You can’t turn on the news these days without new legislation affecting everything we know about doing business during the Coronavirus pandemic. Navigating through new legislation can affect almost every facet of your business. During this time of uncertainty, your dedicated team at Orlando based CPA Accounting & Tax Services is equipped with the expertise to guide you through everything you need to know as a business owner. Here are some ways that your CPA can help in this time of uncertainty.
Personalized, Real Time Updates
As new legislation is passed, your CPA can provide a real-time look at what’s changing and how it affects your business. They can keep you abreast of things you need to consider and track, such as Personal Protection Program loan forgiveness items, new deadlines and updates to existing legislation. They also know how to apply the changes to your existing financial strategy to keep everything on track.
Your CPA can provide a unique, holistic perspective as they have a 360 degree view of your business, its finances and financial goals. Many people turn to financial advisors in times like this and while a financial advisor is focused on managing your investment portfolio, the typical business owner is usually more concerned with growing their business to create wealth, rather than their portfolio. Not to mention the avoidance of tax pitfalls when dealing with pandemic amendments to tax codes.
Paycheck Protection Program (PPP) Guidance
Most CPA’s are well versed in the intricacies of the PPP. Under the PPP, a portion of the loan may be forgivable if used for qualifying expenses like payroll, rent, leases or mortgages and utilities. Having a CPA as a small business owner can help ensure that your business is maximizing the forgiveness provisions while remaining compliant. Further, a lack of understanding of the available relief programs can lead some business owners to think that the only option is to immediately cut staff and expenses and worry about recouping later.
The value of having a qualified CPA during uncertain times is indispensable. Contact the professionals at CPA Accounting & Tax Services to help guide you through tax season and beyond. We specialize in Business Accounting Services, Individual Tax Services, International Tax Services and Tax Resolution Services. We have offices in Orlando, Florida and service clients worldwide. Find out how we can serve all of your accounting needs by contacting us today: www.cpaaccounting.biz