Important Tax Season Information For Individual Tax Clients

Tax season is upon and that means its time to start watching for a gathering your documents for tax preparation. Here is some information to get the ball rolling this year. TAX DOCUMENTS: We will be sending out tax questionnaires and organizers in the next 1-2 weeks. Please be on the lookout for these. Most […]

2021 Business Organizers Now Available

We have the business organizers available for clients who have entity returns that must be filed. Entity returns are any business taxed as an S-corporation, C-corporation or partnership. These checklists and questionnaires are required for each entity and we cannot start work without it. All packets are available as PDF files you can download, or […]

Colorado Disaster Relief from the IRS Including Due Date Extensions

Today the IRS announced tax relief for victims of the Colorado wildfires that destroyed so many homes and businesses on December 30, 2021. This follows action by FEMA that approved the area for federal disaster assistance on January 1, 2022. Below is a summary of the IRS announcement. Click here for the full IRS announcement. […]

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 […]