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? Shoot me back an email through the email button at the top of the page and let me know.
(I should say from the outset that I’m sending this strategy note to all of my Inland Empire business owner clients and contacts — so if we’ve already corresponded, great.)
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 we 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 we 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 Inland Empire 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.
Please send us a note when you can.
Now, some tax news:
This has been the cause of a bunch of confusion, so let me make this very clear:
The IRS did NOT extend the filing deadline for your business tax return.
I repeat, the FILING deadline is not extended. At least not yet. That may yet still change. (I predict it will, but these are unprecedented times.)
The payment deadline is extended, however, 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 us 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 office, and our software and access, etc.
I hope that makes sense.
The main thing I want you to know is — now, more than ever, we’re in your corner.
Garrett & Associates, CPA
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 more clear.
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 ~Profile.MarketArea~ business — and we are dedicated to its success, in every season.
Feel free to forward this article to a business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.