Preparing Your Family-Owned Business to Survive the Crisis, with Craig Cody

 

Craig Cody is a Certified Public Accountant, Certified Tax Coach, Business Owner and Former New York City Police Officer with 17 years of experience on the Force. As a Certified Tax Coach, Craig belongs to a select group of tax practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies to become, as well as remain certified. Craig has just written his 3rd book: The 12 Biggest Tax Mistakes That Cost Dentists Thousands.

What you will learn in this episode:

  • How Craig and his family are coping with the pandemic, and what life living just outside New York City is like under lockdown conditions
  • What Craig believes every business owner needs to know about the paycheck protection loan made available by the CARES Act
  • What steps you need to follow to take advantage of the loan and loan forgiveness measures that are rolling out now
  • What proactive tax steps you should be taking during this process, and why working closely with your CPA is incredibly important
  • Why even the smallest mom-and-pop businesses need to consult with a CPA to help them navigate the complexities of the current economy
  • Why the coronavirus epidemic is forcing us as a society to update our systems and habits, and what long term effects Craig expects from our adaptations
  • What proactive steps business owners can take to be more prepared for disruptive crises such as the current pandemic, both now and in the future
  • Whether family members who work for the business are considered "employees" under the loan forgiveness rules
  • What happens if you don't meet the forgiveness rules for the paycheck protection loan, and what happens to money you don't use
  • Why it is important for your business to take advantage of the tools and resources being made available, regardless of your views on the politics of the situation

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Published by Sharon Spano, Ph.D. April 8, 2020