Latest News on Denver Accounting & Taxes

Starting a business can be an exciting time but hiring employees can come with a few different obstacles. Not only is ensuring you are getting quality and reliable people ready to represent your brand important but once you take on employees there are also other requirements to complete. Reporting new hires is commonplace for many businesses but setting up payroll and determining a rate of pay fitting of the current budget is often a tricky task.

In addition, numerous other questions must be answered once a payroll process is initiated. The payroll issues which could arise will not only take away time from expanding your business but also can be difficult to remedy due to the nature of the information being discussed. For this reason, many companies outsource their payroll responsibilities, to circumvent any such occurrences.

Pay Type

One of the first questions to answer when considering adding employees is whether or not these individuals will be paid hourly or on salary. While some jobs are also commission-based, how employees will earn their money is ultimately going to determine how their time is spent. Those on salary may accrue PTO (paid time off), while hourly employees will simply be paid for their time spent on the job.

Pay Rate

Next, the rate of pay becomes integral to the payroll process. Not only is this important for the employees but it will also determine how often time records need to be reported, in addition to the number of payrolls processed and checks distributed. The most common frequencies are once a month, every two weeks, or at the end of every week. 

Payroll Taxes

Certain forms are required for employees to complete to determine tax withholdings based on their pay. In addition, these set the limits as the individual(s) completing payroll will need to know exactly how much tax should be taken from an employee’s check and also paid/reported to the Internal Revenue Service (IRS). Payroll software programs can help to calculate these figures but timely payments and yearly W-2 or 1099 forms are the responsibility of business owners.

If you’re ready to start a new payroll or need help with an existing account, 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 of helping clients with any 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 several 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!

Tax filing season is upon us and for many, this means turning in their returns to quickly receive a due refund. Although there have been some changes to the traditional filing limitations, specifically the standard deduction, these have now been in place for a while, and barring any immediate changes, individuals who received a refund can typically expect to get a similar amount as last year from their return.However, if withholdings have been updated or filers are subject to any event which could have an impact on their return, then the results may differ.

There are different taxable events but if this past year was similar to the one prior then expectations are a similar return can be expected. If you have paid the same amount of money throughout the year and a refund was generated last year, then a similar amount can be anticipated for a comparable return. For many who are in this situation, filing as soon as the Internal Revenue Service (IRS) begins accepting returns is common practice to quickly receive money owed. However, this year for individuals who have certain tax credits, refunds are being delayed until at least February 22, no matter the original submission date.

Filing Date

Taxes must be filed before the April 15 deadline unless an extension is submitted but for those anticipating a sizable refund, they typically file much sooner. Returns began to be received during the last week of January but those who have both Earned Income Tax Credits (EITC) and Additional Child Tax Credit (ACTC) can expect a delay on their money.

Earned Income Tax Credit

The EITC applies to low or moderate-income families, particularly those who have children. Used to help balance the impact of taxes on income generated throughout the year, this helps to offset an individual’s earnings. However, if someone qualifies, then their refund is delayed by law and not issued by the IRS until later on in the tax season.

Additional Child Tax Credit

Likewise, those who qualify for the ACTC are facing a similar delay. The ACTC applies to filers who have children under the age of 17 and is a credit applied for every child on the return. This 2020 tax credit is available to individuals or married couples but refunds for this particular incentive are also being delayed. Expectations are both will begin to be distributed during the last week of February, regardless of how early any filings were submitted. 

Once you’re ready to file a return or if you need help determining exactly which status to select, 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 to 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 of helping clients with any 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 several 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!

Owning a business involves much more than generating new ideas or finding ways to execute certain products and services. Once you have established yourself, getting everything in line to not only grow your organization but create a sustainable practice is critical. In doing so, there will be opportunities for outsourcing certain components. These decisions can be difficult for business owners who may not want to part with certain aspects of the very thing they have created but there are situations where this can be extremely beneficial.

Many outsourcing-related business ideas should be considered to potentially take your company to the next level. One of the most prevalent involves bookkeeping, which has multiple benefits when using an outside service to keep track of your financial records. Consider each of these positives associated with choosing to utilize an outside practice for your record-keeping and financial tracking needs.

Money

Spending more money to have someone else track and record your finances may initially seem like a bad investment. However, doing so can save your business money, in addition to other quality factors. By outsourcing bookkeeping tasks, a company can save money because the amount is typically less than paying any full-time employee.

Time

Depending on the size of your business, bookkeeping requirements may be your responsibility. Instead of having to take time away from other key factors and those ideas that initially presented the opportunity to start a company, consider letting an outside organization handle these actions to save you both time and money.

Bias

When bookkeeping methods are kept in-house, they may be biased or deviated from based on a commitment or loyalty felt for the company responsible for the person’s employment. A guaranteed way to avoid these types of conflicts would be to grant an outside agency the opportunity to run numbers and provide a quality overview without any insider influence.

Consistency

In addition to being capable of providing a unique perspective, outside organizations can also keep the work completed consistently. If your bookkeeping duties are kept within the company and that person either finds new employment or leaves for any other reason, finding a replacement can require a considerable amount of work. Outside sources will likely always have someone familiar with your business and able to complete the work at any given time.

If you require bookkeeping responsibilities 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 of helping clients with any 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 several 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 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!
 

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!