(The short Facebook Live presentation of this topic is published at https://fb.watch/2Y8-AzhgVE/ ).
Here’s where we are in the small business world today based on brand new developments in the past month. It does not inspire confidence for a smooth start to 2021:
1) SBA’s special priority small business PPP application acceptance processing period begins today and continued until tomorrow for disadvantaged regions like ours. Lender’s don’t know anything about it and are not taking applications yet so I presume that all of us will miss the priority federal window offered.
2) U.S. Treasury department announced that cybercurrency ownership will be a required disclosure in an annual foreign bank account report (FBAR). We know noting else.
3) No information is available on how the Corporate Transparency Act will be applied to all businesses, especially those many that are formed in the state of Delaware.
4) Although this isn’t necessarily news this past month, the filing deadline for a brand new tax report is coming up quickly on January 31. The penalties for late filing are substantial. Anyone who pays non-employee workers as contractors needs to be aware.
Small business accountants who were already an endangered species need to adjust to the unprecedented workload. I’ like to hear how the new fast pace is affecting your business and if there is a way I can help, I’d like to discuss it.