{"id":9558,"date":"2020-07-26T13:19:51","date_gmt":"2020-07-26T18:19:51","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9558"},"modified":"2020-11-16T14:01:41","modified_gmt":"2020-11-16T20:01:41","slug":"covid-tax-implications","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/covid-tax-implications\/","title":{"rendered":"Business Owners May Be Surprised to Learn They Are Behind on Their Taxes This Year"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9558\" class=\"elementor elementor-9558\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-6404dbd elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"6404dbd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b27c777 ae-bg-gallery-type-default\" data-id=\"b27c777\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b8b8b00 elementor-widget elementor-widget-heading\" data-id=\"b8b8b00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">COVID-19 strategies and IRS decisions could mean you owe more money than you think<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-8fd2211 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"8fd2211\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77c8c36 ae-bg-gallery-type-default\" data-id=\"77c8c36\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8eb1760 elementor-widget elementor-widget-text-editor\" data-id=\"8eb1760\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The COVID-19 quarantine restrictions continue to evolve, affecting businesses in ways many of us couldn\u2019t have imagined when the pandemic began in the U.S. back in March.<\/p><p>At the beginning of the year, business was looking promising for the majority of our clients nationwide\u2014with 2020 projected to potentially be their best year yet. Quarantine brought that to a halt, although PPP funds and proactive planning have helped many business owners weather the storm. Though, those funds are starting to be exhausted by businesses, too.<\/p><p>Proactive planning included the decision by many dental practice owners to stop paying themselves from the practice. As a result, they also may have stopped withholding for federal and state taxes. This decision was a necessary option at the time as maintaining cash flow was essential due to the uncertainty the world presented. Some may have also received a deferment of rent and\/or loan payments during this time.<\/p><p>With these strategies in place, some business owners find themselves in a better position than they expected they would be, given stimulus, strategic decision making and penny pinching.<\/p><p><strong>Despite this good fortune, this may mean you are behind on your taxes this year<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-ce34d64 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"ce34d64\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0d5bf4f ae-bg-gallery-type-default\" data-id=\"0d5bf4f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-42d557d elementor-widget elementor-widget-heading\" data-id=\"42d557d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">WHY WOULD I BE BEHIND ON TAXES?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-0dec6b7 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"0dec6b7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a88eb24 ae-bg-gallery-type-default\" data-id=\"a88eb24\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7aa0dda elementor-widget elementor-widget-text-editor\" data-id=\"7aa0dda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>There are several reasons this may be the case in your situation, and we have outlined some of those below.<\/p><p>The most important thing you can do at this point is make sure you are working with your advisor to get an idea of where you stand regarding taxes, and enact an action plan for the second half of the year.<\/p><p>More importantly, it would be wise to not spend any of the cash you have built up on anything that is not completely necessary in the business or at home, until you have a clearly defined plan for the rest of 2020.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-55501e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"55501e5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-448519a ae-bg-gallery-type-default\" data-id=\"448519a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b9fbc41 elementor-widget elementor-widget-text-editor\" data-id=\"b9fbc41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Some of the factors that may be causing you to be behind on your taxes:<\/strong><\/p><ul><li><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-20-32.pdf\" target=\"_blank\" rel=\"noopener\">IRS ruling<\/a><\/span> that payroll expenses (or other allowable expenses) you paid for with PPP stimulus money, will NOT be considered a deductible expense for your taxes this year.<\/li><li><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.hhs.gov\/sites\/default\/files\/provider-relief-fund-general-distribution-faqs.pdf\" target=\"_blank\" rel=\"noopener\">IRS ruling<\/a><\/span> that the HHS stimulus funds will be considered taxable income to the business.<\/li><li>Lower expenses during April and May, which resulted in less tax deductions. These could include dental supplies, office supplies, lab bills, advertising expenses, rent payments, staff salaries of furloughed employees, etc.<\/li><li>Stopping your payroll and tax withholding from the business in the spring, and not starting back up again until recently.<\/li><li>June may have been a high collection month for your business, compared to the previous months or even the previous June in 2019.