Protecting Assets, Business Structures, and Proper Use of Tax Credits Can Help Small Businesses Stay Afloat During Covid-19 Crisis, According to Clint Coons
LAS VEGAS--(BUSINESS WIRE)--Apr 2, 2020--
As the unprecedented coronavirus pandemic continues to create financial uncertainty and as the U.S. government passes the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), it’s important to for small business owners to understand the tax and financial implications and how to protect their assets.
“Fifty percent of small businesses don’t believe that they can continue operating for longer than 3-months as a consequence of Covid-19, and to add further financial stress, the FFCRA asserts that employers with under 500 employees must provide paid sick leave to all employees affected by Coronavirus,” says Clint Coons, ESQ, and founder of Anderson Business Advisors. “Although employers can draw funds from what they would normally pay as part of their employees’ federal, Medicare, and social security taxes and expect reimbursement through tax credits, business owners are not prepared for this kind of blow, and how it affects their assets and tax planning for the upcoming year.”
Small businesses affected by the FFCRA should consider:
“By implementing new strategies, business owners can help overcome Covid-19 related obstacles. Protect your business and personal assets, review business structures, use the tax credit, and keep yourself afloat. There are millions of small businesses out there that will remain closed; be smart, make necessary adjustments, and be there for your employees at this time.”
About Anderson Business Advisors:
Anderson Business Advisors is a Seattle- and Las Vegas-based business planning and consulting firm with a focus on providing high-quality services and resources to real estate investors, stock traders, solopreneurs and business owners. Anderson Advisors takes a unique approach to asset protection. Unlike traditional groups, they avoid hourly fees and instead work on a fee-based structure in which the costs of creating and implementing a plan are inclusive. In other words, they want their clients to take an active role in the implementation of their plan.
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CONTACT: Lauren Powers
KEYWORD: NEVADA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES WHITE HOUSE/FEDERAL GOVERNMENT PUBLIC POLICY/GOVERNMENT SMALL BUSINESS CONSULTING ACCOUNTING
SOURCE: Anderson Business Advisors
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PUB: 04/02/2020 11:00 AM/DISC: 04/02/2020 11:01 AM