The election is over for the most part, our major cities are not being looted, and the politicians are still making lots of noise. Where does that leave us? We’re still entrepreneurs in the middle of the second surge of a pandemic. Most of the Midwest was just ordered into another form or another of a lockdown.
Most politicians are urging Americans to not get together for holiday parties. If we aren’t going to get together, then many will certainly not purchase presents. We’re walking into what could become the worst holiday season ever, a very cold and harsh winter.
Here are a few ideas that may help you get through the next few months.
PPP Loan Forgiveness
We’ve been able to complete several of these in the past month. What we’re doing is over kill by design. If we have a $70,000 loan, we’ll put in $80,000 in expenses. If we have a $200,000 loan we’ll put in $225,000 in expenses. You get the idea.
The managers handling loan forgiveness at the banks are not all created equal. Some are reasonable. Some aren’t. We want to make sure to get as much of the loan forgiven as possible. We certainly don’t want to be forced to take something into appeals, which remains a confusing and murky process at best.
Employee Retention and Paid Sick Leave Credits
After a shaky start, these have settled into a reasonable and reliable tax process. It took a while for the IRS to figure out how to handle these that were thrust upon them at a moment’s notice. Please remember that if you received the PPP Loan, these are not on the table.
If you didn’t claim the credit in the first or second quarter and had some paid sick leave, we can always amend the returns to get it. If you have questions, please contact our offices for further assistance.
EIDL Loans
Everything is still available on this program. The common loan is $150,000 amortized over 30 years at 3.75%. The application is easy. Most loans are dispersed in about a week.
If you didn’t receive approval on this loan, once the issue is fixed, you can put in for reconsideration. If the initial $150,000 is not sufficient, you may possibly get the loan increased. I have written extensively about this in prior posts. As always, if you have questions, please contact us.
Second Stimulus Package
The prospects of this aren’t looking favorable. The new President has signaled his want to pass one, while the Republicans in the Senate fearing budgetary problems, are saying no. Where does that leave us?
We’re in the same position we’ve always been in. We’re entrepreneurs. Our enterprises succeed or fail, based on our leadership. Relying on others was nice for a moment, but now it’s time to earn your pay. Get it done.
Let me leave you with this.
Sunday, November 15th, 2020 was my thirtieth anniversary as an entrepreneur. I wrote the following years ago, when I was still a fledgling entrepreneur. In the wake of this pandemic, these words ring truer today than ever before.
Mission Statement
I opened what would ultimately become Accounting Solutions Ltd. on November 15, 1990. I was only twenty-four years old, but I knew exactly what I wanted. I wanted a company that followed the Golden Rule.
1 – A company that treated its customers the way it would want to be treated.
2 – A company that treated its employees the way it would want to be treated.
3 – A company that would treat its suppliers the way it would want to be treated.
It’s been a long and hard road, but I can say without question, comment, or doubt, that we have achieved our initial goals. Along the way, we added another.
Quite simply, it was to be the very best.
In order for tax work to be fundamentally sound, it must start with the best bookkeeping and accounting work. If you get the bookkeeping and accounting work right, it’s easy to get the income tax work right as well. But if the bookkeeping and accounting work is wrong, you’ll never get the income tax returns right. Period.
Our company is a team that wakes up every day with only one thing in mind. That is to do the very best work of our careers.
If you are looking for an organization that will cut corners, do work that is just “okay”, or help you cheat, then please don’t waste our time. Seek help elsewhere.
But if you are looking for an organization that truly cares about its clients, that does work at the highest possible standards while knowing how to legally save you the most money at reasonable prices, then you’ve found a home.
Our main job is not just to reconcile bank statements, tie out liabilities, and complete income tax returns that will stand up to audit. These services are part of what we do., but they’re just components in our overall objective.
Our main objective is to protect you, your family, and your business. We are extremely proud of the fact that we have achieved this goal as well. We get it done each and every day.
I hope that I have, in some small way, inspired you to do your best work as well.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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