Our primary hope for our readers during this trying time is that they stay safe and healthy. Social distancing guidelines from the federal, state, and local levels have disrupted not only business, but the way that we interact on a personal level. The pandemic has also tremendously affected the economy. Lastly, and the topic of today’s blog, COVID-19 has made all of us step back and take a holistic look at our business strategies and our preparedness for events like these.
Business Planning
COVID-19 has forced business owners to take a long and hard look at their operations. After the dust of social distancing guidelines and stay-at-home orders has settled, the next big question for business owners will be how the company can virus-proof itself for the inevitability that we face another pandemic or natural disaster.
Business owners’ plans for the future ought to be two-fold. First, what actions can be taken to ensure the continuity of their business operations should shelter-in-place orders become a continued reality or an option for future pandemic response. This type of planning requires researching and implementing solutions to allow a business to fully function remotely. Such solutions can include teleworking and virtual meeting infrastructure and other technology that connect employees with customers.
Second, with massive stimulus packages making their way through Congress, coupled with additional actions taken by federal, state, and local governments to allow businesses to be flexible in this turbulent time, it is critical to identify opportunities to utilize these resources to strengthen your business.
COVID-19 Survival Planning
Our professionals are here to help you and your business during and after the COVID-19 pandemic. We will work with you to develop a strategy to position your business to make a comeback. Provisions in various government stimulus packages are written in legalese and will likely require business owners to decipher technical provisions related to qualifications and other requirements. Our team of legal professionals can assist in this area and more. We will not only translate provisions of government assistance packages but advise on how to best utilize them to best suit your company.
Estate Planning
In these uncertain times and in the middle of a pandemic, many Americans have come to the realization that they may not have their estate plan in order. When faced with a worst-case scenario, we would all like to hope that administrative matters such as succession planning are well-taken care of. If you do have an estate plan already in place, this may also be a good time to optimize your planning in light of recent events and temporary changes to laws and regulations.
Estate Planning Opportunities
Our team of legal and tax professionals can offer a wide array of advice relating to creating or optimizing your estate planning strategy. The Department of the Treasury has released an abundance of guidance on tax and other financial matters in the wake of COVID-19 and it is important that individuals understand how they affect their estate planning and administration efforts.
From a compliance perspective, most Americans have heard that IRS Notice 2020-18 delays the due date of many types of tax returns from April 15th to July 15th. But it is important to note that such notice does not delay all tax returns. For instance, estate tax returns were not a part of the Notice. Working with our professionals will ensure that you will be kept in the loop on important compliance deadlines.
For those who have established estate plans or are looking to make transfers in or out of a trust or other investment vehicle, the likely temporary economic downturn may provide an opportunity to value assets lower than they would have been valued pre-COVID-19. Updated valuations could reduce realized gain or increase realized loss. These types of strategic opportunities should be explored with your tax advisor.
We Are Here for You
Regardless of your particular business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you. We are open for business and our team will help ensure that your business is too. Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
In addition to our main office in Irvine, the Tax Law Offices of David W. Klasing has unstaffed (conference room only) satellite offices in Los Angeles, San Bernardino, Santa Barbara, Panorama City, Oxnard, San Diego, Bakersfield, San Jose, San Francisco, Oakland, Carlsbad and Sacramento. During the COVID-19 pandemic, our staff are working from home, but have full virtual meeting capability.
Our office technology allows clients to meet virtually via GoToMeeting. With end-to-end encryption, strong passwords and top-rated reliability, no one is messing with your meeting. To schedule a reduced rate initial consultation via GoToMeeting follow this link. Call our office and request a GoToMeeting if you are an existing client.
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