Nothing Can Happen for Decades, Then Decades Happen in Weeks

Posted By: Larry Stone ICOR Blog & News ,

There’s a saying, usually attributed to Lenin, that “nothing can happen for decades, then decades happen in weeks.” The last few weeks certainly feel like decades happening in weeks. The election, the coronavirus surge and especially violence in Washington have combined to produce a news overload unlike anything most of us have lived through. Millions of Americans who waited anxiously for 2021 to arrive are looking at the first weeks of 2021 and already wishing for a refund of their money.

For most of us, we are already tired from struggling to survive the 2020 coronavirus impact on businesses and the economy, we see the clear future of more difficulty ahead. Congress has opened its purse and is providing some opportunities for us as business owners to get cash and assist us with the current crisis. This assistance came in the form of a 7,000 plus page bill which many of them did not read themselves. We obtained that information for you and will bring it to you in our Weekly Community Q&A on Thursday, February 4 beginning at 10AM MST. To register for this event, email info@coloradotaxcoach.com and ask for an invitation. Or go to the website here: stonecpaadvisors.eventbrite.com

We will plan to answer the following questions in this meeting:

  • I did not receive the first Paycheck Protection Program Funds (PPP), am I still able to access those funds and have the loan forgiven?
  • I received the first round of PPP, am I able to get funding on the second round and how much?
  • What credits may I use to reduce my payroll taxes in 2021?
  • May I get the employee retention credit in 2020 if I did not apply for it originally?
  • What changes will impact me in the tax code that most people do not discuss?

Our Weekly Community Q&A is the perfect time for anyone to join us and ask any questions regarding finance, accounting, bookkeeping, taxes and investments. As these programs roll out to everyone, we urge you to take advantage of these programs.

We can not predict the future. If anyone tells you they can predict the future, we recommend that you run away. We are here to assist and that is why we created many different online programs—to give you a place to have your questions answered. We meet every Thursday to give you the opportunity to address any concerns you may have.

The Presidential administration taking office on January 20th and the Congress it will work with has already expressed the intention to raise taxes. Ordinary income and capital gain tax rates are expected to increase. Transactions such as 1031 exchange may be limited or eliminated. But that is not all. Will Congress extend the 2018 tax cuts for everyone or let them expire after 2025? We do know that changes will occur, and you should do all the planning you can to keep your hard-earned cash rather than waste dollars paying taxes you do not owe.

Join us for our Weekly Community Q&A program every Thursday to keep up on the changes which are rushing towards us.