Coronavirus (COVID-19) – Accounting and Tax Outlook

*Continuously Updated As More Information Becomes Available*

Video Below Updated 4/2/20

NOTE: UPDATE TO PPP PROGRAM AFTER RECORDING

-Interest Rate: 0.5% – Updated as of 3/31/20
-Term: 2 Years – Updated as of 3/31/20

NOTES FROM 3/18/20 PODCAST:

These next few weeks (or months?) for business owners and individuals alike will be tough. However, as business owners this poses an opportunity for leadership.

I touch on this specific topic in this weeks Small Business Tax Savings Podcast episode which I have provided before.  Here is a brief summary:

1. Be A Leader

To your employees, clients, and community.

 

2. Embrace the Situation

Think of ways you can modify your business to maintain during this tough time. Do not just stick your head in the sand and give up. INNOVATE! 

 

3. Do Planning

Plan for the various situations (good, bad, ugly) and determine what your business will do if you hit those certain benchmarks. 

As we are navigating these unexpected waters together, let us know how we can help. We are that partner on your team to get through this together!

NOTES FROM 3/25/20 PODCAST:

1. Do Planning

Put together a plan on how your business will react at certain thresholds. Do a Good (3 weeks), Bad (2 months), Ugly (3-4+ months) plan so you know ahead of time what actions your business needs to take depending on how long this lasts.

 

2. Expense Cutting

Go down your income statement and see what items you can cut or downgrade. If you have any software fees is there any you can move down a package (Premium to Standard) temporarily. Start implementing these cuts today to maintain cash.

 

3. Slow Down Cash Outflow

Do you have any bills or rent payments that you can negotiate for short period of time? Reach out to loan providers and see if you can move to interest only payments temporarily. If they say no today, try again in a couple days.

 

4. Funding

Look into an SBA loan if you need cash now. Look into zero interest credit cards to see if those may be an option for you.

Things To Consider When Hiring A Milwaukee Accountant

Things To Consider When Hiring A Milwaukee Accountant

If you’ve been taking care of your own books, you know just how time-consuming that process can be. As a small business owner in Wisconsin, you can save yourself a lot of time by hiring a Milwaukee accountant. Of course, you’ll need to make sure that you hire the right one. Hiring an accountant requires a lot of trust, so before you commit to an accountant, keep the following considerations in mind.

State and County Laws

When you hire a Milwaukee accountant, make sure that he or she has a firm understanding of state and county tax laws. Most accountants will understand the ins and outs of federal tax law, especially if they’ve been in business for more than a few years. However, tax laws differ between states, and even some counties within the United States have their own tax law. As a small business owner, you have to make sure that you stay on top of tax laws. The right Milwaukee accountant will help you stay within the law so that you can focus on your business instead.

Customization Options

When hiring an accountant, you’ll need a fair amount of flexibility. Every small business is different, and each one needs different options. If you hire the right accountant or bookkeeping service, your accountant won’t pressure you with any upsell tactics. You can customize your service to get exactly what you need and nothing more. Whether you need tax preparation, accounting, payroll services, or any combination of accounting services, you’ll have those options. The best accounting services can even provide you with customizable plans within each of those services so that they serve your business in the best way possible.

Simplicity and Availability

Hiring a Milwaukee accountant should provide you with peace of mind. You get to focus on your creative vision and the day to day aspects of running your business. In other words, you get to handle all of the things that you already love about running a business. Your accountant will do what accountants do best, taking care of all of the difficult numbers and legalities. While your accountant simplifies your bookkeeping and taxes, he or she should also be available for when you have questions or want to discuss options.

Your Milwaukee Accountant

If you’re looking for a Milwaukee accountant, Jetro and Associates is here to help with all of your payroll, tax, and bookkeeping needs. We offer all of the above qualities and so much more. With a flat monthly rate, we’ll never add unwelcome surprises to your business life. Are you ready to simplify your business? Contact Jetro today.