Retirement Plan Strategies for 2021

As 2021 comes to a close, there are some strategies you still may be able to pursue to reduce your taxes for the year. The following strategies relate to tax savings using retirement plans such as 401(k) plans, 403(b) plans and IRAs. Fully Fund Your Retirement PlanFully funding your company retirement plan with pre-tax dollars […]

Getting Ready for Year-End – Business Owners

Year-end comes quickly for many businesses. With holidays and travel, it is imperative to be organized and ready for year-end, so you can get your CPA the information needed early in the new year. The following is a list of things that should be done in November or December to help you get ready. Download […]

EIDL Loans Expanded to $2 Million

The U.S. Small Business Administration (SBA) has announced enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms and hotels. The SBA increased the borrowing limit from $500,000 […]

What Are Estimated Tax Payments?

Has your tax professional suggested making “estimated payments”? Do you ever wonder what he or she is talking about? What are estimated payments? Why do I have to make them? Will I get in trouble if I don’t make estimated payments? What are Estimated Payments? Estimated payments are generally suggested when the withholding from your […]

New Payments Start in July for Advance Child Tax Credit Payments

Beginning in July, some taxpayers may begin receiving payments of up to $300 per month as advance payments of an increased child tax credit. Here is an outline of the changes. As usual, there are many more details behind the law, and clarifications are issued on a regular basis. What Is it? The American Rescue […]

The IRS Updates Taxpayers on the Backlog and Refund Delays

On July 1, 2021 Erin Collins, the Taxpayer Advocate, released her annual IRS report and provided another glimpse into the reasons for IRS refund delays. If you are still awaiting a refund, or any other resolution to a notice or correspondence, all we can do is wait. The IRS has a current backlog of 35 […]

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. […]