Tax Law Offices of David W. Klasing Offering Full-Service COVID-19 Business Survival Consulting

Tax Law Offices of David W. Klasing Offering Full-Service COVID-19 Business Survival Consulting

Weathering the Storm of Coronavirus Together

COVID-19, better known as the Novel Coronavirus has turned the world upside-down. Shelter-in-place orders issued by state and local governments have required most businesses to close their storefronts or physical office locations. Some businesses have the technology infrastructure and the business model that allow for teleworking, while others have had to make the difficult decision to furlough or lay off employees. During this trying time, the only certainty is uncertainty.

The good news is that there are resources available for businesses that have been negatively impacted by the COVID-19 pandemic. Across the federal, state, and local governments, as well as the private sector, benefits and solutions have emerged that are aimed at allowing businesses to continue operations until the economy is able to rebound. The key is to identify, have a deep understanding of, and have the capability to implement the opportunities and resources presented to business owners.

The Tax Law Offices of David W. Klasing are offering full-service Coronavirus business survival consulting. Our fully-operational staff, including tax, business and estate planning attorneys , Certified Public Accountants, and Enrolled Agents, are working efficiently from home and can provide businesses the much-needed relief that they need during this trying time.

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Operating Your Business During the COVID-19 Pandemic

With stay-at-home orders in effect around the country, business owners are coping with the challenge of keeping their businesses running when employees cannot be physically together. Some companies have transitioned from in-office work to telework in a relatively smooth manner. For others, the shift has been rocky or non-existent. Although many business owners have likely heard of some of the technologies that are available to make telecommuting a reality, very few have implemented them. Our team has extensive experience in telecommuting solutions and can help your business identify its options, choose an effective platform, and implement the system in a manner that keeps your business objectives top-of-mind.

Employees are not the only groups that have gone digital. Clients and customers who may have otherwise visited a storefront or office location to complete a transaction are now seeking solutions from home. Positioning your company to not just be present, but to thrive in an online environment is just as much an art as it is a science. With years of experience in promoting our business and serving our clients in an online and remote environment, our professionals can help ensure that you are implementing an effective digital strategy to effectively reach your customers.

For many companies who are experiencing increased demand for products, such as logistics companies, the hiring process must continue. When onboarding an employee, the federal government typically requires the collection of documents to verify the employee’s identity and eligibility to work in the United States. In a remote environment, verifications and other onboarding processes can be near impossible. Our team can provide practical advice on the process of remotely onboarding employees, including taking advantage of the relaxed I-9 Employment Eligibility Verification requirements, recently announced by the Department of Homeland Security and U.S. Immigration and Customs Enforcement.

Federal, State, and Local Assistance to Businesses

Our professionals know that getting the help being offered by governmental agencies to those affected businesses is a critical aspect of keeping our economy afloat. Governments at all levels have worked to develop and implement assistance programs to help business owners. Our professionals have an in-depth knowledge of all federal and California assistance that is available during these troubling economic times.

Likewise, our staff is constantly monitoring the progress of federal and state legislative activity that can result in support to businesses. Currently, one of the largest economic stimulus packages is making its way through the U.S. Congress. Our professionals are analyzing the proposed provisions and once agreed-upon and signed into law, will help our clients take full advantage of any and all beneficial provisions while planning around any compliance pitfalls presented by the legislation.

For small businesses, the Small Business Administration is offering qualifying impacted businesses low-interest federal disaster loans in designated areas. Our staff will work with businesses to determine whether they qualify for the program and walk them through the steps to apply for and make use of the loan funds during this turbulent time.

Managing the Tax Function During COVID-19

Our tax professionals are keenly aware of the strain that tax compliance places on a company without the presence of a global pandemic. Adding the interruption to revenue streams and the shuttering of most in-office activities makes tax compliance even more difficult. We will provide our clients extensive tax guidance, taking into account the official extension for filing of federal and California taxes.

For those taxpayers who have not yet heard, the official due date for federal and state taxes is postponed to July 15, 2020. For individuals, this means that your 2019 personal tax returns do not need to be completed by April 15th. Likewise, businesses are not required to file their 2020 1st and 2nd quarter estimate payments, 2020 LLC taxes and fees, or 2020 non-wage withholding payments until July 15th. This allowance of additional time enables business owners to focus on their business operations. Our team of tax law professionals will help you optimize your tax compliance function with the new July 15th filing deadline in mind.

Planning for the Worst

Some companies will inevitably need to have serious conversations about the future of their business. Should all other methods of planning and business optimization fail, our legal team will help navigate the complicated realm of bankruptcy. Oftentimes, a company may turn to bankruptcy to reorganize their debt. Others use it as a mechanism to exit the business completely. A conversation about your particular circumstances with one of our attorneys can help inform any decision about winding-up or debt reorganization. But rest assured, we will do everything in our power to provide our clients with options to avoid closing their doors.

In Closing

In these troubling economic times, businesses with a strong team will inevitably weather the storm. Our team of business and legal professionals can supplement your established leadership and provide thoughtful and effective guidance. 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.