5 Must-Have Tax Tools Before July 15

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Have you seen the memes or cartoons on social media that joke about how days and months are non-distinct during quarantine? While sheltering in place, we’ve had a vague notion of time. But for a few months now, we’ve had a new date on our radars: July 15th.

As the new tax deadline approaches, here are questions, ideas and resources for your toolbelt:

1.    Have you heard from all your individual clients?

Maybe you checked in with them earlier in the year, but still haven’t received any information in order to file their extension at July 15. It could be time for a helpful extension reminder letter to give them a nudge.  

2.    Do you find yourself going cross-eyed keeping all the COVID-19 business relief options straight?

There’s a lot to unpack here. The AICPA Tax Section has a handy chart with a bird’s eye view of various relief measures passed of late. Take a look at this comparison chart to make sure you know all the up-to-date information to share with your clients.

3.    Speaking of business relief options, are you up to speed on all things PPP?

The PPP FAQs are updated as new guidance is released and will help you navigate through the forgiveness nuances with your clients.

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Source: AICPA

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