Living in difficult times
Difficult economic times
It seems to be a recurring theme that I am getting increasingly more frustrated over as I hear how our economy is continually in decline and it seems there is no end insight with this recession we have been experiencing for what seems like 5 years now. I hear it in radio ads, tv ads, tv discussions, casual conversation, client conversation, news reports, the newspaper and internet. No matter where I turn it seems all we hear now is how difficult it is to make a living today as so many people are faced with unemployment. The dream of owning a house seems to be in question for so many people today as they face the imminent threat of foreclosure. It is really a very sad situation that seems to be getting worse. It also seems that the leaders in Washington who we elected to office have no firm plan in place that will help turn things around.
The Federal reserve has not been able to turn this recession around and it seems to wear on me now as I see the images of closed storefronts where small business owners used to have a viable business that was their livlihood and their contribution to the local economy. Now these small business owners are out of business because people who once were patrons of their establishments have either lost their jobs, tightened their spending or are facing uncertainty in their lives due to this prolonged downturn that has had a devastating impact on all of us. It seems as if it is a financial collapse that has spread like a giant tsunami wave that has struck at the nation's very core in all small towns, villages and cities hurting the common working man and the small business owner. It is like the aftermath of a terrorist attack with this continual economic decline.
It seems that our former president was more concerned about funding a war we had no business being a part of. It seems that our leaders are not as responsible to us as a nation as we had hoped when we elected them to office. They seem to argue amongst each other and are always in dissension. I thought our country was built upon unity and it prided itself on working together for a common goal, It seems the saying "United We Stand Divided We Fall" is very appropriate in the direction our country is going as our leaders are clearly divided. It seems our country has been falling for quite sometime now since the last presidential administration we suffered through. Our current administration does not seem to have any answers or solutions either which is disheartening.
I visit clients firsthand and I see their worry and I try to shed some optimism and help them in analyzing areas they need to improve on. It is a common problem today for these small business owners as many are experiencing cash flow problems and their sales keep falling. There comes a time when you have to sit with your client and have them do some real soul searching as they see their business teetering and this I find truly unsettling.
When a business owner starts to fall behind on their tax obligations because they can not make payment they seem to get discouraged and eventually fall behind in filing. One thing every business owner has to keep in mind is that they still need to file their tax obligations timely whether it happens to be sales tax, payroll tax, business tax or income tax. It will be far worse to not file at all. I advise my clients to file their returns timely and make a good faith effort in payments of their respective tax liabilities.
I try to go above and beyond for my clients and be a shoulder to lean on. I do advise my clients to assess their situation and we try to brainstorm and strategize and hope for brighter days ahead. The reality though is that some clients will not be able to continue and that is where I have to really try to do all I can for them as they are truly in need and I will advise them with professionalism and obvious concern. That is my job as a CPA.
As I see my son sleeping in his bed peacefully at night after I had a difficult day dealing with such trying times I feel better as it is my son that gives me strength, insight, faith and hope that things have to get better.
I can't help but think of the administration of Franklin Delano Roosevelt and how he was instrumental in lifting our depressed country out of its doldrums and restoring hope to a country and its people looking for leadership and inspiration with his message and his speeches.
Edward D. Iannielli III CPA
As published from my blog on my website:
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- Edward D. Iannielli III CPA
Tax preparation and accounting services.