Latest News on Denver Accounting & Taxes

Denver Tax Return Revised Due Dates


June 17, 2021

Tax filing season continues this year even as the usual April 15 deadline has passed. Due to the ongoing coronavirus pandemic and a backlog of returns continually piling up at the Internal Revenue Service (IRS), the federal government extended the timeline for filing this year without any penalty. A similar move was made last year when the tax season deadline was pushed back an additional three months and hoping to aid citizens while assisting the IRS in processing returns, similar action was recently implemented. However, citizens should be aware of the changes and their impact on specific filing dates.

Even in normal years there are pros and cons to filing an extension and a granted extra few months can help those who need to organize their information. There are often various circumstances which possibly impact the tax filing window causing individuals to need an extension. As everyone’s situation is unique, the circumstances surrounding individual filings can differ. This year, an automatic extension has been applied but the details should be examined so no filing deadlines, tax payments, or submission of your return is missed.

New Due Date

The new tax filing date for individual returns is currently May 17, signaling a one-month automatic extension for federal return filing. Currently, only the additional month delay applies as there will likely not be any more time granted this season.

Extended Option

For residents of Colorado, income tax due dates have been automatically pushed back to October 15. Similar to the federal return added month, there is no formal filing needed in order to receive the extra time as it is administered automatically.

Tax Due

Even with the automatic extensions, tax payment due dates can still be a little tricky. These apply only to the filing of a return and not any tax owed (if applicable). Should you owe taxes for either a federal or state return, it should be paid by the new May 17 deadline in order to avoid having a penalty applied. In addition, for those individuals who submit quarterly tax payments, the first installment remains due on its typical April 15 date.

Formal Extension

Although it doesn’t apply to any payments on tax, a formal extension for submitting federal returns can still be turned in prior to the May 17 deadline. If accepted, individual taxpayers will be granted until October 15 in order to file their return. This coincides with the already scheduled Colorado state tax return due date.

If you’re ready to file a return or need help determining exactly when payments are due or refunds may be sent, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your tax questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service.

If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
 
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Denver Tax Return Extension Filing Misconceptions


June 10, 2021


The bulk of tax season is finally winding down after being extended beyond a normal mid-April deadline for the second straight year. Due to a backlog of returns being sorted by the Internal Revenue Service (IRS) and restrictions imposed because of the coronavirus, filing for the last two years has been considerably different than what many taxpayers and accountants have typically dealt with in the past. The automatic additional time may be viewed as a bonus but for many the need to file a formal extension remains.

Getting an extension of time to file your tax return is considerably more commonplace than most individuals believe. However, due to its name there are a few misconceptions surrounding the practice. Remember, if you are in need of additional time, there is an option but each individual’s unique tax situation will ultimately determine if filing an extension is the appropriate course of action.

Filing

Extension or not, a filing is still required by the IRS determined due date - May 17 this year (2021). An electronic submission can be executed and, if accepted, gives taxpayers additional time in order to file their tax return paperwork.

Extra Time

For individuals, an accepted extension grants them six more months to submit their return. However, this date remains in line with April’s normal filing deadline even though the due date falls in May this year - extension returns are due by October 15.

Payment

Probably the biggest misconception is that filing for an extension gives taxpayers additional time to submit their payments, however, this is untrue. An extension applies only to the paperwork associated with a return and payments must be submitted by the original due date in order to avoid any penalties and interest. Even if your return remains incomplete, an approximate amount should be turned in with the extension filing to help offset any difference once the return is completed.

Refund

If you’re expecting a refund, then filing an extension without payment is okay because only the refund to you is going to be delayed. Once your return is filed, then any amounts owed will be released and returned following receipt of your completed return.

Should you need help determining if an extension is appropriate for your situation, are in search of answers to tax related questions, or have any other tax issue then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other situations like dealing with owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
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Denver Tax Return: Paper Filing Scenarios Explained


June 2, 2021

For a vast majority of individuals, e-filing a tax return is the easiest, safest, and quickest way possible to submit your information. Not only do you eliminate potential processing delays associated with the postal service but you also know almost immediately whether or not your tax return has been accepted. This is not only the preferred method for filing services but also the Internal Revenue Service (IRS), however, there are certain situations which warrant submitting a paper return.

An abundance of paper returns recently filed swamped the IRS and has some current refunds taking a long time this year. The office closures associated with the coronavirus are mostly to blame but in certain situations, taxpayers have no choice but to file a paper return. In each of these scenarios, the return must be printed, signed, and mailed accordingly.

