Power Talk Friday: Peter Lang, CPA: Taxes and the Coronavirus Relief Package Explained
Welcome to A Well-Designed Business, it’s Power Talk Friday! Peter Lang joins LuAnn on today’s show to discuss accounting that is specific to design firms. Peter is a CPA that works exclusively with interior designers, and he will be covering the nuances of the industry. He is also a co-author of LuAnn’s latest book, A Well-Designed Business: The Power Talk Friday Experts.
If you’re a business owner and concerned about how this current COVID-19 pandemic will impact your taxes, you will not want to miss this episode!
Peter Lang is a Certified Public Accountant licensed in Rhode Island and Massachusetts. He is the founder of The Designer CPA, a CPA firm that works exclusively with business owners in the design industry. He has worked in public accounting since graduating from Providence College in 2002. After working for several larger size firms in Boston and Rhode Island, Peter realized his true passion was to start a firm that specifically focused on designers.
Peter currently resides in Rhode Island with his wife Carmen and their identical twin boys, William and Matthew. He enjoys running and golfing outside of work.
- The IRS expects you to file your 2019 income tax return by April 15th, or apply for an extension.
- If you have a Federal or state tax payment that is due, they expect that by the April 15th deadline.
- Technically you are responsible for Q1 2020 estimated payments by April 15th, as well.
- HOWEVER, due to the pandemic, the IRS has reset all of the April 15th deadlines to July 15th for the 2019 filing year.
- This gives everyone an additional 90 days to get all of your information to them.
- The IRS has NOT changed the Q2 2020 estimated payments deadline of June 15th, so this WILL still be due.
- Peter addresses which deadline might be better to consider, and why; HSA’s, and sales tax.
- Peter and LuAnn discuss the stimulus package, how much we might expect to receive, and when it will be sent.
- What you need to know if you’re receiving unemployment compensation and receive a stimulus payment.
- Your business may be eligible for relief in the form of a relaxed-rules small business loan. Listen for details!
- Payroll tax credits, deferments, and managing your cash flow.
- Things you can do now to be ready in the event another disaster strikes:
- Get your books in order.
- Make sure you understand your numbers.
- Set aside cash for quarterly tax payments.
- Don’t mingle sales tax collected from customers with your operating cash.
- Build a reserve of three months fixed operating expenses in a savings account.
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