How COVID 19 Affects Small Businesses?
The effects of COVID 19 are felt negatively, and the many other consequences of this health crisis are expected to be experienced by different sectors, including businesses.
Read the full article here: “How COVID 19 Affects Small Businesses?”
How COVID 19 Affects Small Businesses?
- The overall health of small business was drastically impacted by COVID 19 pandemic
- Current valuations also experienced the impacts, and future growth of the business has become uncertain considering these trying times
- Small businesses have been impacted disproportionately
COVID 19’s Effect on Business Operations and Accounting
The full effects of COVID 19 are unknown, but the impacts are already global. Every business, big or small, is affected in many ways. As this outbreak continues worldwide, U.S. businesses from big up to the smaller ones will struggle to survive. These businesses are somehow finding ways to respond to the challenge.
The effects of COVID 19 are evolving rapidly, taking a tragic toll on people’s lives and resulting in negative impacts on financial reporting and accounting.
Helpful accounting pivots that can help businesses, especially smaller ones, to emerge better and stronger from this health crisis:
- Getting Accounting into Cloud
- Automating Work Processes
- Outsourcing Your Accounting
COVID 19’s Effect on U.S. Taxes
COVID-19 continues its wide-ranging effects not just on businesses but also on taxes. In the U.S., as part of the government’s response to the coronavirus, deadlines of tax payments were extended for businesses and individuals owing particular amounts. This is an advantage since taxpayers are also affected. Tax reliefs have also been offered, but other taxes such as excise tax, payroll tax, and more may not be covered by said tax reliefs.
Get Your Tax and Accounting Questions Answered by Our CPA Firm in El Paso, TX
If you’re looking for a reputable CPA firm in El Paso, TX consider calling us at Marcus, Fairall, Bristol + Co., PLLC! We also offer business accounting services, do not hesitate to call us at (915) 775–1040
Marcus, Fairall, Bristol + Co., PLLC
Full-Service CPA Firm
230 Thunderbird Dr Ste G
El Paso, TX 79912
Phone: (915) 775–1040
Email: info@marcfair.com
https://g.page/marcfair
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