The Issue of Taxes: Where Do We Go From Here?
By: Jason Schneider, Osborne Rincon CPAs
As we look at the impact on the economy, it’s imperative that we begin planning now for how we’ll pull ourselves and our businesses out of the economic hole that has been created by the COVID-19 health crisis.
The federal government developed several economic stimulus packages. Ask your CPA or banker for help navigating the process for an Economic Disaster Relief loan or a Paycheck Protection Program loan if you haven’t already.
It’s important to prepare your business to be ready to operate fully once we are able to move about and conduct commerce again. Preparing a cash flow projection for your business for the next 3 months, 6 months and 12 months will help you determine your cash flow needs for capital use or borrowing.
Take this time to get a firm grasp on how you will meet the needs of your current and future customers in the digital space. Are you able to scale your business up or down based on factors that are out of your control?
Many times, small business owners spend too much time working “in” their business as opposed to working “on” their business – and there is a lesson to be gained from this slow-down. Now is a good time to set up your business digitally in order to take advantage of the current and future market conditions.
Jason A. Schneider, CPA, is a partner with Osborne Rincon CPAs. He has been in public and private accounting for over 17 years and works with clients to help them achieve their business and personal financial goals. Osborne Rincon is one of the oldest and most respected full-service accounting firms in the Coachella Valley. To learn more, call (760) 777-7805 or go to www.OsborneRincon.com
Last modified: April 13, 2020