- Are their accountants prepared to finalize interim/annual financial reports that capture the circumstances created by the government mandated shutdowns?
- Are their accountants able to support preparation of financial projections?
- Are their accountants familiar with latest IRS/Treasury pronouncements on employee tax credits, operating loss carryforwards, etc.?
- Are their accountants familiar with potential corporate and payroll tax consequences to the business arising from employees working from homes in other states?
- If the business received a PPP loan, are their accountants up-to-date on the evolving conditions and ramifications of the PPP loan, with particular focus on their client’s internal tracking of expenditures from the loan proceeds, presentation of the PPP loan on the financial statement, qualification for 100% loan forgiveness, and the impact of less than 100% loan forgiveness (i.e., covenant compliance if there is a residual loan on the books due to less than 100% forgiveness)?
- Are their accountants prepared to defend their client if the SBA audits their client’s use of PPP loan proceeds?
- Are their accountants prepared to support their clients financial reporting if questioned by their bank or lender or third party investor?
Please reach out to your accountants and have a conversation.