Daily Three: July 13

1. It is for real now. This Wednesday is the deadline to file your 2019 tax returns. The Treasury Department is not issuing any additional blanket extensions, though you can still request a personal extension until October 15, 2020. The IRS is warning that it is facing a massive backlog because of reduced staffing and the extra work it took to process millions of stimulus payments. So, if you’re expecting a refund, also expect a delay. For additional information, read our previous post on the extended Tax filings here.

2. Not surprisingly, the COVID-19 pandemic has created significant challenges for business owners contemplating a sale of their business. Opportunities exist for those able to navigate the landscape and sell their company using an Employee Stock Ownership Plan (ESOP). LP interviewed investment banking firms that operate in the ESOP space to get a better sense of what the market looks like to them. Read their view of the challenges and considerations in the current environment. Authored by David Solomon

3. How COVID-19 will inform the future of work remains top of mind. The challenge of balancing employee concerns, ensuring health and safety, maintaining morale and servicing clients is tricky to navigate. We’re interested to know how you are managing this, how your employees are responding and what your expectations are for the rest of the year. Would you be willing to participate in a future survey? Let us know. 

For more resources and LP's response to COVID-19, visit this webpage.