AT Think

COVID-19 has created the largest health and economic crisis in decades.

The current pandemic offers opportunities for firms that are ready to change.

It is important to look at cost segregation and what it can do for a taxpayer.

Keeping in touch with clients is very important, especially during this period of isolation. Here is a way to provide updates to clients regarding their tax returns and to keep in touch generally.

Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses.

For years now, my CPA firm has had the ability to work remotely. Never, though, did I consider a scenario where everyone would be working from home for weeks on end.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

As I write this, things are going from bad to worse with the COVID-19 crisis. With the high level of anxiety that comes with a stressful situation, and the equally high level of uncertainty, it’s easy to get distracted. But the fact is that most of us are now working from home, and while this is unfamiliar to many, that isn’t necessarily a bad thing, even though the circumstances that necessitate it are frightening.

During these unprecedented times, here are some tips for navigating your team through one of the most tumultuous tax seasons it has ever seen.

The time for decisive action is now. Companies that operate well through this downturn may be able to leapfrog competitors.