CPA Dean Guske shares what businesses should be aware of in the wake of the government’s announcement that tax payments can be delayed until July 15 amid coronavirus concerns.
Earlier this week, the federal government announced that it would extend the deadline for tax payments until July 15 amid coronavirus concerns. Dean Guske, CPA with Guske & Company, is advising his cannabis clients to take advantage of this delay, while keeping adequate capital on hand to cover their tax bills.
“If a government agency gives you a deferral to pay your taxes, take it,” Guske tells Cannabis Business Times. “You’re being given an opportunity to hold on to cash for a longer period of time, and I would take it. It’s like they’re allowing you to borrow from them. It’s an interest-free loan, basically.”
Cannabis companies should still hold on to as much capital as they can to meet their tax obligations, however.
“I would be just trying to keep that in the bank, keeping your capital as long as you possibly can,” Guske says.