Today is everyone's favorite day of the year......Tax Day! Happy Tax Day!
Kidding aside, this is our busiest time of year as we are hustling to get our Client's taxes finalized. We wanted to take a moment to update you on loans, grants and tax changes, and additional resources to help you make strategic Financial and Operational decisions.
- The Big Pic Results Team
C-Corporations tax returns are due today, April 15th. Filing an extension will postpone your deadline to October 15th.
S-Corporations tax returns were due on March 15th. Filing an extension would postpone your deadline to September 15th.
Individual returns and those that file Form 1040 (including Sole Proprietors) have had the federal deadline pushed to May 17th. This change is automatic and no extension needs to be filed. The new deadline applies to Federal returns and 35 State returns including California and New York. You can locate your state agency here to confirm when your state tax returns are due.
More on this IRS update can be found here.
If you're struggling to keep track of your SBA loans the SBA Capital Access Financial System provides the status of your outstanding loans and/or loan applications, balances, and due dates. All you need to create an account is your EIN and key business information used in your loan applications. Check the status and download your loan documents for your PPP, EIDL, 7a and other SBA loans.
If you missed out on this virtual event with the Chamber of Commerce you can still get all the great info on Managing Your Finances provided by clicking on the image above. Tune in for tips on Financial Management - What does that look like? Accounting, Bookkeeping and Financial Reporting - Best Practices, How to Access Capital and much more.
HelloAlice is a business building resource to "connect business owners to the opportunities they need to save time, make money and grow successful businesses". If you're looking to start or grow your business HelloAlice can provide recommendations for resources relevant to your business. BPR was recently introduced to a grant program relevant to our business model recommended by HelloAlice.
Technology is constantly changing and hard to keep up with. Here are a few of our favorite systems to help increase productivity and keep us organized! We will be holding a webinar on April 28th for our Client community to present these tools and how they work. Keep an eye out for that invitation coming later this week. The presentation and guides will be available on our website after the event.
We use LastPass as an encrypted Password Manager keeping all of our Client's sensitive information secure.
ShareFile is our file management system where we store our Clients reporting and supporting back up.
Slacks helps us communicate across our team with quick updates via channels and direct messages.
IRS changes Meals to be 100% deductible until January 1, 2023 (up from 50% to address damage to Restaurants in revenue losses)
EIDL Loan Increases - Increased loan amounts announced. For more information and instructions on how to request an EIDL loan increase read here.
Monthly webinars start this month! We will be holding monthly webinars on various topics for our Client community. Presentation and resource guides will be available after the fact on our website under the Resources tab.