DAVID S. BABOIAN, CPA, PC
  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email
COVID-19 assistance (Coronavirus)

Small business immediate relief:

The following advice applies if business sales have significantly decreased:

1) DO NOT pay your 1st quarter federal, PA or Local estimated tax payments on April 15th.
  • The federal due date is pushed back to 07/15/2020, you can re-evaluate then whether you should pay. 
  • Preserve cash flow.  Once you pay in quarterlies, you can't get the money back until early 2021.
  • Many businesses will have a very slow year, and will be able to easily skip the 1st quarter payments.
  •  New COVID-19 tax breaks will decrease your overall 2020 federal tax.
  • Late penalties will be zero or insignificant for PA and Local.  
2) If you are an S corporation, consider skipping April payroll for yourself to save payroll taxes.
  • This advice may change later due to payroll tax saving opportunities.
3) Ask lenders and landlords to allow you to skip 1 payment.  Call your lender and ask if you can skip a payment due to COVID-19.  Explain that your business has significantly decreased.  Ask if all penalties will be waived under the circumstances.  Interest will still accrue on loans and leases.
  • loan payments
  • equipment leases
  • rent to landlords
 
​
click here... Life Sustaining Business list...  you can stay open & employees can travel to your workplace even with PA Governor's stay at home order !
​




Web links:
1) My favorite PA resource article – Fox 43
https://www.fox43.com/article/news/health/coronavirus/has-the-coronavirus-outbreak-impacted-your-job-or-your-business-heres-a-list-of-resources/521-d425ac27-3fdd-48fb-a9a1-645e65434c8e
 
 
2) PA Department of Labor – employees and business help
https://www.uc.pa.gov/COVID-19/Pages/default.aspx
 
  
3) PA Department of Labor – additional business help
If you are a business that has had to close either temporarily, consider layoffs, or is financially at-risk for permanent closure the Rapid Response Assistance Program is available to assist you with a variety of services and resources to help you and your employees. You can reach the Rapid Response team via email at RA-LI-BWPO-Rapid@pa.gov.
Additional resources for businesses are available through the PA Department of Community and Economic Development.

Powered by Create your own unique website with customizable templates.
  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email