Latest News on Denver Accounting & Taxes

Most every adult in the United States is responsible for filing their taxes on an annual basis. This fact, combined with the amount of information being shared and an uneasiness about reporting everything correctly, creates the perfect storm for individuals looking to profit off a scam. Advances in technology have helped to protect taxpayers, but the same growth has also boosted capabilities for those hoping to take advantage of others. Computer and phone hacks to access information have provided criminals an opportunity to create situations which can cause a victim to feel uneasy and panic - resulting in funds being incorrectly transferred. Today, even voice software is being used to mimic someone you may actually know.

Consumers lost $5.8 billion to fraud last year and the numbers have continuously been rising. In order to remain protected, please know the Internal Revenue Service (IRS) does not initiate contact with any individual via the phone as a primary source. Mostly all correspondence regarding your tax return or any filings will take place via the US Postal Service with a letter or notice of any discrepancy. However, that hasn’t kept those looking to rip you off from attempting a variety of different methods, hoping to find their next victim.
Phone Call

Many individuals comply with a requestors phone call looking to confirm account information or receive funds when the person on the other end knows specific details of your filings or profession. While many can avoid being a victim when there are general requests being issued, things do get tricky should the person bring up a next of kin, refund amount, or actual on-going issue with the IRS. However, if you haven’t requested a phone call from an agent, the best thing to do is not comply and seek professional assistance.

Phishing Email

Scammers are also now utilizing phishing emails in order to gain access to a person’s device or for gathering further information. These emails may initially appear to be from a reliable source, but again, if you haven’t had any correspondence with the IRS, then an email is never going to be their first method of contact.

Text Alert

It didn’t take long for these fraud activities to target mobile phone devices. Since many people now receive a variety of information via text, while also carrying tons of information on their mobile phone, it makes sense hackers would attempt to infiltrate these personal devices via a messaging service. Be sure to report any unusual activity and avoid clicking on links or responding to unknown sources.

Action

Seeking the help of a tax professional should be one of the first actions taken if you believe a scammer has attempted to take advantage of your situation. Ultimately, law enforcement may need to be involved, but knowing how to avoid a scam and who should be in correspondence with the IRS - if needed - can help to avoid having your information and bank account compromised. 

If you need assistance with any potential fraud schemes or unsolicited contact, are in need of filing a tax return, or have any other tax related questions 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 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!
 

It’s hard to believe but 2022 is already more than halfway over. Before too long, temperatures will begin to cool as fall arrives and then the holiday season takes over. As the calendar flips, tax season will almost immediately be in full swing as individuals begin getting their affairs in order for another return filing. However, before it sneaks up on you, there are plenty of steps people can take in order to get a head start on their return for next year.

Processing over 260 million Federal tax returns last year, the Internal Revenue Service works to resolve each in a timely manner. By getting ahead of the game, individuals can also be prepared when the time comes to begin filing and may even be able to make mid-year adjustments which could help either increase a refund or reduce any amount owed. While each individual's scenario is different, there are a few mid-year tips for all to consider.    

Review Withholdings

Depending on your prior year results, if there has been no change to your income, then a review of your withholdings may not be necessary. However, if you weren’t having enough tax withheld and ended up owing tax, making a change mid-year can assist in this area. In addition, if you’ve received a pay increase or cut, the new taxable amount could warrant making an adjustment in order to ensure there are no surprises when it comes time to file.

Required Minimum Distribution Check

Depending on your age and when you were born, certain retirement plans may require you to begin taking distributions during the year. If so, ensuring the amounts are correct - since they change annually - is important, in addition to making any necessary adjustments. While these distributions are required, taking a look at any voluntary withdrawals midyear can also assist in planning for the next tax season.

Check Your Status

Marriage, divorce, death, and certain other life events can all have an impact on your filing status from one year to the next. If the first half of this year has resulted in any of the above, then your next tax return may be filed under a different status than the last. Understanding how this could have an impact on your return and other factors throughout the remainder of the year is important and helpful information to review before tax time.

Review Current Tax Return

If an extension was filed back in the spring, then reviewing your return preparation and ensuring everything is in line prior to the October deadline is extremely important. In the event your return was filed, then reviewing it for any potential changes that have taken place in the given year can be a wise move in order to prepare for filing the next return. 

If you need any assistance to review a current tax situation, are in need of filing a personal or business tax return, or have any other tax related questions 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 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!
 

Running your own business can be an especially rewarding experience but keeping everything functioning in the black will make or break a company. Regardless of the type of services or products being offered, understanding how to effectively and efficiently manage their output is critical to success. These intricacies are not only especially important but they also can have a tremendous impact on the businesses bottom line, making finances a key component and measurable success criteria for any business.

