Tim Thompson CPA - June 2020

June 2020

Appreciating a Teacher’s Dedication

Transitioning from School to Home-School

Over these past few months, the pandemic forced a lot of people to start working differently than they were used to. People with office jobs had to pack up their offices and bring them home, and for me, that experience was interesting, to say the least. I’ve worked from a home office for several years now, but last fall, I decided to buckle down and finally get an office. I spent a while moving everything over there: all my clients’ files, my scanner, my computer, and even my desk. My wife and I were even ready to convert the office space at home into a small workout area for the family. Unfortunately, those plans fell through as soon as the pandemic started in full. Now I’m right back where I started. While I can continue working at home without worrying too much about that work-from-home transition, my wife, Shelby, had to adapt pretty drastically.

I watched as she found different programs and methods to use and did lesson planning with the teachers every week. Together, they set up a system where each teacher would teach two subjects through a video call or video recording for ALL the students in the grade — basically sharing the load and ensuring all the kids were learning the same stuff. Shelby, of course, chose science! But it didn’t end there. She made sure that her “homeroom” students met regularly so they could interact with their fellow classmates. Before they could begin this system, though, the teachers had to reach out to the parents and help them get set up as best as they could for the video calls and have access to the other files.

While I know Shelby and many other teachers across the country have struggled and worked hard to make this possible,

I think it’s also important to highlight the efforts and time of the parents. A large majority of parents had to suddenly become home-school teachers in a very short span of time. Through the stay-at-home orders and self-isolation guidelines, that transition must have been incredibly stressful. By the time this newsletter comes out, summer break will have officially started, which will give both parents and teachers a well-deserved break. Now is a great time to acknowledge and appreciate the people who have worked so hard these past few months and who will continue to work diligently in the months to come. I want to say thank you to my wife, all her fellow teachers, and the parents who do everything in their power for their students and kids.

Shelby is a kindergarten teacher, and like many teachers across the world, she’s had to find new ways to continue teaching her students for the last part of the school year, which was pretty hard for her. My wife is very much hands-on when it comes to teaching. When she’s in the classroom, she always prefers to get down to her students’ levels and interact with them as much as possible. One fun lesson she does that the kids love is when she dresses up as a scientist or as her “twin sister” to teach the class a certain subject. Shelby also enjoys taking her kids outside of the classroom. The school has a garden, and she’ll often take the class to the garden to teach them about ecology with all the bugs, dirt, water, and plants. She loves showing them life and how it all works together, making a difference in their lives. But for the last part of the school year, she had to learn different ways to teach her kids. The biggest hurdle was learning how to integrate technology in a way that was effective for her, the students, and the students’ parents. Under normal circumstances, kindergarten doesn’t have much, if any, remote work, but Shelby and many of her fellow kindergarten teachers had to undergo some quick learning curves to get things moving.

877-829-7847 1

Published by The Newsletter Pro • www.TheNewsletterPro.com

Things Might Be Uncertain But You Don’t Have to Face the Future Alone

knowing that something is coming our way, we can better brace ourselves, and I want to help you prepare for when it finally comes.

Despite being a little stuck right now as we wait for guidance from the IRS, there are a few things I predict will happen in the future. The first involves people’s individual retirement accounts (IRAs). Many people across the country have pulled from their retirement funds in order to put food on the table. Already, Congress has declared that anyone who is forced to do this won’t be penalized for withdrawing due to COVID-19. One minor problem that may come with this, though, is if someone forgets to tell their IRA company they’re taking the money out because of the pandemic — there are a lot of small formality steps. However, the bigger problem lies in whether or not they will be taxed. Not owing the penalty doesn’t necessarily mean they won’t owe tax. There is a flip side to this. The IRS may say that if someone can repay what they’ve taken out, they won’t be taxed. For the folks who do taxes for a living, this sounds absolutely fantastic, but then there’s the issue of how that’s going to be implemented on the return. Additionally, there may be some confusion with the benefits businesses received during the spring. The IRS has said that the Paycheck Protection Program loans that businesses receive to cover employment costs won’t be written off. In other words, they become taxable, which can have a significant impact on those businesses. However, when this newsletter is released in June, this may not be the case. The truth of the matter is that no one knows for sure what’s going to happen. It’s likely that people won’t know exactly what their tax situation will be until next year or even the year afterward. But that doesn’t mean we can’t figure it out together. As information continues to change, I’ve been staying as up to date as I can to provide my clients and my readers with the latest information. I’ve kept a continual flow through social media, including Facebook Live, YouTube, and Twitter, where I’m trying to address as many common concerns as I can. I encourage you to follow me on any of my platforms to stay as informed as possible. If COVID-19 has left you in a tax bind, whether that’s this year, the next, or the year afterward, reach out to me and get on my calendar. We can start working on a plan to get things back in order. At first glance, things can seem incredibly unsure and messy, but together, we can work through it. The pandemic has left all of us a little worse for wear, including our financial state. It’s my goal to help you get things running again. Don’t stress about your taxes on your own; I can answer any questions you may have, and I’m ready and willing to sit down with you for a consultation to get you through this.

E v en though it’s been several months since the pandemic first came to the U.S., we’re all still living in uncertain times. Most of the world’s population spent the spring reading reports

and pieces of information that were given to us on a day-to-day basis. Not knowing

what lies ahead is a terrifying thing, and that uncertainty is likely going to continue in the next few months or even years. However, you don’t have to go it alone.

