Latest News on Denver Accounting & Taxes

Denver Accounting Firm Payroll for Remote Employees


May 14, 2020

As a business owner, one of the most important components of your operation involves payroll. Not only is this a major expense but the lifeblood behind operations are the employees responsible for completing the necessary work. When housed in the same facility, keeping up with hours, rates, vacation time, and other essentials associated with determining payroll is much easier than handling payroll for those who may work remotely. As telework and video conferencing grows out of necessity, an ability to handle any issues for these types of employees is critical.

Remote work statistics show that this type of employment is increasing. Both out of necessity and a shift to more online businesses, understanding a few of the basics about the type of employees you hire and exactly how their status is determined can aid in processing payroll. Third-party providers and professional businesses are also available to help remove the task of weekly, bi-weekly, or monthly payroll from your plate of responsibilities in order to let you focus on running the business.

Type
There are multiple types of employees in the workforce which must be accommodated for in terms of payroll. Depending on if you hire part-time, seasonal, full time, or volunteer individuals, each will have a different pay scale and tax implications. In addition, the determination must be made between independent contractors, who receive a 1099 form and those who will get W-2 paperwork for being salaried or hourly employees.

Location
Another important fact in deciphering exactly what each individual will earn and bring home, is their location. Even though you and the business headquarters may be located in one area, the individual working for your may reside elsewhere. If this is in a different state, then provisions must be made in order to pay tax in that location as well.

Rate
Rates of pay or the amount in which employees earn will also fluctuate depending on their status. Independent contractors may be paid based on the completion of certain projects whereas those who receive salary will be compensated on an entirely different scale. Managing each, in addition to keeping up with remote employees can increase the time spent on payroll for your business.

Pay Date
The pay date is also important when managing remote employees and must be taken into consideration. If checks are to be mailed, then accounting for the time of travel via the postal service must be accounted for in order to assure employees are paid on time. Direct deposit options can assist in ensuring all employees receive their funds in a timely manner, but this also increases the responsibility of the employer to ensure all paperwork is submitted to make certain the process is carried out in a timely manner.

Once you’re ready to begin payroll processing, need assistance in setting it up, or have any other tax related questions, then let the tax 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 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 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 Coronavirus Extension Impacts and Answers


May 6, 2020

The coronavirus creating a global pandemic has resulted in numerous changes for Americans across the country. From work or a personal standpoint the impacts have been unexpected and in some cases - extremely devastating. In an effort to ease the resulting economic burden, federal stimulus packages have been issued and changes made to the ongoing tax season - which has been extended.

Internal Revenue Service (IRS) operations during COVID-19 continue as individuals are requested to file their returns - especially if a refund is expected. Many people were originally on pace for an expected filing prior to the well known April 15 deadline but the coronavirus has significantly impacted businesses and travel. While some accounting and tax offices remain open, there is no doubt the 2020 filing season has been unlike any of its predecessors.

Filing Date
April 15 is a noticeable date for many individuals. Typically, always the date taxes and payments are due for the preceding filing period, the coronavirus impact caused federal authorities to extend the initial filing period. Now scheduled for July 15, federal taxes and payments can be submitted until this point without penalty. 

State Requirements
While a majority of states also extended their filing periods to match the federal program, some remain different. Individuals should check with their corresponding state authorities in order to determine exactly what the requirements are for their individual and business returns.

Payment Dues
In similar fashion, all federal payments have been granted the initial three month extension but state requirements may differ. For example, Colorado state income tax interest payments have been waived from the original date until the new July 15 deadline.

Extensions
For federal filings, every individual is automatically granted this initial extension until the new July 15 deadline without having to submit any forms or paperwork. If a formal tax extension is needed then the request must be filed prior to the new deadline and extends the period for three additional months - October 15. Remember, this is only an extension to file and any monies owed must be submitted prior to the July due date.

Once you’re ready to file a tax return in Denver, if you need help determining exactly what needs to be submitted when, or are in search of answers to any other tax related questions, let the tax 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 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 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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Coronavirus Stimulus Check Impacts on Denver Tax Return


April 24, 2020

How exactly the economy rebounds from being placed on an unprecedented hault remains to be seen but one thing is already apparent. The impact of the coronavirus across not only the United States but around the globe has been enormous. From not only a health and medical perspective, but the inability of millions of workers unable to continue in their respective positions has placed many individuals into situations for which no one could have been prepared.

In an effort to help ease the burden and stress associated with statewide stay at home and shelter in place orders, the federal government initiated a plan for distribution payments to qualifying citizens. Deemed ‘Economic Impact Payments’ by the Internal Revenue Service, this assistance is backed by good intention but many are left wondering if they will have to report the payment as income when filing their 2020 tax return.

