COVID-19: America could be open for business by May 2020, will your business be ready?
Treasury Secretary Mnuchin on Thursday said that he believed it was possible that the USA could be back in business in May. This comes on the back of fears that the economy could shed millions of jobs as the COVID-19 pandemic wreaks havoc across the world.
True or not, this sentiment sends a message that the Trump administration is working flat out to make sure the economy is opened up as soon as possible.
Having said that, there are a few things that a small business should take note of, especially given the ongoing crisis and the likely impact, which we have been speaking about.
- When the economy reopens, it will be back to business, are you staying ready to start where you left off before the lockdown commenced?
- When the economy reopens, you will still need to keep your books in order, are you planning on hiring a bookkeeper if you do not have one already?
- More importantly, next month will be another step towards the extended July 15 tax return filing deadline, this means you will have to prepare your books and also make sure to keep your business going. This looks like a lot, and thus requires proper preparations.
The above pointers are just but a few you must think about. You will still be obliged to produce and make sales in your small business, and you will still be obliged to file your tax return and do bookkeeping. Schedule a quick tax chat with us so we can help you with one or more of the things you can do to make it all work out fine.