Latest News on Denver Accounting & Taxes

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!
 

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!
 

As COVID-19 continues to spread across the globe the reach of this pandemic and its implications on not only those who become infected, but economies, and countries around the world remains largely unknown. While scientists, doctors, and all medical professionals are gaining knowledge daily about potential ways to slow down the spread, it will undoubtedly take time for a return to a somewhat normal state as things were before this pandemic hit.

Already, almost everyone has at least had their lives impacted in some way by the virus. Whether by dealing with work stoppages, new social distancing techniques, or in the most unfortunate of circumstances - personally knowing someone infected or worse, deceased - it’s grasp over the population has been difficult for the public and leadership to control. Adding to the list of changes, modifications, and this evolving timeline is the extension of filing times and payment for taxes by the U.S. Treasury and Internal Revenue Service (IRS). 

New Deadline - July 15

As most people are aware, historically the filing deadline for taxes is April 15. By this point either returns must be submitted or an extension applied for in order to receive a six month reprieve on turning in the paperwork associated with a return. While this does provide more time, it is not an extension to pay - any monies owed are still due by April 15 in a typical scenario.

However, due to the impacts of COVID-19 across America, this year the deadline has been extended until July 15 for both federal and Colorado state filings - three additional months. Nothing is required to submit and the government is waiving payments, penalties, and interest until this date. The deferred end date will hopefully allow those who may be quarantined or under a ‘shelter in place’ order to have time to file.

Corporations

The original filing date for partnerships and S-Corp entities passed on March 16. However, those businesses who file C-corp returns also fall into the new delayed tax date for filing. In addition, identical to individual returns, the due date for any money owed is also pushed back until the July 15 date.

Refunds

Currently, the IRS is still continually processing returns and any due refunds should not be delayed at this time.

If you are in need of tax assistance in Denver or need help filing a business or personal 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!
 

Tax filing season is upon us and individuals everywhere are in the process of filling out the appropriate paperwork required for their specific returns. Whether an individual, family of six or even anywhere below or beyond, each person who has earned income over the past year is required to report their earnings and amount of taxes paid. Doing so then either results in subjects receiving a refund due to having paid too much in during the course of the preceding year or owing more money to the federal or state governments.

The filing season officially opened on January 27 and returns must be submitted prior to the April 15 deadline, unless submitting an extension. For many, the changes from year to year are minimal but recent revisions to the tax code, as is common practice with new administrations, continue for this year. One of the most significant changes which continues to apply, has been the increase in standard deduction rates across the board.
Single - $12,400

Individuals who have no other tax burdens other than themselves are subject to the standard deduction rate for single filers. This limit ($12,400) applies to the amount which may be utilized to reduce a person’s tax burden.
Married Filing Jointly - $24,800

Those who are married and filing together receive an appropriate amount of double that for individuals. While the option to itemize a return exists, thanks to the raised general assignment allowable, many people can save time by simply electing to utilize the new standard rate.
Married Filing Separately - $12,400

Some reasons exist for married filing separately and persons who fall into these categories can receive the same standard deduction as individuals. While there may be other differences to their filing status and potential deductions, the standard deduction amount applies in similar fashion to individuals.
Head of Household - $18,650

If filing as Head of Household, a person receives a slight boost to their standard deduction rate. Increased to $18,650 for these individuals, there are certain criteria for utilizing the Head of Household status on a tax return.

If you’re ready to file a return or need help determining exactly which standard deduction rate may apply to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your filing status 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!
 

Death and taxes. The two things people commonly refer to as being inevitable parts of life and understanding the reasoning behind each can often be difficult. However, there are a few ways to lessen the burden of the latter and those who are able to take advantage of some potential deductions, credits, or both can lower their current tax imprint. No matter your filing status, ensure you have counted on each of these potential devices in order to pay exactly what may be owed and nothing more.

The standard deduction has been raised significantly in recent years, advocating for even more individuals and couples who are filing to utilize this measure. Doing so not only reduces the amount of paperwork individuals need to keep up with throughout the calendar year but also serves to benefit a majority of Americans. While there are a few instances where itemizing a return can be helpful, given the timely increases, most of those who are filing will be better served by administering these preset amounts. 

Tax Deductions
Tax deductions are a way to lower the overall amount of income for which taxes are due. Common tax deductions include charitable contributions, medical or long-term care expenses, property taxes, and contributions toward a retirement fund.

These deductions are used to lower the amount of taxable income which is reported and are seemingly opposite of credits by the manner to which they are applied.

Tax Credits
Tax credits are amounts which may apply directly to your refund depending on type. There are both refundable tax credit applications and those which are regulated as non-refundable. The difference here is refundable credits can actually increase an individual’s refund, whereas those of the non-refundable variety may only serve to decrease a person's tax liabilities.

Common credits include the Earned Income Tax Credit and Child Tax Credit, which both qualify as refundable options. Some non-refundable credits which may apply to certain individual returns include an Adoption, Lifelong Learning, or Mortgage Interest credits - among others which may be applied in conjunction or as a stand alone item. While these particular adjustments may not result in a sizable refund, they still help to reduce the tax liability of those individuals who qualify for their use.

If you’re ready to file a return or need help determining exactly which potential credits and deductions may apply to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your deduction or credit 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!