Stimulus Check Qualification Amounts
Income limits and filing status, either based on this year’s tax return or last year (if not filed yet) are the biggest factors concerning eligibility. In addition, recipients must also be United States citizens and not claimed on anyone else’s return.

Tax Impact
It appears the Economic Impact Payments will not impact tax filings for this calendar year. Since the distribution isn’t being classified as income, then individuals shouldn’t have to worry about having to set aside part of the payment in order to account for tax being withheld once they file a 2020 return next tax season.

Filing Dates
Individuals who are expecting a refund from their tax returns this year are still encouraged to file as soon as possible in order to receive additional funds to help during this economic downturn. For everyone, the IRS extended filing dates - typically April 15 - until July 15 for this year.

When Will It Arrive?
Some stimulus checks have already been rolled out and the potential for another round still exists, however, if you haven’t yet received a payment either by direct deposit or mailed check, the IRS has developed a tool for tracking the receipt. 

Once you’re ready to file a return, if you need help determining exactly what needs to be submitted when, or are in search of answers to any other tax related questions, let the tax 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 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 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 Specialist Reveal Coronavirus Scams to Avoid


April 17, 2020

The ongoing global pandemic and outbreak of coronavirus (Covid-19) has undoubtedly impacted lives of people all across the globe. Originating in China before spreading to other areas of the world, the impacts have been far reaching and left many in America and elsewhere worried about their current financial situation. For all citizens of the United States, this outbreak occurred right in the middle of tax season - one of the most stressful times of the year for some individuals.

Being able to lower your tax season stress level doesn’t come easy - especially in the midst of a global virus outbreak that has rendered many people jobless and facing uncertain futures. Unfortunately, there are some individuals who wish to capitalize on these crazy times but understanding a few basics can help to ease the burden from fake advertisements or scammers looking to take advantage of an unfortunate situation.

E-Mail Scams
Unless you have initiated contact, the Internal Revenue Service (IRS) only reaches out to consumers, initially, via the postal service. If you should receive an email in regards to taxes, owing a certain amount, paying past dues, or attempting to insinuate some type of funds transfer in regards to Covid-19 impacts, check the source and contact a professional tax service organization before proceeding.

Phone Scams
Along those same lines, deceiving phone calls rank among the scams to watch out for in 2020. Similar to email attempts, this unwanted solicitation and attempts to deceive individuals should be closely monitored and reported if on the receiving end of any such notification. 

Tax Filing Scams
The IRS and Treasury Department extended filing deadlines until July 15 from the original April 15 date. While this move was made in response to Covid-19, many scam acts are being associated with this declaration. No paperwork is needed in order to adhere to the new filing date, so any attempts to acquire sensitive information based on this premises should also be avoided.

Once you’re ready to file a return or if you need help determining exactly what information is legitimate while potentially needing answers to any other tax related questions, let the tax professionals in Denver at Bloch Rothman and Associates assist you today. In addition to providing answers for your 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 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 Complete - What Comes Next?


April 9, 2020

Filing taxes is a required act for a majority of Americans. However, just because individuals understand they must report income and then either receive a refund or pay more to the federal government, state, or both - it doesn’t necessarily mean they know why, how, or what should be done once the paperwork is complete. Typically receiving assistance in completing a tax return, filers gain a general understanding of what to expect in terms of an end result but most are basing this off of their own historical results.

This year, the filing deadline has been pushed back to July 15 from the normal April 15 date. Moving the date serves multiple purposes and the extension of time for all individuals and corporate returns is a welcome reprieve, especially given the current global situation. For many who are expecting a refund, getting their return filed and money back as soon as possible could be extremely helpful. So once the return is complete, what are the next steps?

Tax Return Status
After you have a provider submit your return the immediate next step is to ensure that it has been accepted by the Internal Revenue Service (IRS). Depending on the number of returns currently being processed this may take some time but typically a notification is returned within 30 minutes or sooner.

Tax Refund Status
After submission, individuals and families who are receiving a refund will want to know when this money is coming. Fortunately, the IRS has a tool designed for tracking the status of a return. By providing some information, anyone can see exactly where their return and refund are in the process.

Plans/Payments
Finally, if you owe then preparing to make the payment (before July 15 this year) due is next. Filing early can provide much needed time to generate the funds due, if needed. In addition, if you are receiving a sizable refund, setting a plan or utilizing the funds in a tax associated manner can be derived.

If you are in need of personal help or assistance for your business 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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