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TH3 CPA: Planning for Uncertainty (for business owners)

There remains a lot of uncertainty around the country as to cashflow and employees. We are monitoring the news relating to updates on this front. We want to help you plan for the unknown.

It is very important to manage your cashflow as carefully as possible during this time. Below are some ideas to consider. Everyone’s situation is a little different and we are happy to discuss these suggestions with you.

Do not take a paycheck - Skip your pay on future payrolls until you resume normal business operations and only take the cash you need (personal draws) to pay your home expenses. This will help save on payroll taxes which can be adjusted when business resumes.

Have a line of credit available - If you do not have a line of credit, call your bank immediately and get it established. It is a cheap safety net. If you have one established, call your banker and ask if it can be increased.

Business expenses - Only purchase what is needed over the next few weeks.

Interest only loan payments - Call your business banker and request to make interest only loan payments for 1-3 months. If you are making payments in excess of the required payment, consider an adjustment down.

Contact credit card companies - Ask if you can skip a payment with no penalties or interest due to your payment history.

Review personal expenses - This is a great exercise for now and the future. Minimize your personal spending over the next few weeks (develop a plan).

Staffing- Many of our clients are helping their staff by paying them for a period of time before they will need to go to unemployment. We don’t know how long business will be interrupted, but we need to plan that it may be longer than what we think.

We would encourage you to have a plan for the length of time you will pay your staff before they will need to go to unemployment. Once you know the plan, it will be helpful to communicate it to your staff, so they have time to complete the paperwork and access their benefits as quickly as possible. This is a challenging time for many families and good communication will help everyone better respond to their personal situation.


The April 15th tax deadline is expected to be pushed back. We are expecting the date to be pushed back to July 15th, but this is undetermined. This would likely move the tax payment and filing date. We will keep you updated. Our desire is to complete the tax returns as quickly as possible, but we are working with unknowns due to COVID-19. If you will owe money when we file your tax return and the payment date is pushed back, we would highly recommend to wait to file.

We will continue to post updates as we have new information available.


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