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-1f4c760 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"1f4c760\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e31f94 ae-bg-gallery-type-default\" data-id=\"6e31f94\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c380de5 elementor-widget elementor-widget-heading\" data-id=\"c380de5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">CASE STUDY: DETERMINING IF YOU ARE BEHIND ON TAXES<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-645d0d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"645d0d6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-be8b558 ae-bg-gallery-type-default\" data-id=\"be8b558\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e444ac7 elementor-widget elementor-widget-text-editor\" data-id=\"e444ac7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To explain this visually, we have included a case study of what a typical dental practice profit &amp; loss statement might look like each quarter of 2020 compared to 2019. Here are the assumptions used in this case study:<\/p><ul><li>Average normal monthly collections of $100,000<ul><li>10% of normal collections in April 2020<\/li><li>50% of normal collections in May 2020<\/li><li>100% of normal collections in June 2020<\/li><\/ul><\/li><li>Average normal monthly payroll costs of $24,000<ul><li>This assumes staff were furloughed April through mid-May before being brought back on payroll<\/li><\/ul><\/li><li>Rent was deferred for two months<\/li><li>Set tax withholding was based on taxes in 2019, however, to conserve cash, no taxes were paid in during the second quarter<\/li><li>Back to normal in the second half of the year<ul><li>Collections restored to $100,000 per month<\/li><li>Staff payroll costs back to $24,000 per month<\/li><li>Full rent payments restored<\/li><li>Doctor payroll and tax withholding started back up<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-1822862 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"1822862\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-946f9e1 ae-bg-gallery-type-default\" data-id=\"946f9e1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-de0ec96 elementor-widget elementor-widget-image\" data-id=\"de0ec96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/07\/tax-spiral-01.jpg\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"tax spiral\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6OTU3MSwidXJsIjoiaHR0cHM6XC9cL3d3dy5jYWlud2F0dGVycy5jb21cL2RpZ2l0YWxibG9nc1wvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzJcLzIwMjBcLzA3XC90YXgtc3BpcmFsLTAxLmpwZyJ9\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"282\" src=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/07\/tax-spiral-01.jpg\" class=\"attachment-large size-large wp-image-9571\" alt=\"\" srcset=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/07\/tax-spiral-01.jpg 800w, https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/07\/tax-spiral-01-300x132.jpg 300w, https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/07\/tax-spiral-01-768x339.jpg 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-f0990b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"f0990b3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-35e866d ae-bg-gallery-type-default\" data-id=\"35e866d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a47028c elementor-widget elementor-widget-text-editor\" data-id=\"a47028c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In this example, through the factors described earlier, the collections for 2020 are lower than 2019 by $140,000, but the taxable profit is up by $9,000. This has resulted in an increase in taxes of $2,700 in 2020 compared to 2019.<\/p><p>The result would be <strong><u>$40,500<\/u><\/strong> in taxes owed at year end without the proper tax planning.<\/p><p>Without this knowledge, you risk using this built up cash elsewhere, resulting in being forced to use earnings in 2021 to pay taxes from 2020. This can create a never ending \u201cchase your tail\u201d situation known as the tax spiral.<\/p><p>We illustrate the concept of tax spiral in Doctor 1&#8217;s journey in the 2 Doctors in Debt example. <a href=\"https:\/\/www.cainwatters.com\/two-doctors-in-debt\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">View that here.\u00a0<\/span><\/a><\/p><p>In your upcoming calls or annual consult, your CWA advisor will discuss this with you in depth; however, please reach out to your advisor with any questions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-155b783 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"155b783\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a06451e blue-box ae-bg-gallery-type-default\" data-id=\"a06451e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bc07ba1 elementor-widget elementor-widget-text-editor\" data-id=\"bc07ba1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Our advisors can help you navigate your financial liabilities through good times and bad.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3b3ec2 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"f3b3ec2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.cainwatters.com\/contact\/#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT OUR TEAM<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>COVID-19 strategies and IRS decisions could mean you owe more money than you think The COVID-19 quarantine restrictions continue to evolve, affecting businesses in ways many of us couldn\u2019t have imagined when the pandemic began in the U.S. back in March. At the beginning of the year, business was looking promising for the majority of [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[41,18,21],"tags":[],"ppma_author":[48],"class_list":["post-9558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-financial-planning","category-tax-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business Owners Learn They May Be Behind on Taxes This Year<\/title>\n<meta name=\"description\" content=\"With advised strategies in place, business owners may find themselves in a better position than they expected during COVID-19. Despite this good fortune, we weigh in on what this could mean for taxes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/covid-tax-implications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Owners Learn They May Be Behind on Taxes This Year\" \/>\n<meta property=\"og:description\" content=\"With advised strategies in place, business owners may find themselves in a better position than they expected during COVID-19. 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