During the Spring, CPAs are typically busy readying their clients for tax season, estimating tax liabilities for quarterly filings, and filing tax returns for their individual and corporate clients. With the onset of the coronavirus pandemic (COVID-19), the deadline for filing federal and state tax returns was extended to July 15. So as CPAs, are we still busy? The answer is most definitely “YES”! That being said, we always have time to answer your questions, give you advice, and help you make the decisions that are most beneficial to you, your family, and your business.
KEEPING YOU INFORMED
When the Setting Every Community Up For Retirement Enhancement (Secure Act) became law on December 20, our office began working with small business owners to set up “safe harbor” retirement plans that are less expensive and easier to administer. In addition to helping businesses prepare for paying quarterly estimated taxes and sales taxes, we began to receive individual income tax returns.
In early March, the coronavirus pandemic took the front stage. Businesses and individuals were faced with a myriad of new challenges, as all non-essential businesses begin to close. After meeting with a group of CPAs to discuss, absorb, and streamline all the information regarding stimulus packages, Estess CPAs hit the ground running. On March 18, we sent out our first email newsletter. We were able to promptly and efficiently provide pertinent information to our clients that help from the government was on its way. In addition to being able to immediately announce the extended deadline to your Federal and State of Louisiana Income Tax returns to July 15, we sent two more emails within the next ten days. Each was in reference to the details of the Small Business Association (SBA) loans and the Paycheck Protection Program (PPP).
On Apri 1, we sent out the new labor poster and some more advice regarding the PPP, and on April 10, and April 16, we sent out additional updates regarding the SBA loan and PPP. I also shared an article on loan forgiveness by Tony Nitti, “Ten Things We Need to Know About Paycheck Protection Program Loan Forgiveness”.
Many small business owners were disappointed when the funds ran out for the first round of the PPP, so on April 21, we sent out our fourth email, to let everyone know that another round of assitance was on its way.
As we continue to navigate around the obstacles COVID-19 provides daily, our offices remain open. Presently, our CPAs and staff are on a split shift schedule so that we can safetly adhere to social distancing guidelines. We are available to meet with you by telephone, by virtual conference and, or, in-person, on a limited basis.
WHAT WE’VE LEARNED
This pandemic has been especially trying for small business owners and at Estess CPAs we have been by your side to help you figure out stimulus checks, apply for various SBA loans, the PPP, and for unemployment. We have tried our best to answer your questions, assist you with document preparation, and to plan for your future. Like you, we are also a small business affected by these unprecedented times. We will continue to operate under best practices and the CDC guidelines to keep our employees safe, while remaining available to you, whenever you need our support.
Thank you for sharing your lives with us and letting us help you rebuild. It has truly been our honor to serve you.
John M. Estess
Owner Estess CPA
President, Professional Association of Small Business Accountants
For more information about small business relief, contact Estess CPA, with offices in Belle Chasse, La, and Luling, La.
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