June 1, 2020
June Financial Update
It’s June, and the start of summer. This is usually a rest time for accountants, time to get caught up on projects and do business development. This year it’s the final push in federal tax season for many individuals and companies. For more dates, see the IRS Tax Calendar:
- IRS Extends deadline for tax payments to July 15 (COVID-19 response, IRS Tax Calendar).
- The Form 990 for Nonprofits also has an extended deadline. (Blue Avocado)
The big news this spring and summer has been COVID-19 and how to survive the financial instability that the pandemic has generated. Many companies and have applied for emergency loans, the Paycheck Protection Plan. In an unusual move, the federal government included nonprofits in the PPP. On an individual level, high unemployment levels have meant high levels of unemployment applications.
The question is always: how will this affect life as we know it? Here are a couple of charts trying to connect the dots.
New York Times: How the Virus Transformed the Way Americans Spend Their Money
The Economist, Even in lockdown, mothers bear the brunt of child care
Useful links from around the web:
This month all the news is pandemic news. The links below contain resources and information about current topics in finance, from the Paycheck Protection Program to worklife online.
This group was formed to provide resources and a place for discussion for freelancers. It's the brainchild of Trupo, an organization started by the former ED of the Freelancers Union.
The National Council of Nonprofits has a page of information and resources for nonprofits dealing with the pandemic.
FMA has developed a comprehensive list of resources and information regarding the Paycheck Protection Program. Each day they also offer free clinics geared toward helping nonprofits manage their participation in the PP Program.
The Chronicle of Philanthropy has a special section on financial sustainability during the pandemic. This is for you if you're interested in tools, tips and information on what other nonprofits are doing during this time.
In this time of home meetings and remote working, TechSoup pulls together a comparison guide for video conferenceing, one of the most crucial aspects of running your office from a distance.
Shopify pulls together a great list of tax deductions for small business owners. Don't miss a deduction and miss the chance to lower your annual income tax bill in a way that invests in your company.
Slack is another go-to from work-from-home longtime pros. Find out tips about home office culture from companies like Automattic (Wordpress), Zapier and Glitch who've been working from home forever.