corona virus Archives - Salt Lake City's CPA's

Essential Practices to Respond Effectively in a Crisis

Theresa Ferrone — Wed, 15 Apr 2020 19:17:50 +0000

Recently, Mary C. Daly, CEO of the Federal Reserve bank of San Francisco, answered questions about leadership and handling crisis situations. In response to the question “What would you say are the essential leadership practices required to respond effectively in a crisis?” Daly gave insightful and helpful tips and tactics.

The first piece of advice she gave is essential: “The most important thing is to remain steady in the boat. Acknowledge the uncertainty, the difficulty, and the pain, and dedicate yourself to doing everything in your power to make things better and bring this to an end.” To be able to remain “steady in the boat” Daly outlined a three-part framework based on what we know, what we can do, and how to do it that is used at the Federal Reserve bank of San Francisco.

What do we know? We’re not medical experts at the San Francisco Fed. But we’re a data-driven organization. So when it comes to figuring out a situation like COVID-19, that’s who we turn to: medical experts. And what we know from the CDC is the importance of “flattening the curve” of the virus through social distancing and staying at home.
What should we do? Flattening the curve takes everyone. So we need to be part of the solution in everything we do. This means helping to limit the spread of the virus in every way we can.
How should we do it? Limit the exposure of our employees and communities. This means leading efforts to telework, shelter in place, and protect essential employees who have to come to work. It also means reaching out to our communities, checking on their needs, and working to broker solutions.

In closing Daly said this about the extended use and need for this framework: “The important thing about leadership and this framework is that it doesn’t stop. You have to revisit it every day to make sure it still fits. Ultimately, the goal is to end each day knowing you were part of the collective solution to putting COVID-19 behind us. The good news about this kind of decision-making framework is that it works all the time, not just in a crisis.”

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Utah Tax Filing Deadline Extended

Theresa Ferrone — Tue, 24 Mar 2020 20:32:56 +0000

After consulting with the Governor, the President of the Senate and the Speaker of the house, the Utah State Tax Commission intends to extend the Tax Filing Deadline to July 15 to follow the federal government’s tax filing and payment action in response to COVID-19. For more information about the IRS decision to extend tax day to July 15th without penalties or interest visit: https://cpaofsaltlakecity.com/tax-day-moved-to-july-15/

For more information and updates visit https://tax.utah.gov/

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Tax Day Moved to July 15

Theresa Ferrone — Fri, 20 Mar 2020 22:01:07 +0000

This morning Treasury Secretary Steven Mnuchin tweeted that under President Trump’s direction, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Earlier this week, as a result of the coronavirus pandemic, the administration moved the payment date to July 15 but groups such as AICPA pointed out that the change of the payment date wasn’t enough because many taxpayers and their accountants are dealing with the fallout from the COVID-19 pandemic and don’t have access to all their tax records or offices. In response to the change of date, the president and CEO of AICPA said “The coronavirus pandemic has made it increasingly difficult for taxpayers and tax advisers to file on time and in a safe manner and this relief is helpful … My message to CPA firms and other preparers today is: our work is not over. There is a great need to support the U.S. economy and it is urgently critical that refund returns are filed as soon as possible, without unnecessary delay and when able and safe to do. Our profession has a tremendous opportunity to create economic stimulus when we help taxpayers submit a refund return.”

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