Form DR 0004 is the new Colorado withholding certificate that is optional for employees to complete starting in 2022. It is not meant to replace form W-4 for Colorado withholding, but is meant to help employees in a few specific…
Blog Archives
Employee Retention Credit Q3 and Q4 2021
In spite of proposed legislation to remove the Q4 Employee Retention Credit, the IRS issued Notice 2021-49 providing guidance on claiming the ERC in Q3 and Q4 of 2021. The Employee Retention Credit follows essentially the same rules in Q3…
Posted in Uncategorized
Child and Other Dependent Tax Credits
If you have a child or someone you support almost entirely, there’s a good chance you’re eligible for one of these tax breaks. The Child Tax Credit is a tax break that can benefit people with children under the age…
Investor Agreements
Investor agreements generally cover any transaction that gives other people or businesses ownership interest in the company. This could be of interest now or into the future and could be in exchange for anything of value such as cash, labor,…
Posted in Tips
Looking For an Investor?
Every deal is different, but here are some basics. There are three main ways investors can provide funding to your small business: equity investment, debt investment, or convertible debt. With equity investment, an investor will buy an ownership stake in…
Posted in Tips
IRS offers further guidance on ERC, and Congress may end it
The Internal Revenue Service and the Treasury Department released guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and Congress considered a proposal to end the tax break next month. The employee retention…
Posted in IRS
Gross Receipt Exclusions for ERC
A taxpayer is permitted to exclude certain items from “gross receipts” for determining eligibility to claim the ERC under the CARES Act and other recent relief legislation including: amount of the forgiveness of a PPP loan grant from the Economic…
Posted in Tips
Colorado Workers’ Compensation Insurance
All businesses with employees operating in Colorado are required to have workers’ compensation insurance, regardless of the number of employees, whether the employees only work part-time, or if they are members of the same family. All workers’ compensation insurance in…
SBA Defers EIDL Payments Until 2022
Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022. The SBA announced extended deferment periods for all of its disaster loans, including the COVID-19 EIDL loans. The…
Posted in Uncategorized
Restaurant Revitalization Fund Closed
The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund (RRF) after awarding the program to more than 100,000 restaurants, bars, and other businesses that provide on-site food and drink. Demand for the funds far outstripped…
Posted in Uncategorized