Blog Archives

Connect for Health Colorado

HB20-1236, which was recently signed into law, creates a program that will allow Coloradans to ask on their state income tax returns for Connect for Health Colorado (Exchange) to assess whether uninsured household members are potentially eligible for free or

Posted in Colorado, Taxes

Colorado Workers’ Compensation Insurance

Colorado’s Division of Workers’ Compensation requires workers’ compensation insurance for all Colorado employers with at least one employee (even if the one employee is you, the owner). Workers’ compensation insurance protects businesses and employees from the costs of a workplace

Posted in Colorado

PPP Forgiveness

Small businesses wanting to submit their forgiveness applications for PPP loans may have to wait. According to many banks and experts, while the SBA officially opened its forgiveness portal to lenders August 10, most lenders will likely delay. The potential

Posted in IRS, Taxes

IRS Simplified Tax Accounting Rules for Small Businesses

The IRS issued proposed regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having

Posted in IRS, Taxes

Missing the July 15 Deadline

For those who missed the July 15 tax deadline, some taxpayers may have extra time to file and pay any taxes due without penalties and interest. These include: Members of the military who served or are currently in a combat

Posted in IRS, Taxes

Converting an LLC to an S Corporation

Maybe your business situation has changed and now you need to change your entity from a Limited Liability Company to an S Corporation. Below are 2 options for converting your LLC to an S Corporation: –Change ONLY the tax status

Posted in Colorado, Taxes

S Corporation Taxes

Much like owners of a partnership, shareholders of an S-corporation are taxed on their allocated share of the business’s profits — no matter whether or not those profits were actually distributed to them. The main reason for being recognized as

Posted in Colorado, Taxes

S Corporations

An “S Corporation” is a for profit corporation which elects to be treated as an S Corporation.  S Corporations typically do not pay taxes and instead file an informational return Form 1120S showing net profit or loss which flows through

Posted in Colorado, Taxes