We have been working at making changes to how our practice operates starting in 2022. With staffing shortages, the difficulty in finding professional assistance, ever-increasing last-minute tax law changes, and simply the desire to not work 80-hour weeks from January through April, we find it necessary to implement some changes. In a nutshell, we are […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
