Latest News on Denver Accounting & Taxes

Owning a business can be an extremely rewarding position. Not only are you likely living what was once just a dream, but being your own boss can also be extremely liberating. The problem is this position also comes with a large amount of responsibility. Depending on the size of your company, there may be employees and other critical tasks which must be regulated in order to ensure the enterprise remains successful. Managing to balance each of these features takes skill as owners should always be on the lookout for ways to enhance their experience.

The perks of owning a small business are plenty but knowing how to actively manage the budget will ensure longevity for any business. By understanding how the bottom line impacts productivity, business owners are constantly being forced to make decisions which will determine the trajectory of their company. By implementing a few cost saving measures, individuals can ensure they are implementing the best practices to keep their venture on a path to success.

Go Electronic

One of the best practices any business can put into place is moving from paper hardcopies of documents to electronic files. Not only will this reduce costs associated with office supplies, paper, ink, and cartridge toner but it also has capabilities to make the organization run a bit more smoothly.

Go Remote

One of the biggest associated costs for any business is maintaining office and/or retail space. Depending on the type of company you own, this may be an expendable expense. Remote work and learning during the last few years forced many businesses to adapt on the fly, but one key takeaway from these practices was the ability of many business practices to be executed away from the office. By continuing this model, owners can dramatically reduce their costs associated with owning real estate.

Outsource

Being able to outsource many business practices, instead of housing these ideas internally can also help to eliminate unnecessary expenses. In fact, there are plenty of factors which can be utilized through an outside agency as opposed to having them handled with employees.

Review

Finally, business owners should always periodically review their expenses and ensure the best cost saving practices are being executed. By consistently reviewing any business model, individuals can ensure they are operating in the most efficient manner possible.

Ready to analyze spending associated with your small business? Let the tax and accounting professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all 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!

The tax filing deadline has passed for those who did not request an extension, meaning many individuals and those who filed otherwise have likely already either submitted the required payment owed or received their refund. However, there are a number of different circumstances which may require an amended return. These situations result when a correction or change is needed from the previous submission and can warrant either an additional refund or amount owed depending on the impending results.

If you made a mistake on your taxes the Internal Revenue Service (IRS) will likely flag the account and delay any processing, provided the error is either mathematical or a failed form submission. However, there are other certain instances which may not be as noticeable and must be amended by the taxpayer. These and a few other reasons make up some of the top instances when an amended tax return needs to be filed.

Additional Income Not Reported (W-2, 1099)

The IRS may not initially catch any extra income which was not first reported, but once the appropriate forms are received from the payer this will be remedied. However, in the interim, if you receive a non-reported or corrected W-2, 1099, or other form showing income, then an amended return is warranted. 

Incorrect Filing Status

In the event you filed with an incorrect status, then an amended tax return will be necessary. While it may seem inconceivable someone would submit a return under the wrong status, remember marriage and Head of Household rules can both make things a bit tricky. In addition, it could be that two individuals realized a Married Filing Jointly (or Separately) return may have a positive impact on the end result of their return.

Incorrect Dependent Claim

Incorrectly claiming a dependent could also be the cause of an amended return. Especially in scenarios where parental units are separated but share custody of a child, then who claims the dependent can become a gray area. While a court order may exist to help clear the air, there are still plenty of times when a child or elderly adult may be incorrectly reported on a tax return. If this happens, an amended return becomes necessary.

Internal Revenue Service (IRS) Rule Change

The IRS is constantly changing rules, regulations, and requirements for different credits, deductions, or other associated tax return features. Especially after a change in leadership, this reform seems to always be a next step for political parties. Given an amended return may be filed up to three years after the initial submission, any resulting modifications may impact a previously filed return. 

Once you think an amended return may be needed, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, 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!

Starting a small business can be an extremely rewarding experience. Being the individual responsible for growing something from the ground up can not only have an impact on your life, but - depending on the business - the lives of many other individuals. From potential employees to developing products people use each and every day, the results can truly be astonishing. However, not every start-up is guaranteed to be a success, it takes hard work, dedication, and often a little bit of luck to find success.

