Helping clients stay in business throughout the pandemic
In 2020, a number of our clients came to us for assistance with the Paycheck Protection Program (PPP), seeking both help in preparing documentation to secure loans as well as ensuring they met the provisions for forgiveness. Often the trickiest part of the process is getting the various bits of requested payroll data right, which we were able to do so that our clients could secure round-one funding as well as PPP2 loans. We also provided consulting advice on how to maximize the benefits of these loans in order to not only survive but to also thrive.
Ensuring thieves don’t impersonate our taxpayers
We had a few clients come to us for help with identity theft issues. Thieves had stolen their personal information and falsely filed unemployment claims. We quickly secured IRS identity protection PINs so the thieves weren’t able to file false tax returns using our clients’ Social Security numbers. We also helped notify the appropriate authorities and freeze or lock credit, and we continue to coordinate with the IRS to watch for misuse of our clients’ personal data.
Catching up on tax filings in order to qualify for stimulus checks
Five individuals who were behind on filing their taxes approached us for help getting caught up. We worked with each, dealt with the IRS, and made sure their back returns were appropriately and timely filed so they could get their stimulus checks.
Sorting through red tape so our self-employed clients could get unemployment relief
Several of our self-employed clients sought our assistance in obtaining unemployment benefits when their contracts or gig work disappeared. Although Congress had extended unemployment programs to the self-employed, the state Department of Labor was overwhelmed and our clients were having trouble obtaining their benefits. We helped our clients establish their 1099 income for the regular unemployment insurance portion of the benefit as well as receive the extra pandemic assistance.
Addressing COVID-19 and economic concerns while starting a new business
We love helping our clients figure out the financial and regulatory aspects of starting a new business, but the pandemic brought about new challenges. We were able to adjust business plans to account for the current economic environment as well as health and safety concerns. We also helped clients determine the appropriate business entity, timely register with the secretary of state in spite of COVID-19 delays, and set up proper bookkeeping systems.
Restructuring to a pandemic-friendly business model
One of our clients had the idea to transition his company to a new model that would better address needs during the pandemic and actually result in more profits. We helped him seize the moment and set up the new structure as well as alter his existing operations.