Amended Return

There are a number of different reasons individuals may file an amended return but no matter the cause, it must be paper filed. If you missed a potential credit, are correcting an error, or for any other reason, the change after an initial submission must be entered in paper form.

E-File Shutdown

Each year the IRS shuts down their e-filing system in order to prepare for the upcoming tax season. While this typically occurs when individuals are no longer submitting returns, if you can’t wait for the filing window to reopen, then a paper return could be mailed. Remember, this typically would only apply to those individuals who missed a deadline because any amendments must already be paper filed.

Electronic Rejection

In the event that your tax return is continually rejected by the e-filing system, a paper return should be submitted. This helps to validate that a return was filed on your behalf and potentially reveal any reasoning associated with the inability to file electronically. Just remember, filing a paper return can be significantly delayed when compared with submitting returns electronically.

If you’re ready or in need of potentially filing a paper return, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing quality tax and payroll services, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have.

Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
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Denver Tax Resolution Services Offer Solutions


May 21, 2021

Receiving mail from the Internal Revenue Service (IRS) can be a disheartening experience even before you may know what it entails. However, if you suspect there has been some issue regarding tax payments either recently or in the past, you can be certain it will be addressed at some point. Even as the IRS deals with a tremendous backlog of returns, the scrutiny of individuals' filings should always be expected and any red flags will be addressed in due time.

If you become the subject of an audit or are simply facing a tax bill which seems insurmountable, there are services available to assist. Getting the correct information processed and dealing with professionals can really help to eliminate much of the stress associated with your particular situation. Fear of legal prosecution always heightens the angst of a tax predicament but fewer people are going to jail due to tax related issues. If you have received notice of some action related to your return, other tax situation, or wish to make an attempt prior to being discovered then seeking a resolution service may be beneficial.

Consultation

An initial review of your situation and any correspondence from the IRS can help both parties as a plan of action is implemented to resolve the issues. This also can aid individuals as they learn about what potential penalties may be associated with their errors and how exactly utilizing a professional service will benefit them.

Communication

Communicating with the IRS can be an extremely time consuming process. From letter exchanges to phone contacts and wait times, the average individual typically doesn’t want to deal with all of this hassle. In addition, most people have never dealt with the IRS so having someone in your corner with experience and expertise can really help to even the playing field.

Plan

Developing a plan of action in order to remedy any issues with the least possible legal impact is obviously the goal. By creating a guide for the upcoming course of action, many individuals immediately breathe a sigh of relief knowing that steps are now going to be made in the right direction.

Execution

Execution of the plan will put you back on a path to financial stability. From securing payment delays, payment plans, or an offer in compromise, moving forward and addressing the tax matters are usually best for all involved parties. 

If you are in need of tax resolution services or filing assistance for your personal or business return then let the tax and accounting experts at Bloch Rothman and Associates assist you or your business today. They can take care of multiple issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have.

Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
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Denver Tax Return - Midseason Report


May 13, 2021

It’s hard to believe the initial tax filing season is already more than halfway over. Every year, individuals across the country get together all of the required paperwork in order to submit their tax returns and depending on if you are generally expecting a return or owe the Internal Revenue Service (IRS), this can be a stressful time for many individuals, including tax preparers.

The IRS opened its 2020 season for individual filers on January 27 this year and everyone has until April 15 in order to submit either a completed return or extension. In addition, any amended returns from previous years must also be completed provided they fall into the appropriate range and qualify with an intended purpose for the amendment.

Calendar

Given the IRS began accepting returns with just five days remaining in January, the tax season is 80 days long this year. Some upcoming important dates on the filing calendar include not only the April 15 deadline but also October 15. Provided an extension is filed by the original deadline, taxpayers are given an extra six months in order to file their return for the preceding year. However, this does not indicate an extension in time to submit a payment. If you suspect owing money then this amount must be turned in along with the extension before the middle of April.

Refund Tracking

With nearly half of the filing season complete, the average return for taxpayers has been about $3,100 this year. Due to many individuals hoping to gather a refund and putting this money to another use, most people elect to file within the initial period. As the season progresses, refund amounts have increased. Typically, most people can expect their refund to be returned within at least three weeks of the filing date. If you haven’t received it by this point, then there are other measures which can help to ease your mind. A “Where’s My Refund?” tool is available to individuals on the IRS website for tracking purposes but taxpayers must have their social security number, filing status, and exact amount to be returned in order to receive help.

If you are in need of refund help or filing assistance for your personal or business return then let the tax and accounting experts at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have.

Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
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