Blog Archives

Unemployment

Colorado’s unemployment system (and unemployment systems across the country) has been targeted by complex and sophisticated criminal rings in an attempt to take advantage of the pandemic by fraudulently collecting benefits. In 2019, Colorado saw 88 fraudulent claims, while 2020

Posted in Colorado, Taxes

Tax Day for Individuals Extended to May 17

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be

Posted in Colorado, IRS, Taxes

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

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

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

Survive and Thrive COS

Survive & Thrive COS provides funding in the form of low-interest loans of up to $25,000, to support resiliency and continue building healthy businesses and nonprofits.   There are no stipulations for what the money can be used. ELIGIBILITY For profit

Posted in Colorado, Tips