• Bsquared

    Customized Solutions for Your Accounting & Business Needs

    Offices in St. Louis, MO & Panama City Beach, FL

    MO (636)-333-3339 & FL (850)-775-1675


  • The year 2020 will go down in history as one of the strangest and most uncertain years many of us have ever survived. It’s time to close the books on this year’s tax and accounting tasks and start fresh as we enter 2021. Here are a few things to check off your list so you can shake the dust of 2020 off your books and set your sights on a new year that’s full of promise and possibilities for your business.

    Wrap up 2019 tax filing

    If you filed an extension on your 2019 federal taxes, the September 15 business filing deadline and the October 15 personal filing deadline is fast approaching. Allow yourself plenty of time to make sure you’re not pushing that task to 11:59 p.m. and adding more stress than 2020 has already delivered.

    Follow up on Paycheck Protection Program applications

    The window for applying for PPP funds under the CARES Act closed on August 8, but new guidance from the Small Business Administration allows for existing application revisions. Check with your lender to determine if your application is eligible for revisions.

    Consider 2020 payroll tax deferral consequences

    The U.S. Department of the Treasury issued guidance August 28 on the President’s August 8 payroll tax holiday memorandum. The program requires employers to opt-in, which would help employees take home more pay through December 31, 2020. But, the catch is that employees (and businesses) would be on the hook for those back taxes between January 1 and April 30 of next year.

    Brace for November election impact

    President Trump has stated that he will offer payroll tax holiday forgiveness, creating a permanent tax cut for Social Security and Medicare, if re-elected in November. That could help ease the burden on any employers and their staff who participate in the payroll tax holiday through the end of this year, but political promises in such a volatile election year are a gamble. Consider all the possible impacts of the election outcome before making any business decision on a promise that depends on the winner.

    Develop a strategy for 2020 accounting

    As much as we’d all like a break, extended relief and tax filing deadlines will continue to dominate our time into the fourth quarter of the year. Now, more than ever, it’s important to have the support you need to maintain tax and accounting records and keep the books clean going into the new year. In addition, you’ll also need to ensure compliance with any coronavirus relief programs your business has utilized this year as you prepare to file 2020 taxes.

    Bsquared can help you check all of the important tax and accounting boxes going into 2021. With offices in St. Louis, MO, and Panama City, FL, the Bsquared team is ready to help you stay current on the latest changes, protect your business and employees, and leave you more time to focus on staying positive and looking forward to the fresh start that we all hope 2021 will bring. Contact us today to learn more!

    Need help or have questions? 

    Email info@askbsquared or Call us:

     In Missouri (636) 333-3339

    In Florida (850) 775-1675

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