Bank Forward Blog
Tuesday March 09 2021
COVID-19 Relief & Your Taxes
This past year has produced a number of COVID-19 relief programs. Did you take part in any of these programs? Tax Forward’s John Tompkins, CPA, offers his expertise on what you should discuss with your tax professional related to COVID-19 relief programs.
First Things First
“The first thing you should do prior to any meeting or phone call with your tax professional is to go through and determine what programs you applied for and received,” John explains. “We understand that there are a lot of acronyms floating around out there with these COVID-19 relief programs, but one of the most important details to share with your tax professional is the specific program or programs you participated in.”
Don’t Miss Out
“As the various programs have been rolling out, one thing that we have noticed is that most people don’t know what they are eligible for, or how they should apply,” John shares. To ensure you don’t miss out on a program, talk to your tax professional even if you don’t believe you are eligible.
What to Ask
To help your tax professional better understand what you may be eligible for, John recommends addressing these questions:
- Did you or your employees have covid-19?
- Did you pay yourself or employees during quarantines or to assist family member during quarantine?
- How were your revenues impacted in 2020?
- Am I eligible now for a program or tax credit that was renewed or made retroactive?
Communication with your tax professional is key. “Asking these questions along with knowing what you have participated in will hopefully lead to a productive discussion ensuring that you are participating in every program you are eligible for and utilizing all the available tax credits for 2020 and 2021,” John concludes.
John Tompkins, CPA, is the Managing CPA at Tax Forward in Jamestown, ND. John has nearly a decade of experience in public accounting, providing a range of services including small business, agri-business, individual, corporation, and estate and gift taxation. John is originally from Minnesota and has been an active member in all the communities he has lived serving as a Volunteer Firefighter, a Board Member of Young Professionals of Jamestown, a member of the Ag and Energy Committee of Jamestown, a Board of Director for Leadership Fremont County Wyoming, and a member of Toastmasters International. Away from work John enjoys fishing, hunting, snowboarding, dirt and mountain biking, and hanging out with family and friends. He resides in Sanborn, ND with his wife and two children.Back to All Latest Blogs