The rapidly changing nature of the Coronavirus (COVID-19) prevention efforts have left many businesses impacted in ways that were impossible to predict. Mandated business closures and stay at home orders have left many in a challenging position. Now more than ever, business owners need to understand their financial position and options for the short and long term. Although Washington D.C. has enacted new laws and regulatory relief, Maryland, Virginia, and Washington D.C. businesses may require various levels of support. To assist you we have provided a list of services offered to help address common COVID-19 business challenges.
Solutions to guide your business through survival to recovery.
2020 Tax Planning
The lightning-fast changes coming from Washington, Richmond, and Annapolis has resulted in confusion about filing deadlines, but also tax-saving opportunities. Many are surprised to learn there are opportunities through Net Operating Loss and other changes which can result in previously unavailable deductions and credits. The PBMares tax team will conduct a comprehensive analysis of your current and past filings against recent changes to determine where opportunities exist. Once identified, we will make the necessary changes and submit filings with relevant tax authorities.
Cash Flow Planning
Access to working capital has suddenly dried up for businesses in a variety of industries. This unexpected change has left many deeply concerned about funding to maintain operations for the immediate and long term. Our team can work with you to develop a comprehensive plan that outlines funding options such as analysis of vendor/supplier agreements, bank financing options, and recently enacted government programs such as the paycheck protection program.
Business Continuity Planning
Developing a comprehensive plan for managing through the emergency is essential to disarming panic and stress. Our professionals will work with you through the peaks and valleys to develop a path forward. Key components of the plan include initial analysis, recovery strategies, plan development, and testing exercises.
The abrupt shift for certain companies from a traditional office to a remote workforce environment can create additional and significant risks. Our cybersecurity team can help to identify weaknesses, new risks, and implement a remediation plan to keep valuable digital assets secure.
Many business and financial issues don’t fit neatly under the umbrella of traditional accounting, audit and compliance services. That’s no problem when you partner with PBMares. A strong network of affiliated consultants means you’ll have access to leading specialists for any issue, any time.
Need Assistance with a COVID-19 Issue?
As the focus shifts from survival to recovery, many businesses are seeking assistance with various aspects of their business. If you have questions or need assistance with a COVID-19 concern, click here to contact us. We look forward to speaking with you soon.
Visit our COVID-19 Resource Center for insights, articles and webcasts from our trusted team of tax and business professionals.