There is a Lot More To Juggle Than Tax Filings This Year

JAK - Tax Filings This Year

Todd J. Koch

Todd Koch, CPA, MBT, CFP

As a small business owner, I am used to juggling many different projects at the same time. In a normal tax season the number of projects at a time that we have to juggle increases. But after 40 years, it is something I have learned how to manage. But this is not a normal year. There is a continuous stream of balls getting added.

Here are some of the balls added in the first 10 days of March:

Employee Retention Credits (ERC)

  • An 102 page IRS notice affirming, clarifying, and revising previous guidance as well as how to amend prior payroll returns to obtain credits
  • New guidance on ERC will impact how PPP forgiveness applications
  • America Recovery Plan changes expanding the credit

Paycheck Protection Program (PPP)

  • The SBA issued over 100 pages of new materials to affirm, clarify, and revise previous guidance
  • SBA issued six new forms to address the new regime of rules for sole proprietors
  • Contacting sole proprietors that have significant impacts on the new rules so that they can use the rules that are best for them

Supreme Court Protective Claims

  • Following up with clients on protective claims for additional taxes that they may have paid if they had high wages or significant investment income so that it gets filed prior to the expiration of the statute of limitations for refunds for 2017 returns

Following the America Recovery Plan Bill through Congress

  • Pulling aside returns ready to file that may be impacted by the retroactive unemployment tax exemption contained within the bill so clients do not have to file amended returns later
  • Discussions with client on when they should file to get the best economic impact payment

Reviewing Minnesota nonconformity and its impact on additional changes

  • Should clients file now or hold off on filing until conformity is decided

Oh yeah, somewhere in here we are also preparing, filing, and extending business and individual income tax returns. This is a lot of balls to add when you are already juggling a lot of them.

How do we make it work? Teamwork.

At JAK we share responsibilities so one person does not have to juggle all the balls by themselves. In this manner we are less likely to drop a ball. Good people and shared responsibilities lead to a good result. I am thankful for my “co-jugglers” at JAK. Now I better get back to helping juggle balls, I am sure someone needs a break.

 

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