There are numerous benefits to outsourcing bookkeeping operations and accounting services in order to help your business. Often the entrepreneur has ideas and expertise in other areas while attempting to also learn these financial methods to assist. However, there are options available offering professional assistance and while it may seem difficult to give up some control, the outcome may keep your business in operation instead of fighting to stay relevant. Understanding these benefits along with differences between bookkeeping and accounting roles can help owners make the best decision for their business.

Accountant

Accounting practices are especially important, and while these individuals may not be financial advisors, they can offer insight and projections based on findings relevant to current production. Being able to analyze financial figures and offer suggestions, especially as an independent third-party, can be especially helpful for business owners.

Bookkeeper

The bookkeeper is responsible for entering all figures associated with the finances into the program of choice. In addition, these individuals typically assist with payroll and other clerical duties but aren’t involved in the analysis or projections associated with the income, expenses, or operational budgets. 

Outsourcing

Outsourcing one or both of these tasks to an independent party can provide business owners with a unique perspective to their finances while also freeing up any time and effort which was previously spent on these tasks. 

One Role

As an owner, choosing the best path forward for your company is critical to success and it may be that only one of these two extremely important roles should be provided to an outside organization. If so, it is usually the accounting practices which see a departure prior to any bookkeeping aspects.

Two Roles

However, there are accounting services which also offer bookkeeping roles and putting all of these services under one roof can also aid in providing quick and efficient financial reports when needed.

If you need assistance determining which steps are needed in order to provide the best plan, are in need of filing a business tax return, or have any other tax related questions 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 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!
 

Tax season may range from only late January to mid-April for many Americans, but there are those who could still be sending in their returns. If you have an extension, then tax paperwork isn’t due until mid-October but that doesn’t keep life from happening around you. In the event you endure any life-changing event, then it could be that your tax return will be impacted for the forthcoming year.

It’s important to remember, taxes are filed in the current year for any income or other impactful occurrences from the year prior. It is here where taxpayers may take note of any major life changing events which could have an impact on their taxes. Planning is year round and individuals should be aware of these critical life events which may have an impact on their tax filing status or return.

 

Getting Married

If at any point during the year you are married - even New Year’s Eve - then next year’s filing must either be together or with a married filing individual status. For those who may be engaged, remember to consider the tax implications prior to setting a date for tying the knot. 

 

Loss of A Spouse

If you are married, but unfortunately lose a significant other during the year then it is likely to trigger a filing status change. Just as when getting married made most jump from filing individually to a joint return, death can cause the opposite.

 

Getting A Divorce

Likewise, if a couple has been filing jointly for some time while married then getting a divorce can also have an impact on your return. The allocation of any dependents can also come into play when having to file a return following a divorce.

 

Gaining A Child

Adding to your family will also cause a change from any previously filed returns. Having a dependent can trigger certain credits and potential deductions which can help to reduce the amount of tax owed on any earnings throughout the year.

 

Income Change

Finally, if you’ve recently changed jobs, been awarded a promotion, or lost work, then an income variance may be in order from last year’s tax return. Depending on other factors, the changes may be obvious or far less noticeable but being able to understand how more or less taxable income being reported could have an impact is important.

If ready to file your taxes or if you have any other related questions - 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 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!

It’s hard to believe that just a few short months ago, tax season was winding down minus those who filed for an extension. While a majority of individuals elect to send in their returns prior to the well known April 15 deadline, those who did not have the paperwork ready to file could receive a six month extension by requesting such action during the initial period. However, for most individuals the focus now turns to the next filing season at some point around mid-year which is fast approaching.

Being able to prepare for the upcoming tax filing season ahead of time can be especially beneficial. By ensuring you are prepped and ready, the tax season frustration many experience may be a bit easier to navigate than preceding filings. By starting early, taxpayers can ensure they are taking all of the appropriate steps to ensure a smooth filing when the time arrives.  
 

Review

Before beginning to prepare for the next tax season, the present presents a great opportunity for reviewing your past filing. Depending on your personal situation, the differences may be extreme or non-existent but understanding how your current situation may impact next year’s filing compared to the last can help you prepare.
 

Hire

If you don’t currently have a preferred tax preparer, then summer may be the best time to find one. Not only will potential suitors not be covered with timely returns, but you also typically aren’t facing any personal deadlines. Taking your time to find the right fit for your situation and filing, could pay off in the long run.
 

Withholding

Depending on the results from your previous filing, a change to your withholdings may be warranted. If you haven’t made such a move, then the mid-year time period presents a grand opportunity to reap the benefits of an adjustment to the withholding category for any upcoming payments.

 

Plan

Finally, now is the perfect time to create a plan moving forward. If you suspect the tax results from a prior year’s filing may be dramatically different due to either a filing status change, income revision, or retirement finances, then making adjustments now could help to avoid a bit of “sticker shock” when the return is filed next year.

If ready to capitalize on the multiple benefits of having professional tax assistance for your business or personal needs, are needing to file a return, or have any other tax related questions 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 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!