COVID-19 Update from Presti & Naegele

March 18, 2020

Dear Clients, Colleagues and Friends,

We’ve been doing our part to slow the spread of COVID-19
over the past weeks by enabling our employees to work remotely. However, based
on new guidelines issued by President Trump and the Centers for Disease Control
and Prevention (CDC), Presti & Naegele (P&N) put a mandatory work from
home policy into effect for all employees for the next 14 days. We will
re-evaluate the timing of this mandate, as advised by our local and federal
government, and the CDC.

Although our team is working remotely, we are fully
available and accessible via email and phone. Our top priority is to continue
to provide the service and support you depend on from our team of
professionals. If you have sent time sensitive information to our office via
UPS, FedEx, USPS, etc., last week through today, someone is onsite to receive
your package.

If you need to transmit documents, the best way is by
utilizing your client portal. If this is not an option, please contact your
P&N professional before sending hard copies of documents. We are receiving
USPS mail.

Regarding the tax deadline, Secretary Mnuchin encouraged
Americans to continue to file tax returns by April 15^th, so those
that get tax refunds receive them on a timely basis. If you owe a payment to
the IRS, he has put a provision in motion to extend the deadline for payment,
interest and penalty free, for 90 days, while still requiring the filing of the
return or extension by April 15, 2020. Additionally, each state (NY, NJ, etc.)
may have their own extension provision. P&N will keep our clients posted on
these developments as this situation is fluid.

We also wanted to make you aware that the U.S. Small Business Administration (SBA) is offering disaster loans to small businesses
suffering substantial economic injury as a result of COVID-19. You may visit https://disasterloan.sba.gov/ela/
for more details. If you need more information or assistance, please contact
your bank relationship manager. If you do not have a contact at your bank,
please contact your P&N professional for a referral.

While these times are unprecedented and circumstances are
changing, we also know this is temporary. Please, stay safe, and do not
hesitate to contact us at any time with any questions or concerns.

Wayne P. Naegele, CPA