COVID-19 Organizational + Individual Impacts

In these times of uncertainty, we’re all doing our best to take things one day at a time. The spread of COVID-19 is changing the way that we live our lives and the way that our communities and organizations operate.

As circumstances surrounding COVID-19 continue to evolve, so too do the responses of businesses and individuals. While the long-term economic and business consequences of COVID-19 are yet uncertain, there are several immediate challenges to take into consideration.

We have compiled resources that address the impact of COVID-19 on businesses and individuals, as well as what you need to know now and moving forward. Our dedicated COVID-19 landing page is updated daily as new content is released. The following is a summary of current articles; visit the landing page for more information.

How Will the COVID-19 Outbreak Affect My Business?

The Tax Effects of the Families First Coronavirus Response Act

The Families First Coronavirus Response Act (H.R. 6201) includes provisions that are related to the management of the coronavirus pandemic. The legislation mandates that private employers with less than 500 employees and all public employers provide expanded qualified family and medical leave and paid sick leave for coronavirus-related absences. How will this affect your organization?

We explore the tax implications for private employers with less than 500 employees, private employers with more than 500 employees, public employers and the self-employed.

Cybersecurity in Remote Working Conditions

Many impacted organizations are engaging in remote work arrangements in the wake of COVID-19. While businesses are transitioning to remote work to prioritize the health and safety of staff, the security and protection of data may be compromised, leaving them exposed to new cybersecurity risks. Recent studies reported that one in three organizations (36%) have dealt with security incidents due to unsecured remote workers.

Learn about the cybersecurity risks involved with remote working arrangements and review considerations on safeguarding against cybersecurity threats.

Business Continuity Plans

“Business continuity planning is the process of creating processes and systems for the prevention, recovery and ongoing execution of your organization during times of threat or disaster.” The COVID-19 pandemic has left many of us grappling with rapid and sudden change and looking for new ways to do business. Business continuity plans ensure that organizations can react and function in the event of a disaster and are the answer to how you maintain business functions in the event of a major disruption and beyond — but how many have this type of plan in place?

We discuss how to prepare a plan, HR considerations and why business continuity plans carry importance.

What the New Tax Filing Deadline Means For You

As the COVID-19 situation evolves and the economic impact of this pandemic is felt, federal and state governments are reacting by introducing legislation to alleviate financial pressures and provide relief.

Notice 2020-18 released by the IRS on Friday, March 20 superseded IRS Notice 2020-17, postponing the April 15 deadline for filing federal income tax returns until July 15, 2020.

We talk about what the new IRS guidance actually means and what you need to know now that July 15 is the new April 15 when it comes to tax filing.

Additional Resources

Eide Bailly is in unchartered territory, just like you. During this time of uncertainty, we remain dedicated to helping you make sense of the coronavirus’ impact on you and your organization. We continue to update our resources daily. Visit our dedicated COVID-19 landing page to learn more.

You can count on The Partnership to continue to share accurate and fact-based updates as well. See more on COVID-19 here.

Find these tips useful? Find more business tools and information by visiting the Business Resources page.