Colorado Sales Tax Compliance Changes Begin July 1, 2021

Colorado sales tax compliance

If you are a “small” Colorado retailer, big changes to Colorado sales tax compliance are coming. Effective July 1, 2021, Colorado is moving all businesses to destination-based sourcing rules for the collection and remittance of Colorado and local sales tax. This includes small business with sales under the $100,000 threshold that Colorado previously exempted. Until […]

IRS Extends Deadlines for IRAs and HSAs

The IRS yesterday announced clarification on other deadline delays as a result of the recent change extending the initial filing deadline from April 15 to May 17, 2021. The following deadlines are now also extended to May 17, 2021: Making contributions for tax-year 2020 to traditional IRAs and Roth IRAs is now May 17, 2021. […]

IRS Extends Filing Deadline to May 17, 2021

The Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. The postponement applies to individual taxpayers, including individuals who pay self-employment […]

Dispelling the Myths of Filing Extensions For Your Tax Return

Every year we address client concerns about extending their tax returns. Over the years I’ve seen the media hype over the April 15 deadline like it is the final deadline and failure to file will cause problems. That is simply not true. I have counseled clients that it really is ok to file for an […]

Our Personal Income 1040 Dropoff Deadline is 3/15/2021

This is a reminder that our deadline to receive your information to complete your personal income 2020 taxes and file by April 15th is Monday, March 15th. We are more than happy to file an extension if you need more time. Just let us know and complete an extension request letter. If we do not […]

The Second round of Stimulus Payments Are on Their Way

Are you finding unusual deposits from the IRS in your bank account? Last week, the treasury started sending the second round of stimulus payments, or Economic Impact Payments. The following comes from an IRS new bulletin. The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as […]

A Second Round of Stimulus Payments Are Planned

In yesterday’s stimulus package passed by Congress, another round of Economic Impact Payments (EIP) payments are planned to be sent within a few weeks of President Trump’s signature. Except for the size of the payment, many of the rules for eligibility and the method of payment are the same as the first payments made earlier […]

Congress Delivers Last Minute Gift to Businesses with PPP Loans

Yesterday, Congress passed a bill with a plethora of tax law changes including some changes to the taxability of how expenses are treated for businesses with PPP loans. Until yesterday, the IRS took the position that expenses paid using funds provided by Payroll Protection Program loans were not deductible if the loan was ultimately forgiven. […]