Lis Lee Accounting LLC

Treasury Secretary Steven Mnuchin announced the following this morning:

This is an update to earlier this week when only the payment deadline was moved. Now the filing deadline itself is moved to July 15th!

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

The White House announced the following during yesterday’s press briefing:

“We encourage those Americans who can file their taxes to continue to file their taxes on April 15, because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds. We want you to make sure you get them. Many people do this electronically, which is easy for them and easy for the IRS.

If you owe a payment to the IRS, you can defer up to a million dollars as an individual. And the reason why we’re doing a million dollars is that covers lots of pass-throughs and small businesses, and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes. You’ll automatically not get charged interest in penalties.

Now, of course, any American has the right to extend their taxes. We’re not taking that right.”

Special Considerations

This does not appear to be an extension for filing, but for paying any tax/penalty due. If you need an actual extension, you can still file that by April 15.

Look for updates to the official IRS website soon.

Check your state tax authority for your state’s position. The American Institute of CPAs (AICPA) has provided a state tax development update list here, but check your local state website or speak with your tax accountant as well.

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

NOTE/ Applications, tools, and services listed/linked in this post are NOT sponsored.

Keeping a list of resources going here from items I’ve mentioned on Instagram so you can easily grab whatever you need in one go.

Updated 8/3/2020.

Apply for Unemployment for Self-Employed/Independent Contractors

Check with you unique state for their process.  You can find your state unemployment website here.  This list is directly linked on the Department of Labor (DOL) website (CareerOneStop is sponsored by the U.S. Department of Labor, Employment and Training Administration).

Fintech companies currently accepting PPP applications…

PayPal stopped accepting applications at the end of June, but this page has helpful info on applying for forgiveness.

Kabbage still accepting applications. The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 

Fundera

Nav

Intuit currently open to existing payroll customers with a coming soon status for non-payroll users.

Square applications closed. Their bank partner is no longer participating in PPP, so they have stated they are no longer accepting applications. They state they are working on an easy loan forgiveness application – the page still has some helpful FAQs.

Consider reaching out to your local community or small business bank to obtain round 2 PPP funding…

https://www.sba.gov/paycheckprotection/find

SBA Coronavirus Relief Options

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Sara Blakely and Spanx are gifting $5M to female-owned businesses!!!

https://www.globalgiving.org/redbackpackfund/ The application portal will open at 12 p.m. ET on Aug. 3 and close at 12 p.m. ET on Aug. 10.

Facebook Small Business Grants Program

https://www.facebook.com/business/boost/grants

Intuit QuickBooks® is teaming up with GoFundMe to create a Small Business Relief Initiative to help small businesses raise money to overcome the challenges caused by COVID-19

https://quickbooks.intuit.com/blog/news/supporting-small-businesses-with-the-small-business-relief-initiative-to-put-more-money-in-the-pockets-of-those-who-need-it-most/

Gusto (one of my favorite payroll and benefits processing platforms) has created a valuable and extensive list of current resources for small businesses that they are updating regularly. It includes details and links to all mentioned resources (including state and local).

https://gusto.com/covid-19/small-business-financial-relief?utm_source=resourcesheet

The intro/summary of what’s in the spreadsheet can be viewed here.

Help those in need PLUS get help on editing your content during COVID-19.

https://www.eringreenawald.com/editforme

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

We’re officially one week out from the close of Q3 and the start of Q4!  What are you doing to prepare?  Personally, I’m listening to PwC’s “The quarter close – Q3 2019” to make sure I’m up to date on the latest in accounting and financial reporting.  You can find the print and audio versions here.

NOTE/ Applications and tools listed/linked in this post are NOT sponsored. They are tools I’ve used and love.

Can you believe we’re almost completely through 2019?! Today I’m sitting down with a cup of coffee for some year-end planning and assessing.

I’ve come a long way from my pre-planning days.  At one time, I was the person who would neglect to RSVP for an event or would forget I had somewhere to be.  That was before I started using a calendar to plan.  My first calendar that I was really serious about using was just one of those plastic pocket calendars you can find in the dollar bins at craft stores.  It looked kind of like this except I think mine had some sort of flowers on it.  Around this same time, I began using Google calendar in conjunction with my paper planner.  Then a year or two later, a friend made me aware of the power of sharing your Google calendar and the habit was formed which I still use today – paper planning combined with an electronic calendar. 

