How will COVID-19 Impact my Financial Statement and Other Deadlines?
The COVID-19 crisis comes at a unique time of the year for many healthcare providers who are in the midst of finalizing their financial statement reporting requirements in addition to dealing with other annual compliance deadlines. After years of reimbursement cuts and razor slim margins, many providers do not have the luxury of having a deep staffing bench to prepare for COVID-19 while also dealing with the compliance demands of running their operations. Providers may find themselves diverting staff who normally deal with compliance deadlines to other areas more mission-critical to patient care. One area of temporary relief can come in the form of additional time to file your annual financial statements, tax returns, and cost reports:
- The U.S. Department of Housing and Urban Development granted a 30-day extension for all financial statements having a due date of 3/31/2020. The following notice was posted on the FASSUB announcements page on the REAC system:
“Due to business disruptions caused by the COVID-19 virus, the Office of Housing has issued approval for a 30-day extension of all financial statements having a due date of 3/31/20. This will include the owner-certified greater than $750K submissions with a 3/31/20 due date, and the 6/30/19 OMB audited submissions that are due on 3/31/20. It will also include both unaudited and audited submissions for for-profit entities due on 3/31/20. The revised due date is 4/30/20.”
- Certain states have provided automatic extensions for the filing of Medicaid cost reports. Reach out to our local Marcum healthcare professional for details on the state you are in.
- The IRS continues to move deadlines for payment and, now, filing of tax returns. Marcum has been busy monitoring tax and other developments related to COVID-19 which can be found in our Coronavirus Resource Center, which you can access via our website. You will find relevant tax updates, commentary on how the pandemic is impacting individual industries, and other helpful information. This content will be continuously updated to help you make decisions in this unprecedented situation.
Providers should continue to be on the lookout for communications or clarifications on deadlines from other regulatory bodies. Although deadlines may not be officially extended, we have already seen a few circumstances where regulatory bodies have removed barriers to make it easier to file for an extension. Furthermore, now is a good time to reach out to your lenders and other financial statement users to see what flexibility you may have.
If you have any questions, do not hesitate to contact your Marcum healthcare professional.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.