Over the past year, we’ve been busy helping our clients continually react to changes brought on by the pandemic, be it by assisting them in securing a Paycheck Protection Program (PPP) loan or guiding them in restructuring a business. In all these cases, accounting and tax preparation have been the fundamentals from which we were able to build and help our clients achieve their goals.
Here are some success stories from current clients that illustrate ways we can help you too:
- PPP (and PPP2) loans – a number of our clients were able to take advantage of this program and as a result, keep operating during the COVID-19 pandemic. Our assistance ranged from helping with the application to general business consulting that set the client up to both take advantage of forgiveness provisions and maximize the benefits of the loan. We also helped clients prepare payroll returns and gather pertinent payroll data. At the end of the process, we assisted clients with their PPP forgiveness by ensuring forms were correct and specifications were met. We also kept clients abreast of developments and helped clients ascertain whether they qualified for PPP2.
- Identity theft issues – identity theft soared in 2020 and, sadly, we had clients who were victims. Criminals stole personal information to falsely file unemployment claims. We worked with the IRS to obtain identity protection PINs for our clients, thus preventing thieves from filing false tax returns using our clients’ Social Security numbers. We also assisted some clients in notifying the appropriate authorities and securing all accounts, as well as freezing or locking their credit. As we prepare their tax returns, we will continue to coordinate with the IRS and watch for misuse of personal information.
- Tax return catch-up – five individuals who were behind on filing tax returns came to us for help. We worked with each to get caught up, dealt with the IRS, and ultimately made sure their returns were appropriately filed so each could get a stimulus check.
- Unemployment benefits for the self-employed – when Congress passed programs extending unemployment to independent contractors, gig workers, and other self-employed individuals, we were able to step in and help our clients claim these benefits. The state Department of Labor was overwhelmed with applications. 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.
- Start a new business – while we regularly consult with clients to start businesses, doing so in a pandemic was more challenging. We worked on business plans that took into account the current economic environment as well as health and safety concerns. We helped our clients determine the appropriate business entity, timely register with the secretary of state, and set up proper bookkeeping systems.
- Restructure a business – one of our clients found that he could be more profitable if he transitioned his business to a more pandemic-friendly model. We worked with him to transition his company and establish a new setup.
We are here to help, whether you’re in Fayetteville or one of the surrounding areas. As you can see from the stories above, tax preparation and sound accounting play a key role in meeting business and financial goals, especially during a pandemic. Contact us at 770-293-7500 or on our website.