Bringing Balance to People’s Lives In Difficult Times

I have often wondered, how my business of accounting services would be able to help people through different times, particularly through chaotic times in society. Would accounting continue to help in unusual times, or is it more of a fair weather occupation?

Well, I have found an answer during the current COVID-19 pandemic. The public service of accounting has proven to be a necessary service and there are so many ways that we have been able to help clients.

Chamberlain Financial Services has assisted in obtaining SBA Payroll Protection Program (PPP) loans, and Economic Injury Disaster Loans (EIDL). We have assisted business clients with new marketing ideas to promote their businesses and continued doing tax returns with unusually extended deadlines. This is the first time in my 32 years of business of preparing tax returns, the deadline for individual tax returns has been extended from April to July.

As a matter of fact, banks have directed their clients to CPAs for assistance with these loan applications, due to the required information with which we have ready access.

In addition, the government has recognized CPAs as essential businesses and used the tax return as a way to get money in the hands of the taxpayer as quickly as possible. Currently, we are watching to see what the government will do with the loan forgiveness rules. A majority, if not all, of the PPP loans may be forgivable and a portion of the EIDL loans may be considered a grant.

CPAs will also be heavily involved in the application process asking for forgiveness of these loans as well as helping taxpayers take advantage of all the tax credits and new laws designed to help those effected by the coronavirus pandemic.

So in these very unusual and unprecedented times, the public accounting service is alive and well and providing a very necessary and needed service. In all of this, I have answered my question, how the business of accounting would help in  difficult times. It has always been my motto, to help bring balance to people’s lives. That is exactly what we are doing.