Blog Archives

Records Retention for Businesses

We are often asked, “How long do I have to keep this stuff?” Whether personal or business, the minimum is 3 years to retain records since the IRS generally has 3 years to audit you from the date you file

Posted in Tips

Profit Motive

The law says that a business loss can produce a tax write-off as long as the owner is honestly trying to make a profit.  The Tax Code provides a test for profit motive:  If a venture doesn’t make money in

Posted in Profit

Corresponding with the IRS

Whenever writing the IRS, always make several copies of whatever you send.  If the IRS misplaces your first correspondence, you can send it again – and again, if necessary.

Posted in IRS

IRS Documentation

Avoid giving original documents to the IRS.

Posted in IRS

Youth Summer Employment

Students will soon be looking for summer jobs, and Colorado has some work restrictions for minors working in the state of Colorado. Minors are not allowed to work more than 40 hours in a workweek or in excess of eight

Posted in Colorado

Accounting Humor

The CEO of a company calls in an engineer and asks him what is 2 plus 2.  He says, “4.000000.”  He calls in the head of manufacturing and asks him what is 2 plus 2.  He says,  “To be safe,

Posted in Humor

Tax Code

“The (tax) code has grown more complex by the year, as evidenced by the fact that Congress has made more than 5,900 changes to the code – an average of more than one a day – just since 2001.” –National

Posted in IRS

2017 Retirement Plan Contributions

The government can make regular changes in regards to how much you can contribute to your retirement accounts, but for 2017, everything will remain almost identical to 2016. Here are the limits related to 2017 retirement plan contributions: You can

Posted in IRS

2017 Standard Mileage Rates

The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the

Posted in IRS

QuickBooks Phishing Scam

There is a new phishing scam targeting small businesses.  It is an email alert supposedly about QuickBooks with the subject line “QuickBooks Support: Change Request.” The message is “confirming” that you changed your business name with Intuit, QuickBooks’ manufacturer. The

Posted in Tips