For employees that participate in a pre-tax transit benefit with their employers, they may want to consider suspending their benefit for the months of April and/or May. If it’s too late to suspend the benefit for April, the employer’s HR department may be able to provide guidance on obtaining a refund, if that is possible under the employer’s plan. Employers may want to remind their employees of the ability to suspend benefits temporarily.
If you have questions about transit benefits, please reach out to your Withum advisor or contact us here.
The health and well-being of yourself, your family, your teams at work and their families are of utmost importance. We sincerely hope you are in good health as you read this.
Regarding your business, it is during times of disruption, such as this, when you may be realizing you were not quite as prepared as you thought. Taking some time in the coming weeks to discuss ‘Scenario Planning’ and business continuity with your trusted advisor would be a worthwhile investment of time. We see three pressing areas of focus:
At Withum, we’ve invested heavily over the years in technologies that allow our team members to work remotely. Jim Bourke, Withum’s Managing Director of Advisory Services and HLB International’s Global Advisory and Technology Leader, is widely recognized by our profession for being at the forefront of technology in the workplace. Jim shares about the applications that can help get you and your teams set up rather quickly:
Realistically, this pandemic and the resulting decline in business performance, stock markets and consumer confidence could lead us into a global recession. However, keep an optimistic, long-term perspective and prepare for when you can restore optimal operations.
In the event we do have a recession, revisit how your business was impacted during the last recession in late 2008, and plan your recovery timeline accordingly. If you have a newer company, all of the above points apply. Either way, consider future investments in marketing to grab market share ahead of your competitors.
At the time of this writing, news channels are reporting that COVID-19 spread is seemingly peaking in countries where it was first identified– before impacting the U.S. We may have a couple of months to go before we are through this. In the meantime, take the time to prepare accordingly, in case of prolonged impact, and observe regular health and safety precautions to protect your people.
For the past 45 years, Withum has been committed to helping our Clients, our People and our Communities to Be in a Position of Strengthsm. Together, we can get through these challenging times. If you need guidance on business disruption, please reach out to any member of your Withum engagement team.