Blog Archives

IRS urges employers to choose carefully when selecting a payroll service provider

Below are highlights from IRS Issue Number:  IR-2020-186 Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax

Posted in IRS, Tips

Applications Now Open for 2021 Pikes Peak Small Business COVID-19 Relief Program

El Paso County is working with the Pikes Peak Area Council of Governments (PPACG) to distribute additional relief funding locally, through a new grant program, the 2021 Pikes Peak Small Business COVID-19 Relief Program. Grant awards will be a maximum

Posted in Colorado, Tips

IRS Expected to Audit More Small Businesses in 2021

After years of low examination rates, the IRS announced it will increase audits of small businesses: by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to COVID-19 have made

Posted in IRS, Taxes, Tips

1099-MISC and 1099-NEC Due to Recipients 2/1/2021

The revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021. Form 1099-NEC is a new form for tax year 2020 for nonemployee compensation of $600 or more

Posted in IRS

Expanded Paycheck Protection Program (PPP) for Small Businesses and Eligible Non-Profits

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, provides a second round of payments under the Paycheck Protection Program.  Businesses with 300 or fewer employees that have experienced 25% revenue loss in any 2020 quarter and small 501(c

Posted in Taxes

CARES Act Special $300 Deduction for People who Claim the Standard Deduction

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted by Congress last spring, includes temporary tax changes helping charities including a special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their

Posted in IRS, Taxes, Tips

PPP Forgiveness Update

Although the CARES Act Payroll Protection Program’s (PPP) loan application period closed last August, businesses who received funding and now need to plan for loan forgiveness. The rules changed since the program began. On June 5, 2020, the Flexibility Act

Posted in IRS, Taxes

City of Colorado Springs Sales Tax Rate Change

In Colorado Springs, the total combined sales and use tax rate will be lowered from 8.25% to 8.20% starting 1/1/2021: 3.07% City of Colorado Springs (city collected) 2.9% State of Colorado (state collected) 1.23% El Paso County (state collected) 1.0%

Posted in Colorado, Taxes

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