IRVINE, Calif., March 19, 2020 /PRNewswire/ -- Semaphore is committed to the health and well-being of its employees and their families. In response to the COVID-19 health crisis, CEO Michael Bienstock felt it was necessary to implement two distinct employee shifts, a morning and an afternoon shift, as a part of the company wide Emergency Action Plan to drastically reduce employee contact. Additionally, executives were assigned shifts at the office while also being able to work remotely outside of their shift. This protocol is an effort to ensure the safety of all employees while also allowing the Semaphore team to operate effectively to support the tax and business needs of their clientele. Simultaneously while implementing the Emergency Action Plan, Treasury Secretary Steven Mnuchin announced that individual tax payers would receive a ninety day reprieve to pay the income tax they owe, making the revised federal tax filing deadline July 17th, 2020. This applies to individual filers who are due to pay up to $1 million in taxes. Corporate filers will get the same length of time to pay up to amounts due on up to $10 million in taxes. During the three month deferral period, taxpayers won't be subject to interest and penalties. This applies to Federal taxes, while each state is making its own deferral decisions. California has announced a 60 day deferral, making June 15th, 2020 the new state filing deadline.
However, following the emergency IRS announcements, Semaphore's Tax and Business team received significant questions from concerned clients who felt the extension sounded good, but needed clarity to determine if it was the right choice for them and their individual circumstances. This prompted the family of companies to immediately produce a white paper entitled "Top 4 Reasons Why Delaying Your Tax Filings May Not Be the Right Choice For You" which can be viewed in its entirety HERE.
"These are both uncertain and uncharted times. Actions need to be based on sound strategies, not determined by fear or anxiety. Our team is here to serve our clientele as they navigate complex tax and business decisions related to this crisis." - Michael Bienstock, Founder and CEO, Semaphore Tax and Business Solutions
About Semaphore – A Family of Companies:
Founded in 2002, Semaphore offers a diverse suite of services including accounting, tax preparation, payroll, insurance, brand and licensing management. Serving clients across the globe, the firm has become the in-demand provider of choice for those who value a service driven approach, fueled by integrity. Semaphore's headquarters is located in Irvine, California where their team of seasoned professionals strive to see their clients thrive.
Contact: Paula Steurer
Sterling Public Relations
Direct: 949. 200. 6566