Best Business Practices Amid Shutdown

As Covid-19 causes an increasing number of local, state, and national closures, small business owners still need to continue running their business. We are going to give some thoughtful suggestions to seamlessly run your business without sacrificing your health as well as the health of your business team, clients, and your bottom line.

As a Certified Public Accounting firm, we are sensitive to business deadlines, delivering a high level of customer service, and helping to protect the staff against disease. For health-related questions, we invite you to visit cdc.gov for details.

IRS News

According to THE HILL, Lawmakers are calling on the IRS to push back the income tax filing deadline by 90 days to June 15 for individuals and businesses. We are hoping this will take place given the current health pandemic. We will keep you updated as to any IRS or state tax filing announcements extending the original due dates as the news becomes available.

Review your quarterly estimates to determine if you should still continue to follow 110% or 100% safe harbor estimate tax provisions, or if you should base your estimates on 90% of your 2020 current tax liability. If you determine that your business revenues or individual tax liability will be lower in the second quarter of 2020, it may make sense from a cash flow perspective to calculate your revised tax estimate based on 90% of your 2020 tax liability.

The IRS stated that HSA-eligible High Deductible Health Plans (HDHP) can cover COVID-19 testing and treatments before the deductibles are met. Additionally, continued contributions to HSAs are permitted.

In the new age of work, evolving business philosophies of telecommuting, flex schedules, and digital meetings will be tested.

Employee Schedules

Depending on your business you may be considering the scheduling options for optimum coverage and customer satisfaction.

Flextime- You may want to choreograph your team’s work schedule into three groups. Group A is scheduled for 7a-3pm. Group B is Scheduled at 9 am-5 pm. Group C is scheduled from 11 am-7 pm.

Compressed Workweek- Perhaps Establishing a 3/12 or 4/10 workweek would work best for coverage and meeting customer deadlines.

The 9/80 Work schedule- This may be an even better option where the employee schedule is eight nine-hour days, one eight-hour day, and one day off over a two- workweek period.

Telecommuting

Working from home is highly popular with many industries. What used to be considered a perk is now a necessity due to the Covid-19 outbreak to reduce downtime especially for any size business from SMB’s to a multinational corporation. The widespread school closings have also made child care a challenge to many working families. Telecommuting has helped to lighten the burden.

Meetings and Travel

Encouraging video conferencing is a sure-fire way to reduce the spread of potential disease, increase production, and will also enhance personal interaction.

With the innumerable video conferencing options available (many are free or low cost) such as Google Duo, FaceTime, Zoom, and Skype it is easier than ever to stay in touch with employees and clients.

We are here to assist our clients in overcoming these business continuum challenges. Please contact us with any challenges you may have.

Written by Wilke & Associates Editorial Staff