RENO, Nev. — Admittedly, I feel like I am living in a dual universe, akin to a Rod Serling narrative that goes something like: “Imagine, you have been ordered to not venture out of your house. All essential government functions have ceased. In fact, society, as you know it has ceased.
“Even if you are part of the brave ones who venture out to the grocery store, there is no eye contact or casual greetings in the aisle as you race to secure the last roll of toilet paper. Pillowcases have been converted to makeshift facial masks, and tickets are issued if you venture out in public without one.
“Everyone knows that there is no medically proven reason to adorn one, but you will be publicly and privately shamed if you fail to comply. This ... is the “Twilight Zone!”
From a business perspective, many business owners reading this article have already applied for the Paycheck Protection Plan (PPP) or Economic Injury Disaster Loan (EIDL).
Many have been “declined” from the loan simply because they didn't have a loan with a bank. In fact, those with SBA loans can rest secure, knowing that their lender contacted them, informing them they have a 6-month payment holiday.
Many business owners, in a moment of weakness, might be tempted to think that having more government-secured debt, etc., would make their lives a bit easier in this “Twilight Zone” moment.
As such, I thought I would share a few time-tested truths…
In the end, it's a good time for CPAs. Hold them close. Tell them how much you appreciate them, etc.. The SBA form for the PPP changed 4 times in 48 hours. Being plugged in will help you navigate.
Tax returns that were due 4/15/20 are now due 7/15/20. Business owners want to maximize their return on investment for this 3 months.
Please note that this discussion is general in nature, and not intended to be tax advice. Please consult with a CPA to get answers to your specific fact pattern. Follow me on Facebook to receive updates on current developments.
Michael Bosma, CPA, is Principal-in-Charge of the Reno office of CliftonLarsonAllen LLP. His NNBW column, “Covering Your Assets,” focuses on effective planning strategies for every business owner. Reach him for comment at mike.bosma@claconnect.com.
-->RENO, Nev. — Admittedly, I feel like I am living in a dual universe, akin to a Rod Serling narrative that goes something like: “Imagine, you have been ordered to not venture out of your house. All essential government functions have ceased. In fact, society, as you know it has ceased.
“Even if you are part of the brave ones who venture out to the grocery store, there is no eye contact or casual greetings in the aisle as you race to secure the last roll of toilet paper. Pillowcases have been converted to makeshift facial masks, and tickets are issued if you venture out in public without one.
“Everyone knows that there is no medically proven reason to adorn one, but you will be publicly and privately shamed if you fail to comply. This ... is the “Twilight Zone!”
From a business perspective, many business owners reading this article have already applied for the Paycheck Protection Plan (PPP) or Economic Injury Disaster Loan (EIDL).
Many have been “declined” from the loan simply because they didn't have a loan with a bank. In fact, those with SBA loans can rest secure, knowing that their lender contacted them, informing them they have a 6-month payment holiday.
Many business owners, in a moment of weakness, might be tempted to think that having more government-secured debt, etc., would make their lives a bit easier in this “Twilight Zone” moment.
As such, I thought I would share a few time-tested truths…
In the end, it's a good time for CPAs. Hold them close. Tell them how much you appreciate them, etc.. The SBA form for the PPP changed 4 times in 48 hours. Being plugged in will help you navigate.
Tax returns that were due 4/15/20 are now due 7/15/20. Business owners want to maximize their return on investment for this 3 months.
Please note that this discussion is general in nature, and not intended to be tax advice. Please consult with a CPA to get answers to your specific fact pattern. Follow me on Facebook to receive updates on current developments.
Michael Bosma, CPA, is Principal-in-Charge of the Reno office of CliftonLarsonAllen LLP. His NNBW column, “Covering Your Assets,” focuses on effective planning strategies for every business owner. Reach him for comment at mike.bosma@claconnect.com.
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