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Tax Calender
· 8/20/09 Sales tax returns for July
· 9/1/09 Knoxville and Knox County Business Tax (Class 3)
· 9/15/09 Estimated tax payments
· 9/15/09 NEW Extended tax return deadline for partnerships, S-corporations, estates and trusts
· 9/15/09 Monthly payroll tax deposit
· 9/21/09 Sales tax returns for August
· 9/23/09 One-time extended due date to report foreign financial accounts and foreign corporations
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Last time, we mentioned an article describing some sources of credit. The problem is, credit is available only to the very strongest companies because lending institutions are not willing to add credit risk to their portfolios. So how do you keep your business going in tough times? Having a full understanding of your financial picture is a key to keeping working capital available. These cash management strategies can help:
OPTIMIZE CASH FLOW by forecasting your cash flow. Try to project cash inflows and payments into the future. Your bank may be able to help you track cash flow more effectively through online access to transaction data that you can use on a daily basis.
MAXIMIZE LIQUIDITY by holding onto cash that will be needed to pay obligations in the future. Use a sweep account or another method to put idle cash to work earning interest in a safe, easily accessible account.
MITIGATE RISK by making sure controls are in place to prevent fraud. Use technology such as electronic payments and online reporting, and tried and true methods such as standardization of tasks, checks and balances among functions, and good oversight.
MANAGE CREDIT efficiently by maintaining a strong balance sheet, if you use credit as part of your financial strategy. Keep your good relationship with your banker by depositing idle cash with your lending institution, which helps it look better to regulators. Talk with your banker about how you are implementing cash flow strategies to increase your company’s credibility as a stable, capably managed organization with lower risk levels.
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Tennessee Tax News
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Tennessee has enacted several changes to sales and use, franchise, and excise taxes. As we anticipated, family-owned non-corporate entities (FONCEs) that collect industrial and commercial rents will be subject to franchise and excise taxes beginning July 1, 2009. Please call us with your questions; these FAQS on the Revenue Department website may be useful too. Several tax credits are modified as well.If you collect more than $1,000 in sales tax, you must file your return electronically after June 25, 2009. Start here if you have not yet registered your business online, or ask us for help. The new law also clarifies several rules, makes advertising art subject to sales tax, and defers the implementation of the Streamlined Sales and Use Tax Project to July 1, 2011, among other items.
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Is the Recession Ending?
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It may not feel like it, but the Economic Cycle Research Institute, an independent forecasting group in New York, projects that the recession will end this summer. They use an array of leading, coincident, and trailing indicators to study the business cycle. The leading indicators show “pronounced, pervasive and persistent upswings” in predictors of a recovery, even as lagging indicators such as unemployment continue to look poor. You can listen to interviews: NPR WNYC. Other credible sources have begun to talk about recovery too, although consensus seems to predict a long, slow climb.Rebound Checklist
Staffing company Robert Half Management Resources offers tips for companies to position themselves to take advantage of the recovery.
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If you filed for an extension on your partnership, S-corporation, trust or estate return, the time to send your info to us is now. Starting this year, the extended due date for these returns (with a calendar year-end) is SEPTEMBER 15, the same as that for corporations. Please contact us so we can help you get your return filed on time!
As always, we value you as our client, and we’ll do our best for you.
Sincerely,
Van Elkins
Van Elkins & Associates, CPAs
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