The coronavirus crisis has changed everything about life in New York City. Hundreds of thousands of people across the state have become ill, and tens of thousands have died. Beyond these immediate impacts, the ongoing crisis has also left employers, workers, and landlords alike reeling from the economic implications. Read on to find out about how an NYC accountant can help clients handle the financial repercussions of the pandemic shutdowns.
Planning for Reopening
While some non-essential businesses, including those in the construction, manufacturing, and wholesale supply chain industries, may be able to open up in other areas of New York State soon under Governor Cuomo’s phased reopening plan, it remains unclear when NYC will begin reopening its economy. That doesn’t mean business owners can’t start planning now, though. Business owners in the Big Apple can browse this site for information about financial planning or get in touch with an accountant who can help.
Cash Flow Forecasting
With businesses looking at a slow season even if the restrictions are lifted soon and NYC renters facing hard times, it can be difficult for landlords and business owners to know where they stand. Cash flow forecasting is one of the most helpful accounting tools available during these trying times since it helps businesses and individuals better understand what monetary assets they already have and can expect to accumulate. This makes it easier to manage money and decide what cuts may need to be made to continue generating revenue or just getting by.
Help with Understanding the SBA PPP
Small businesses and their employees were expected to suffer the most under the coronavirus shutdowns, which is why the federal government authorized the Small Business Administration Paycheck Protection Program. The program was designed to help small business owners continue paying their employees after having to shut their doors due to the pandemic, but according to realtimecampaign.com, it can be difficult to navigate. Business owners who want to better understand their obligations so they can take advantage of the program’s built-in loan forgiveness program would do well to consult an accountant before spending the money.
As most business owners and independent contractors know, the IRS has pushed the 2020 tax filing deadline back to July 15. This applies not just to personal tax returns, but also businesses’ and independent contractors’ estimated tax payments for the 2020 tax year. If individuals, trusts, and corporations don’t get their taxes filed by then, though, they will begin to accrue interest and penalties. Hiring an accountant to help with tax filing will make the entire process easier and allow clients to discuss any financial concerns they may have with an expert like Dave Burton.
Just like other businesses and individuals across New York City, local accountants have had to make adjustments to accommodate what is now the new normal. Many now offer online services and have educated themselves about coronavirus relief packages and other relevant information to better serve their clients. Call an accountant or get in touch online to discuss services.