Move Ahead With Guidance

I want to check in with you, because these are obviously unprecedented times for ALL of us.

How are things going for your business right now?

The coronavirus impact on business across this country is very serious. As I see it, there are three groups of businesses emerging in the current climate:

1) Those who are struggling, and greatly

If that's you, there are MANY options emerging to help you, from massive SBA grant availability to other, private grants (Facebook is offering grants, for example, even to non-advertisers), to additional financing options.

Do NOT blindly move ahead with these options without guidance. More are coming out every day.

Let's get you financed properly, and in a tax-smart way so that you don't end up doing something you regret down the line.

This is really, after all, something your tax professionals are VERY good at figuring out. Let us be that resource for you.

2) Those who are being crushed with activity because your business happened to be one that offered solutions in this season

If that's the case for your business, WONDERFUL.

But you also might need some reinforcement, whether it's through extra bookkeeping assistance, or financial projections -- but especially tax planning for what to do with this new revenue, however long it lasts.

And again ... this is also what your tax professionals are very good at doing.

(We might even be able to connect you with trusted clients who ARE having problems and YOU might be the solution that they need to keep their business and income going?)

3) Those businesses in which things are proceeding relatively calmly

Yes, working from home is hard, but you're managing, and your business isn't dependent on in-person contact.

In which case, that's also very good. We'll need your strength in the days ahead.

Whichever population you find yourself to be in, we're here for you.

BREAKING NEWS

Salt Lake City had a 5.7 earthquake this week…just to add to the chaos. Angela, our Administrator, rode the quake for the full 8-seconds and won a Blue Ribbon. Congratulations Angela, Hi Ho Cow Girl!!! Errr “Quake Woman!!”

Now, some tax news:

This has been the cause of a bunch of confusion, so let me make this very clear:

The IRS DID extend the filing deadline for your business tax return.

I repeat, the FILING deadline has been extended.

The filing and payment deadline is extended to July 15th (as I predicted earlier this week). Here's the pertinent info, from the source.

This affects your estimated payments and your tax due payments that would normally occur on 4/15/20.

In some ways, this is quibbling over semantics, because if you don't file, you'll still be able to claim relief after the fact to get penalties and interest waived. But do you really want to go through that hassle?

This is a big reason why (if you haven't already), you should still let your tax professionals help you, and as soon as possible. We can file an extension on your behalf with a (veritable) snap of our fingers -- rather than you filling out the paperwork, etc. to do that yourself -- because of advantages we have as a professional tax offices, and our software and access, etc.

I hope that makes sense.

The main thing I want you to know is -- now, more than ever, a tax professional is in your corner.

BE THE ROAR not the echo®

Warmly,

Janet Behm

PS -- Allow me also to reiterate what I previously wrote about for you:

1) I'd suggest letting every one of your customers know that you are thinking about this and care about them.

2) I suggest you hold off on anything new until things become clearer.

3) There is no benefit to marinating in others' panic.

4) The coronavirus impact on business is severe. If your business is getting massively impacted, let's talk.

We will get through this. Together.

I'm grateful for our chance to serve you and your business through these blogs -- and we are dedicated to its success, in every season.