Courtney Arrington, who has a side business providing accounting and bookkeeping services, says her clients are already asking about preparing for 2021 taxes. Photo by Shandell Taylor
After a turbulent business year, accountants are bracing for a tax season filled with increased uncertainty, complexity and the looming reality that, eventually, 2020 taxes will be due and books must be reconciled.
Businesses navigating the pandemic — from entrepreneurs launching their first ventures to corporations with experienced CFOs — face new questions and challenges in preparing their 2020 taxes.
There is the potential for shifting tax deadlines. Virginia state and federal tax guidelines don’t align. And there are pandemic-specific financial issues such as relief loans and grants, layoffs, unexpected losses and remote workers.
