Latest News on Denver Accounting & Taxes

Denver Accounting Firm Reveals Compilation Service Benefits


November 7, 2018

One of the most important aspects of any business is the finances, which provide a lifeline for success. Obviously, no business is going to remain in service for any significant amount of time without having the discipline to make money and successfully put that money to use. This fiscal responsibility is critical to providing a continuous income source, ensuring the company not only has the funds to successfully pay their employees, but also generate enough money for operating expenses and overhead. 

There are a number of ways to evaluate a business but the financial health of an organization is important to business owners, stockholders, employees, and consumers. While the latter will only see public reports distributed or media driven access and analysis the preceding have multiple ways to analyze their current status. For small business owners especially, finding a reliable method to determine the state of their well being can be extremely beneficial.

Compilations are one of those methods. 

What is a Compilation?


A financial statement compilation is the assessment from an outside agency evaluating either an individual period, project or summation or a further in-depth look into a fiscal year or longer time period.

These are the lowest level of review in terms of accuracy, depth and breadth of a look into the subject financial history but can provide important information for all involved parties. Other, more thorough methods include a financial review or audited financial statement.

There are three main benefits of a compilation including - time, cost, and use. Each is directly correlated with the use for a business but can also be associated with personal accounts.

Benefits of a Compilation - TIME


The time to complete a compilation is generally quicker than that of a review or audited report. For a small business in need of an operational loan to function, getting a financial analysis completed in a quick and efficient method is important.

Benefits of a Compilation - COST


Compilations are typically less expensive than any of the other review levels. For brand new businesses and those which hope to be fiscally responsible, a compilation is a good source of evaluation with a good return on their investment.

Benefits of a Compilation - USE


A quick, efficient review of the financial status for a company can be completed with a compilation. Also, compilations are utilized instead of an audit or review for a simple change in accounting methods or for loan applications to some financial institutions.

Contact the experts at Bloch, Rothman, and Associates who can provide a compilation for your business or personal situation in addition to answering any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs. A full detailed review of your financial or tax situation can be completed in addition to resolution issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and potential tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation.
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Denver Accounting Firm Reveals Compilation Service Benefits


October 31, 2018

One of the most important aspects of any business is the finances, which provide a lifeline for success. Obviously, no business is going to remain in service for any significant amount of time without having the discipline to make money and successfully put that money to use. This fiscal responsibility is critical to providing a continuous income source, ensuring the company not only has the funds to successfully pay their employees, but also generate enough money for operating expenses and overhead. 

There are a number of ways to evaluate a business but the financial health of an organization is important to business owners, stockholders, employees, and consumers. While the latter will only see public reports distributed or media driven access and analysis the preceding have multiple ways to analyze their current status. For small business owners especially, finding a reliable method to determine the state of their well being can be extremely beneficial.

Compilations are one of those methods. 

What is a Compilation?


A financial statement compilation is the assessment from an outside agency evaluating either an individual period, project or summation or a further in-depth look into a fiscal year or longer time period.

These are the lowest level of review in terms of accuracy, depth and breadth of a look into the subject financial history but can provide important information for all involved parties. Other, more thorough methods include a financial review or audited financial statement.

There are three main benefits of a compilation including - time, cost, and use. Each is directly correlated with the use for a business but can also be associated with personal accounts.

Benefits of a Compilation - TIME


The time to complete a compilation is generally quicker than that of a review or audited report. For a small business in need of an operational loan to function, getting a financial analysis completed in a quick and efficient method is important.

Benefits of a Compilation - COST


Compilations are typically less expensive than any of the other review levels. For brand new businesses and those which hope to be fiscally responsible, a compilation is a good source of evaluation with a good return on their investment.

Benefits of a Compilation - USE


A quick, efficient review of the financial status for a company can be completed with a compilation. Also, compilations are utilized instead of an audit or review for a simple change in accounting methods or for loan applications to some financial institutions.

Contact the experts at Bloch, Rothman, and Associates who can provide a compilation for your business or personal situation in addition to answering any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options which may be suitable for your needs. A full detailed review of your financial or tax situation can be completed in addition to resolution issues. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and potential tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation.
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Deductions Your Denver Tax Specialist Can Use


October 24, 2018

Taxes consist of more than end of year forms provided from your employer to show how much an individual earned during the course of a year. There are numerous layers to any tax return and almost everyone’s is going to differ but a few key considerations can assist you in lowering your taxable income. Deductions provide the method and often occur throughout the year as opposed to happening during one designated time period.

For this reason it is important to keep a list of all potential deductions associated to your tax return during the course of the year. By maintaining a record of different payments and contributions, in addition to the required documentation, both filing out your return and the potential for decreasing your taxable income increase in ease and efficiency.

It also helps to remind tax payers about what took place during the past year which may not have been remembered otherwise. While the potential to make an amendment exists, it is better to ensure your taxes are prepared correctly and with all of the necessary documentation prior to filing the first time.

Following is a list and brief explanation of a few potential deductions which should be tracked.

Charitable Contributions


Donations, both monetary and otherwise, need to be recorded and depending on the amount or value - proper documentation will also be required. For any such giving involving amounts higher that $250, either a receipt or specific details of the donation must be included as evidence of the gift.

Many places which receive charitable donations are familiar with the tax implications and can provide you with necessary documentation for warranting a gift. The important thing is to remember both the amount or value and keep track of it as the year transpires. Multiple gifts to the same agency which total over the $250 amount can be difficult to track without the necessary paperwork.

