New information on the impact of COVID-19 on financial institutions is being released daily, and we expect this to continue for a period of time. We've compiled a summary of guidance and links to detailed information and frequently asked questions on the following topics:
- First Quarter 2020 Call Report
- Loan Modifications
- Regulatory Frequently Asked Questions
- Title IV Economic Stabilization and Assistance to
Severely Distressed Sectors of the US Economy
- US Small Business Administration Loans
The goal for the Varney & Associates Financial Institution Team is now more important than ever: To take care of community banks so they can take care of their communities. Please reach out to us if you have any questions, concerns, or need assistance. We are still available as needed to support you during this time. Our work environment has changed slightly as we are working remotely; however, there has not been significant disruption in our ability to provide services to our clients.
Click here to view our guidance summary
At Varney & Associates, we value the health and well-being of our staff, clients, friends and families above all else. After much thought and consideration regarding the COVID-19 outbreak, we have made the following changes to our daily operations. Our office will be closed to the general public until further notice. We are still available by phone, email and even videoconferencing. We offer electronic return delivery and signature options or we will mail documents if those options are not available.
We have expanded our remote work capabilities to allow our staff the ability to work from home following social distancing guidelines, as well as allowing them the flexibility they need to care for their families during this time. Our dedicated staff are continuing to work hard for our clients no matter where they are working.
The federal tax filing deadline has been extended until July 15, 2020. We will be working to complete returns in a timely manner, and we are available to consult if you have questions or concerns about your specific tax situation.
We are continuing to complete attest work (audits, etc.) but are doing so remotely. Our staff will be contacting you regarding changes in how this work will be conducted if you have this type of work scheduled during this time.
We know there are many challenges at this time for businesses and individuals. We are dedicated to assisting our clients as they navigate these challenges. Please don’t hesitate to reach out to your accountant if you have any questions or concerns.
We are continually monitoring the situation and will provide further updates as needed. Thank you for your business and we look forward to the day when we can visit with you again in person!
Stay up to date regarding Unemployment Insurance benefits from the Kansas Department of Labor as it relates to COVID-19.
- IN THIS ISSUE:
To download and read the full newsletter, click here
- Business Continuity - What to plan for in order to keep your business running if an unforeseeable disaster happens.
- Identifying Signs of Financial Elder Abuse & How to Help
- BSA Corner: Banking & Hemp-Related Customers
- Community Bank Leverage Ratio
- Change in Unauthorized Return - Reason Codes
- Varney Tax Tips - SE Corporation Health Insurance for 2% Shareholders & IRS Required Minimum Distribution
- Getting to Know Varney - Featuring Melissa Larson, CPA