CPA Announces Proactive Coronavirus Measures
March 13, 2020
As you know, the Corona Virus has been making the headlines for the past few weeks. Our firm has been watching the news and we have also been in communication with WVU and the Monongalia County Health Department. Though no reported cases exist in West Virginia, at the moment of this letter, we believe it is only a matter of time before this virus enters our borders. Therefore, proactive measures are in order.
This will affect our firm in two ways. One is our asset management and advisory services, and the other is our busy tax season.
In addressing the first, our asset management clients have eyes on the stock markets, to be sure. The volatility that we’ve seen is related to the unknown risks of the Novella Corona Virus. We’ve never had such a well known and close to home pandemic. In relation to the other pandemics that have come before, SARs and major outbreaks of the flu, the markets held up well. This seems to be a different story. Our advice to our clients is not to make any panic moves. Do not sell positions in a down market, in fact many professionals would say this is a buying opportunity. We expect the markets to rebound. Once they do, make sure that if you have lingering concerns about the future of your portfolio that you have a heart-to-heart discussion with your financial planner. We learn things about our clients and the economy through these downturns. So, it is an educational opportunity. Again, this is not the time to panic. We’ve been here before.
As to our busy tax season, we believe that we should be able to get through the tax season without interruption. We are keeping our fingers crossed. In the event that we cannot get to the end of tax season without major announcements from our local public officials regarding quarantines and alternative workplace measures, our firm has discussed a contingency plan that would allow us to continue to work on your taxes and accounting without interruption. You may not know it, but our firm employs the industry’s best software that allows us to work in the Cloud. That means that I can unplug my computer and work from any site that has an internet connection. So, the work will get done from our offices, from our homes or from Starbucks.
The main contingency issues we will address will be the drop-off and pick-up of taxes and how we will receive payment for our services. We have discussed these measures within our management team and will have the appropriate contingencies in place to service you at our offices, electronically or even with at-home delivery if necessary.
But for now, it is business as usual. We pray that we never have to implement the contingency plans that we have in place, but if that time comes, we will be prepared.
Cunningham Powell Alexander, A.C.
Securities and investment advisory services offered through Allegheny Investments, Ltd. a registered broker/dealer. Member of FINRA/SIPC.