Non-Reimbursed Expenses


There are a number of deductible medical and work-related expenses which can be taken if not reimbursed by an individual’s insurance, employer, or another method. These out-of-pocket payments can assist in reducing the taxable income.

Paid Taxes


Both real estate and owner tax on vehicle registration, in addition to your prior year’s preparation fees have the potential to be deductions. These payments are made directly associated with tax implications and can be especially beneficial to small business owners - especially the tax preparation fee deduction.

Come see the experts at Bloch, Rothman, and Associates who will provide you with a complete list of potential deductions, review your specific tax blueprint, and answer any questions regarding individual or business income taxes. Are associates also can assist with a variety of potentially different bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for a free, no obligation consultation.

 
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Denver Accounting Firm Reveals Bookkeeper Program Options


October 10, 2018

Keeping up with invoices, bills, payments, checks, accounts, and payroll can be an overwhelming task for any business owner, especially first-time entrepreneurs. Organizing the paperwork for implementing this process and administering all of the necessary applications for sufficient and accurate execution are vital to the bookkeeping process and a necessary building block for a business to be successful.

Electing to provide the individual responsible for this measure a program for assistance can help to alleviate any issues which may arise in the future. This service may also be distributed to a third-party for completion or executed by the hired individual and then correlated by the professional service before completion of the tax return.

Each of the following programs offer differing pros and cons for bookkeeping purposes and can be used to help simplify the overall process. 

Quickbooks


There are multiple benefits of having Quickbooks, including ease of use and a wide array of different applications. Probably the most widely accepted and used program, Quickbooks has a storied history of satisfied customers and clients. 

Freshbooks


Freshbooks is similar to Quickbooks, offering the same type of options for business owners. Known for their ease of invoicing and tracking payments from multiple clients, recurring and one-time, the Freshbooks program holds an advantage for small business owners who have multiple invoices to keep up.

Xero


Another bookkeeping program offering assistance to individuals, Xero is better designed for Mac users. This program operates using the cloud, storing information and allowing individuals to access their information remotely from any location with wifi access.

Zoho Books


One of the best accounting software programs for micro businesses, Zoho Books has a competitive price point while offering similar services as their counterparts. The low price with a useful but stripped down version of bookkeeping makes this program a solid choice for many business owners.

Wave Accounting


A free option which may be suitable for your business depending on the type and use, Wave Accounting is an online program with payment options. Many of the useful tools are offered free of charge with fees applied depending on the extent to which the application is used.

The accounting and tax experts at Bloch, Rothman, and Associates are ready to assist you with determining which program would be best suited for your business or to take over your bookkeeping needs completely. Our highly trained associates can help ensure that you not only receive the best service possible but also end up with a tool that is going to be useful both at the point of necessity and when comparing entries and pulling data for tax purposes. Known for providing expert advice and financial assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of other accounting, tax, and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in any other tax area our staff is ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.
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Payment Options for Your Denver Tax Return


October 3, 2018

The deadline for filing a tax return for which you have asked for an extension is approaching on October 15, 2018. Individuals often file an extension if they have a complicated return involving multiple income sources, stocks, bonds, or are shareholders for a certain organization. While anyone is eligible to submit an extension application, few realize the added time is for filing only and not an extension of time to pay. 

If you believe or are aware taxes will be owed to the Internal Revenue Service (IRS) for the previous year then this amount must accompany your request for an extension. If not, it is likely the penalties and interest accrued between the filing time and once the actual payment is applied will begin and be added onto the initial amount. If you find yourself in this situation or simply cannot owe the due amount at any point - when first filed or prior to the extension deadline, then one of these different options for a deferred payment may be appropriate.

Short-term Extension to Pay


One extension and payment option involves receiving an additional 120-days in order to pay due taxes. This request can now be made online by filling out a Payment Agreement Application to see if you qualify for a delayed payment.

Using this method, individuals will often continue to accrue any appropriate penalties and interest associated with the delay but it puts everyone on the same page in understanding the situation is not being ignored and will be properly addressed.

In some cases, the IRS will waive penalties for certain individuals who have suffered an unforeseen hardship or other qualifying reason causing the delayed payment. This requires a separate form to be submitted.

Installment Plan


The IRS will accept payments submitted on a regular schedule for amounts owed less than $50,000. While there is a one-time fee ($105) to have an installment plan created, it provides a repayment schedule and allows individuals an opportunity to track their tax payment as it is applied.

One big advantage of theIRS installment agreement is that a person can extend the payment of their amount due over the course of 72-months instead of immediately or with just the 120 day extension.

Offer in Compromise


A last resort for people in serious tax debt, the offer in compromise is an agreement reached between the IRS and party in question to settle an amount owed for less than originally due. This step also requires a filing fee ($186) and may be rejected for numerous reasons. 

Rarely will this be a step to which the IRS is in agreement but there are rare instances where this method would apply. 

The accounting and tax experts at Bloch, Rothman, and Associates are ready to assist you with any filing requirements or discuss an individual situation where money may be due but cannot be afforded at this time. Our highly trained associates can help ensure that you not only receive the best service possible but also pay only the appropriate and required amounts for your individual or business income taxes. Known for providing expert advice and financial assistance, the professional staff at Bloch, Rothman, and Associates can also help with a variety of other accounting, bookkeeping and payroll options on an individual or business level. Whether you need an explanation for a random tax form, are potentially in need of appropriate representation in tax court, or could use help in any other tax area our staff is ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.
 
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