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Covid-19 Tax Resources

06/16/2021

Covid-19 is a widespread pandemic that has created economic hardship for many people throughout the U.S. as well as globally. Many employees have been laid off or furloughed from their jobs as businesses temporarily shut down, and there have been school closures as well as interruptions in the operation of many business offices and accounting firms. As a result, people are finding it difficult to file their taxes on time and to pay what is owed. However, many local accountants as well as the IRS itself are offering a number of resources to help you get through the tax season.

Filing Your Taxes Virtually

While filing taxes virtually may seem like an intimidating prospect for those who have not worked with computers, those who have access to a computer, scanner, or fax machine can gather all their financial documents and file them virtually either with an accountant or directly with the IRS. If your annual income is $69,000 or less, you can take advantage of IRS Free File, which is free tax filing software available from the IRS. For those who simply need to file a personal tax return with no business income, there is also MyFreeTaxes, which has no income limit. Some states also offer various free software for filing taxes, and many local accountants have drop-off curb service as well.

Covid-19 Tax Breaks

Because of the challenges created by the Covid-19 pandemic, the U.S. government has created a number of tax breaks. For example, the 2019 federal tax filing deadline has been extended to July 15th, and you can also file for a six-month extension. Also, those who were making installment payments to the IRS for the period between April 1 and July 15, 2019 have had payments suspended. Other tax laws that cover issues like the seizure of property have also been loosened temporarily. In addition, many people are eligible for an economic impact payment as stipulated in the Coronavirus Aid Relief and Economic Security, or CARES, Act that was passed by Congress.

Call to Schedule a Free Consultation With an Oregon Certified Public Accountant Today

If you are having difficulty filing or paying your taxes as a result of the widespread Covid-19 pandemic, call to schedule a free consultation with an Oregon certified public accountant today. The compassionate professionals at the digital accounting firm Perpetual CPA will evaluate your unique financial situation and help you find ways to deal with both federal and state tax requirements. Visit our web site at perpetualcpa.com or give us a call at (503) 217-4114 and speak with our friendly staff to set up your consultation. We can help you get through these very challenging times.

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    • a. A Virtual CFO can be a much-needed sounding board, coach, and guide. Outsourced Virtual CFO is generally not just one person, but an experienced team of professionals providing a full-stack Accounting and Finance Department at a fraction of the cost that it would otherwise cost a business to hire even just one full-time CFO internally. The right virtual CFO service team, such as the one at Perpetual CPA, can deliver timely, detailed, comprehensive financial reporting, interpret the financial data, prioritize recommendations, give expert guidance on how to execute those recommendations, and ultimately give a better path to business success.
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      b. A Virtual Accounting Department can integrate with a company’s own accounting department to create a blended solution or provide a full-stack accounting department, including Accounting Staff, Manager, Controller, and Virtual CFO. By using a Virtual Accounting Department Small business owners don’t have to worry about hiring, training, figuring out compensation, and payroll compliance for the internal accounting team. Also as the business grows and new and more complex accounting and tax issues come up, the outsourced Virtual Accounting Department can provide all the needed expertise to facilitate continued business success.
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    • a. Certified Public Accountants (CPAs) do a lot more than just crunch numbers and prepare taxes. They provide valuable expertise and strategies to help businesses and individuals achieve their business and financial goals. A CPA firm can help small businesses with management financial reporting, tax compliance, strategic business advice, and much more. Firms like Perpetual CPA, that specialize in helping small and medium-sized businesses achieve growth, can also provide Virtual CFO services, that help the business owners have the foresight into the short-term future cashflows and be able to more successfully navigate their business performance.
  • What are the best strategies for small business growth?
    • a. A business growth strategy is, simply, a plan of how a business gets from where it is today to where it wants to be in the future.

      b. Some of the questions to consider when coming up with a growth strategy are:
      i. Where will the business get new customers from?
      ii. How will the business expand into new markets?
      iii. What new products could the business offer?

      c. In reality, what happens with many small businesses, is that they generally achieve a specific level of business activity or sales and then the business growth trend flattens. In those cases, working with a firm like Perpetual CPA, which provides Virtual CFO services, can help small businesses avoid stagnation. Virtual CFO services, aside from providing timely accounting and tax reporting, can also provide valuable insight into the current performance of the business, as well as, foresight into the future cash flows for the business. Perpetual CPA Virtual CFO team helps small businesses interpret their financial information and come up with business strategies to help improve business performance and achieve growth.
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      b. For many small and medium-sized businesses, the easiest way to develop and implement a business risk management plan is to work with a reputable CPA firm, such as Perpetual CPA. Large corporations invest a lot of resources and time into managing risk, which is a material factor that allows those large corporations to continue to generate billions of dollars in revenue every year. Small businesses, however, almost never manage any business risks, which is the major reason that over half of all the small businesses do not survive for more than 5 years. Generally, small business owners are not experienced corporate business professionals and lack the needed business knowledge, yet they often have to wear many hats while trying to get their businesses off the ground. In those situations, a CPA firm such as Perpetual CPA, can help small businesses better manage tax compliance risks, cash flow, internal controls, business administration, financial reporting, and much more.
  • What is Strategic Advisory and Virtual CFO? / How do Strategic Advisory and Virtual CFO services work?
    • a. When small businesses start spinning wheels, it is a good time to consider hiring a reputable CPA firm, such as Perpetual CPA, which can provide both Strategic Advice and Virtual CFO services.

      b. As a strategic advisor, the CPA firm will work with business management to improve the effectiveness and profitability of the business. They will look holistically at the business and find ways to operate the business more efficiently, increase customers through additional or improved marketing or improve customer touchpoints and service.

      c. As a Virtual CFO, the CPA firm is like a part-time version of a traditional CFO or Chief Financial Officer plus a full Accounting support team. They perform the tasks that in a larger organization would be performed by the CFO, Controller, and Accounting Staff such as preparing and overseeing the budget process, identifying and analyzing current and future trends, and developing strategies for the business growth.
  • How can timely financial visibility and management reporting help with better business decisions and growth?
    • a. A simple way to a successful business is to prioritize the timely financial visibility and management reporting as it means:
      i. Timely financial information and analysis are essential for making informed decisions, evaluating your company’s results, improving financial performance, and ensuring you are on the path to meet your strategic goals.
      ii. Management reporting is a source of business intelligence that helps business leaders make more accurate, data-driven decisions. But, these reports are most useful if they are available timely and the management receives proper interpretation of the business financial information.

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