Right now, many of us are waiting to hear from the government or, in my case, the IRS. Even though things are still uncertain, we do know that the pandemic will impact our lives in one way or another, and that includes our taxes. At the time of this writing, we don’t know what is going to happen or how big of an impact it will have on us in the upcoming years. This is a terrifying aspect for many people, especially when taxes already make people a little anxious. But by

2

MyDFWCPA.com

Published by The Newsletter Pro • www.TheNewsletterPro.com

And the Postponement of the 2020 Tokyo Games In late March, amid the global spread of COVID-19, the International Olympic Committee announced the postponement of the 2020 Olympic Games. They were slated to take place in Tokyo, Japan, this summer, but they will now happen in the summer of 2021. While this is an unprecedented decision, it’s not the first time that major global events have affected the Olympic Games or which countries participated. Since the inception of the modern Olympic Games in 1896, they have been outright canceled three times — 1916, 1940, and 1944. The first cancellation of the Olympic Games happened during World War I. The German Empire was supposed to host the games in Berlin, but by the time 1916 rolled around, Europe was deep in the trenches of WWI. Many nations had sent their athletes to fight in the war, so the games were canceled. World War II caused the next two cancellations. The 1940 Olympics were initially scheduled to be held in Tokyo. It would have been the first time the games were hosted by a non-Western country, but Japan forfeited the right to host when they invaded China in 1937. The games were then rebooked for Helsinki, Finland, but after Nazi Germany invaded Poland in 1939 and started WWII, those games were scrapped as well. Since the fighting hadn’t ceased by the time the games were supposed to happen in Cortina d’Ampezzo, Italy, in 1944, the Olympics were canceled again. Times the Olympics Were Canceled

SUDOKU

WATERMELON AND TOMATO SALAD WITH TURMERIC OIL

Though the Olympics have happened on schedule since the end of WWII,

the United States has not always participated. In 1980, when the

This light summer salad is packed with flavor and color!

U.S. boycotted the Olympics that were held in Moscow, Russia, in protest of the Soviet Union’s invasion of Afghanistan, 64 other nations followed suit. However, those games still went on as planned and 80 countries participated.

• 1/4 cup virgin coconut oil • 1 tsp peppercorns, coarsely crushed • 1 tsp coriander seeds, coarsely crushed • 1/2 tsp cumin seeds • 1/2 tsp ground turmeric

• 4 cups seedless

watermelon, diced into 1/2- inch pieces

• 2 medium heirloom

tomatoes, diced into 1/2- inch pieces • 8 oz mild feta, diced into 1/2-inch pieces • Flaked sea salt

The fact that major global conflicts are the only other

events that have been catastrophic enough to

affect the Olympics might be distressing and elevate anxiety about our current global health crisis. However, it’s important to keep

1. In a small saucepan, heat coconut oil, peppercorns, coriander seeds, cumin seeds, and turmeric for about 3 minutes or until fragrant. Let cool slightly but do not let coconut oil solidify. 2. In a large bowl, place diced watermelon, tomatoes, and feta. Drizzle with oil mixture and finish with a dash or two of salt.

in mind that the Olympics have only been postponed this time, not canceled. We’ll still get to cheer on our favorite Olympians next year.

877-829-7847 3

Published by The Newsletter Pro • www.TheNewsletterPro.com

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

537 Houston St., Coppell, TX 75019 • 877-829-7847 • MyDFWCPA.com

Inside

1

A Kindergarten Teacher’s Hard Work

2

Taxes and COVID-19

3

Have the Olympics Ever Been Postponed Before? Watermelon and Tomato Salad With Turmeric Oil

4

Why a Home Exercise Program Is Vital to Healing

Why Your At-Home Physical Therapy Exercises Matter for Healing DO YOUR HOMEWORK!

S eeking rehabilitation through physical therapy can be one of the wisest choices you make for your health, well-being, and life. But committing to a physical therapy routine is much more than just showing up for your appointments. Your at-home workout, or home exercise program, is just as important. Working out may seem counterproductive to healing, but your home exercise program is designed specifically for your ailments. Your physical therapist will tailor an exercise routine for you and teach you the moves while offering specific advice and providing tools to guide you through each movement. If you can commit to doing your home exercise program on a regular basis, then you may just reap the benefit of healing faster. Think about it this way: Physical therapy heals through movement, yet you typically do not see your physical therapist for this healing movement every single day. While rest is vital to the healing process, continuing to keep your joints limber, moving, and functioning at their best is also key! So, by sticking to your home exercise program, you are effectively supplementing the extensive care your therapist provides for you at each appointment.

Additionally, doing your at-home routine while you are in physical therapy

prepares you for life after this therapy ends. As much as we love seeing you at your appointments, you’re bound to return to the real world and not see us

quite as often. That is the goal, after all! But in order to continue a healthy lifestyle, you have to continue moving your joints and body in a healthy way. Your at-home exercises are a great first step, and your therapist can offer progressions to continue challenging you when those moves become second nature to you and your body. Like many things in life, physical therapy comes with a need for dedication, but any physical therapist’s goal is to make this process as easy for you as possible. If you’re struggling to commit to your at-home exercises or if you need additional instruction, talk to your therapy team. We can help you gain the confidence you need to crush those at-home exercises and get you back to the activities you love.

4

MyDFWCPA.com

Published by The Newsletter Pro • www.TheNewsletterPro.com

Page 1 Page 2 Page 3 Page 4

www.mydfwcpa.com

Made with FlippingBook Proposal Creator