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…
Blog Archives
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…
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…
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…
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%…
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…
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…
