Terry Selb Helping Clients Navigate COVID-19 Tax Issues
Professional Tax Preparation to Optimize Returns During Pandemic
Terry Selb is an experienced tax attorney helping clients deal with personal and business returns amid the impact of COVID-19. The pandemic and ensuing business shutdowns, stimulus payments, and loss of income created difficult tax issues for many.
Terry Selb notes that investments and any realized gains or losses are important tax considerations. In 2020, the stock market experienced wild swings, and securities in the hospitality and entertainment industries suffered significant setbacks. Knowing how to offset short-term or long-term gains and losses is key for optimizing tax returns. Terry Selb helps clients understand how to record stimulus payments and align deductions to minimize tax liabilities to the legal minimum.
Similarly, Terry Selb is helping clients that had to draw on their tax-deferred retirement savings to cope with the pandemic. Understanding the tax consequences of these actions is not always straightforward, and Terry Selb can help clients optimize their deductions and avoid penalties when possible. He is also representing individuals before the IRS and during audits, helping clients defend their tax positions in a professional manner while minimizing taxes payable.
Small businesses, especially those in the hospitality and leisure industries, dealt with shutdowns and capacity limitations requiring business owners to raise additional funding, apply for grants, and use the Payroll Protection Program. Accounting for grants, loan payments, and financial hardships can be tricky for nonaccountants. That’s why Terry Selb and his associates are available to help business owners navigate the tax and legal issues during this unprecedented global health crisis.
There’s a myriad of services that Terry Selb and his associates offer business clients including bookkeeping write-ups, financial audits, financial statement preparation, and payroll administration. COVID-19 impacted not only the nature of the transactions that businesses deal with but also the challenges of accounting for grants, debt, and other financial assistance. Terry Selb and his team work with business clients to optimize their chart of accounts and properly record transactions according to U.S. GAAP.
Terry Selb has over 20 years of experience in small business, consulting, and helping clients with tax-related issues. He graduated from the University of Minnesota with a bachelor’s degree in political science and government. Subsequently, he graduated from William Mitchel College of Law. His interests include community-based business development, tax-related lobby efforts, and political influencing.