occur, we want to assure you that our work and your project(s) will not be disrupted, as we already work in a completely virtual environment. Each of our staff members can work remotely for as long as they may need to. 
  • Business Issues – We are already seeing a host of accounting, tax and other issues from this event. Examples of issues include: refinancing debt to take advantage of low rates and financial modeling and cash flow projection assistance to evaluate lost revenue and ability to meet business cash needs;

If you need assistance with these issues or have other needs, please reach out to us, we are here for you in this time of uncertainty. Please be assured that we are monitoring this developing situation closely. If any major changes occur, such as the need for an office closure, we will update you immediately with details.

Based on information received by the American Institute of Certified Public Accountants, we anticipate that Treasury and the IRS will announce this week an extension of the April 15th deadline by as much as 90 days, and a waiver of penalties and interest for most taxpayers.

Additionally, Treasury and the IRS are aware of the major deadline for businesses tomorrow, March 16th, and the challenges facing taxpayers and tax preparers in meeting that deadline.  They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers unable to file in a timely manner. We will continue to keep you updated as we receive more information.

Thank you for your patience and trust in Fust Charles Chambers during these unusual circumstances. If you have any questions or further concerns, please do not hesitate to contact your client service Partner.

Sincerely,

Fust Charles Chambers LLP