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 […]

Delays in Federal Refunds

Taxpayers across the nation are experiencing delays in receiving federal refunds. This has been an issue all year and is not expected to get better soon. While in years past refunds were being directly deposited within 10-21 days, 2021 is very different. We are seeing delays of several months in some cases. The IRS also […]

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 […]