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Firm News

 

The IRS has extended the tax filing and payment deadline to July 15th, 2020 

Click here for answers from the IRS to Frequently Asked Questions regarding the new filing and payment dealine.

The Journal of Accountancy provided its own synopsis of the highlights from the IRS FAQ.  Click here to read their article. 

 

Click here for more information about the Small Business Emergency Loans through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

These loans are designed to help employers pay their employees while their business income is reduced due to the Covid-19 outbreak.

 

 

We are monitoring the COVID-19 situation closely and will follow the advice of governmental entities as to our operational status.  We will update this site and inform you if we are forced to shut down.  

 

As of 3/20/20, our office is no longer scheduling in-person meetings.  We are still open and operational, so you can drop-off, mail in, or email your tax information to us and we will prepare your tax returns.  We are also happy to schedule phone conferences to go over your tax information.  If you would like to set up a secure online client portal to upload your documents, please give us a call and we can set that up for you.

In addition, we are now closed on Saturdays as well.  

 

 

2019 SECURE Act

(Setting Every Community Up for Retirement Enhancement Act of 2019)

On December 20, 2019, Congress passed the SECURE Act which made changes to how you save money for your retirement, how you use your money in retirement, and how you can better use your Section 529 plans.  Whether you are 35 or 75 years of age, these changes affect you.

Click here to read our letter summarizing the changes. 

 

 

New W-4 form in 2020

Beginning January 1st, all employers must use the new 2020 W-4 form.  Click here for the new form. 

 

2019 Tax Resource Guide

Another tax season is fast approaching and many of you may be wondering about new tax rates, mileage rates, standard deduction amounts or other items.  Click here for a handy 2019 Tax Resource Guide that will answer these questions and more.

 

 

Colorado Sales Tax Changes

  • Effective December 1, 2018, the Colorado Department of Revenue is requiring that sales tax be collected and reported based on the point of delivery for taxable goods.  To help with some of the questions on this new policy, the State created a video detailing the new rule.  Click here to watch this 16 minute video.  
  • Click here to view and download the the 10 page PDF list of State collected sales tax locations.  This list is also helpful to get information on the home rule cities that collect their own sales tax.
  • If you are not sure what sales tax to charge a customer and need to look up sales tax by a specific location, click here for a State approved sales tax search engine.  Just type in the address and it will list the sales tax you need to collect.

 

End of year planning for 1099s

  • Remember that a 1099-Misc will need to be issued to any individual where you paid them $600 or more for services throughout the 2019 tax year.  Click here to download a W-9 form to request their tax ID and address.