March 15 is the deadline for partnerships and S corporations to file their federal income taxes. It’s also far enough along in the year that general financial and operational plans should be established to ensure a solid footing for the rest of the year. Below are the top 5 things that businesses should accomplish by […]
Nonprofits enjoy several benefits from their tax-exempt status, but that doesn’t mean they can avoid dealing with tax issues and filing requirements. Below are a few common mistakes that nonprofit organizations make, which can result in increased tax penalties, fines, or even loss of exempt status. Neglecting to file Form 990 The majority of nonprofit […]
While 2024 did not usher in many state tax law changes, there are a couple of items that Coloradans should pay attention to. One-Time TABOR Refund During a special session in November 2023, HB23B-1002 was approved to increase the earned income tax credit for the 2023 tax year. In essence, the act creates a one-time […]
With the clock ticking on 2023 business tax filings, here’s a quick look at some of the important considerations, credits and deductions for businesses to take advantage of from The Inflation Reduction Act. Passed in 2022, The Inflation Reduction Act is an attempt to slow inflation through a multi-pronged approach of reducing the federal government […]
As a follow-up to our previous post, Bank Failures: Basic Protections for Consumers and Businesses, we wanted to also make clients aware of a rise in Business Email Compromise (BEC) scams as fraudsters attempt to take advantage of the current climate of uncertainty. As the dust settles around the most recent bank failure announcements, many […]
The recent collapse of Silicon Valley Bank in March 2023 was one of the largest bank failures in the United States since the 2008 financial crisis. Unsurprisingly, the scale and high visibility of the failure raised wide-spread concerns about the health of other banks, particularly those heavily involved with the technology sector. The Federal Reserve […]
Businesses are just as susceptible to identity theft as private individuals. According to the Colorado Secretary of State, reports of business identity theft have been on the rise in recent months. But there are steps you can take to safeguard your business and be vigilant against any fraudulent activity. The best place to start is […]
A number of Colorado House bills and rules were enacted toward the end of 2022 that will affect Colorado businesses in 2023 and beyond, from sales tax exemptions to cryptocurrency to special deductions and more. In case you missed one, here’s a recap of the bigger Colorado tax law updates to pay attention to as […]
States are moving at an unprecedented speed to respond to the $10,000 federal cap on deducting state and local taxes. Many are offering what’s known as optional pass-through entity tax status as a workaround. For those who form eligible pass-through entities, this tax status allows individuals to deduct state taxes for federal tax purposes. It […]
Sometimes, even a bad investment can be a good thing. That’s because there’s a practice called tax-loss harvesting. Tax loss harvesting is selling off poorly performing stocks at a loss to offset capital gains made from better-performing stocks. Tax-loss harvesting might be a boon for your tax picture now and down the road. The process […]
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