This small step of using a basic planning system made SUCH a difference in my life.  For one, I was no longer double-booking myself; but the biggest benefit by far is how proper planning allowed me to be more strategic with the most valuable asset we have – time.  With strategic planning, you can do more and do more of what’s actually important to you. 

With that in mind, let’s talk about my best tips and tricks for planning:

1) Do what works for you

As mentioned above, there are multiple mediums and methods you can use:  paper, electronic, combination, lists, weekly/monthly, daily/monthly, etc..  Try out a few and see what really suits you. 

Personally, I use an academic planner (July-June) vs an annual planner (January-December). It’s almost like you get those fresh, new year’s vibes all over again when you get to start a brand-new planner mid-year. My go-to is an electronic planner for strict appointments/tasks and a paper planner for day-to-day workflow planning and to-do’s.  Some people like to use their planner as a sort of daily list while others prefer to time-block and create a detailed schedule.  You can also use your planner to make sure you stay on top of recurring deadlines or due dates.

Next, think about what scale you’d prefer to plan on.  Every year, I do an overall plan for each month/quarter.  This allows adequate space and time to be dedicated to what you want to achieve and experience that year.  Each month, I create a monthly layout/check-in, and then each week I perform more detailed planning with a weekly plan and daily plan.  This sounds like a lot, but it really doesn’t take much effort and allows you to be much more intentional with your time.  This type of consistent review of your plans also allows you to check in with your goals on a regular basis.

2) Record it right away

As soon as you make a commitment or realize an obligation, put it on the calendar.  This prevents double-booking and allows you to stay current on your schedule load.  If you wait, you may completely forget to add the event or you may end up accidentally double-booking yourself.  If you’re up to date on your calendar, you can also prevent overloading your schedule as you’ll be able to visualize your daily/weekly/monthly commitments at a glance.  Another key place I use this principle is in meetings.  Keep notes in meetings and record important tasks and follow-up items/dates immediately. 

3) Confirm plans before-hand

If you have something on the calendar for the next week or next day, it’s a great practice to do a confirmation with the other party that your plans are still on.  A quick text or email beforehand can save you from showing up to a meeting and being the only one there!

4) Set-up recurring items

As much as possible, make weekly/monthly meetings or commitments a recurring appointment on your calendar.  This removes the constant scheduling hassle and creates a dedicated space in your schedule for items that need to happen.  Use this for weekly or monthly meetings with friends or clients or commitments that repeat for a set period of time. 

5) Use add-on apps for maximized scheduling. 

There are many add-on applications available to make scheduling easier for all involved.  Calendly is one of my favorites for the dreaded task of selecting meeting times.  This is a great app to use when you are scheduling one-off or non-recurring meetings.  The app syncs to your main calendar and then acts as a scheduling tool where the attendee can select a time from your availability that works best for them.  This eliminates the back and forth scheduling messages and frees up that time and energy for more important tasks.

A few other tools I use are the Tasks function in my Gmail account (usually there is a task function in most email providers like Outlook and Apple Mail).  You can even take this a step further and use a browser add-on like Momentum synced to your Google Tasks for enhanced productivity…but now we’re getting into productivity which is sort of another topic altogether…

6) Sync all of your calendars to your phone and/or computer

With electronic calendars, you can keep separate, coded calendars for different areas (work, personal, volunteering) and sync those in your calendar app of choice (I use Google calendar).  This allows you to get a complete picture of your commitments when you’re reviewing your calendar.  You can even share calendars with a spouse or co-worker and have those synced to make sure you are aware of their schedule when planning. 

7) Always check your calendar before you commit

If you’re putting in the effort to keep your calendar updated, make sure you respect the tool and check your calendar before you commit.  This simple action gives you the space to seriously consider whether you should or shouldn’t before you make a decision.  You can say, “let me check my calendar first and get back to you”.  This can be just the trick you need to say no to more things so you can say yes to what truly matters to you. 

You can get pretty deep into planning, but make sure to keep it effective and don’t overdo it.  Let me know if any of these tips resonate with you and what your favorite tips for planning are in the comments below.  Happy Planning!!!