Unfortunately, one of the biggest reasons small businesses fail is tied to financial management. As with anything else, it takes money in order to make things work and missteps can prove to be detrimental but there are a few key tips for small business owners to follow in order to put themselves in a good situation.

Professional Assistance

One of the most important steps a business owner can take is seeking professional assistance to aid in the management of their finances. Being one of the key indicators for success, knowing you are getting the absolute best help available can be critical to success.

Separate Finances

Keeping the business’ money separate from personal finances is also extremely important. Even though some items may appear to blur the lines between each, keeping firm while managing both is in the best interest of all involved parties. 

Tracking

Part of managing this separation of funds involves great detail in tracking. Not only can this aid in knowing how and why your money is being spent, but having precise results can provide important information and help shape the future of your company.

Planning

Planning for the future is also a key to success. By having a long-term plan, owners can ensure they remain on track to achieve their goals while building a strong foundation for anything and everything down the road.

Tax

Don’t get wrapped up in the day-to-day operations or immediate successes and forget about tax time. Depending on the size of your company, there may be different dates for various reports due other than the traditional April 15 tax deadline (i.e. payroll reports, etc.).

If unsure how you’ll get by keeping up with starting a business and managing its finances, are needing to file a personal or business 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!

Checking the mail is a daily routine task for many individuals, but it can surprisingly be filled with a variety of emotions. Looking for that package you ordered? Happy it arrived safely. Received a birthday card filled with a few bucks in the mailbox - excited about the unexpected boost to your pocketbook. Got another bill? Cue being upset or angry, maybe even both. However, imagine you open up the mailbox and receive a letter from the Internal Revenue Service. Wheels immediately begin to turn as you attempt to think about the possible contents inside.

As you open it up and see that an audit has been arranged for your tax return, that sinking and depressed feeling may turn to panic. No one wants to have their finances or tax returns examined closely due to the possibility of having to pay more in taxes owed. Even those who file on time and have no intention of attempting to cheat the system may feel some increased anxiety when put on notice. Audit counts have fallen significantly in recent years but the odds you may be required to compete one of the four types of audits are far from zero. Should you find yourself in a similar situation, consider a few tips in order to prepare and get through the upcoming process.

Positive Attitude

Although it may be difficult, maintaining a positive attitude about the audit and a friendly, cooperative demeanor with the IRS agent is important. Remember, it was not he or she who selected you, they are simply attempting to confirm that all of the information reported is accurate.

Delay

Time is on your side and many audits may be delayed for some period. This not only allows for you to gather thoughts, collect, and organize records but it also opens a window of opportunity for seeking some guidance and assistance.

Learn

Attempt to learn from the process and avoid any future mistakes. Even if the discrepancies don’t result in any more funds being owed, take note of the recommendations provided by the agent and attempt to put them to use where applicable.
Focus

Always maintain your focus and try not to ramble when providing answers to any questions. Doing so could open up the door for more questions or lead the agent to look at something which may or may not have been on their radar. Never lie, but answer only the questions you are asked directly.
Interaction

Expect there to be a significant amount of back and forth between you and the agent. As he or she gathers information, it will sometimes warrant the collection of data or asking for proof of certain expenses and documentation is key. If this backup information isn’t readily available, ask for time to provide the necessary items. This may then lead to other information being needed, so any audit is rarely a short process.

Professional assistance can make the entire audit process easier to understand and the tax experts at Bloch Rothman and Associates are willing to 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!

The general public often associates accounting with checks and balances or tax filings but the truth of the matter is there is so much more to the practice. Depending on its application, the type of accounting methodology necessary for deciphering the figures available varies considerably. While many of these different areas combine similar practices, the details of each make administering the appropriate branch of accounting key to its completion.

Accrual Accounting and Cash Basis Accounting are the two main modes of operation but these are not to be confused with the various styles and applications. Each of the different methods will utilize one of the two modes but each situation will determine which branch of accounting should be implemented for the desired results.

Corporate Accounting

Business practices associated with the financial records are all utilized in corporate accounting. Tracking cash flow and creating reports for upper management to make decisions about the direction and financial future of an entity are all part of this accounting practice.

Cost Accounting

Similar to corporate accounting but with a specific focus, cost accounting captures the overall price of production and manufacturing. Able to be used for determining future purchases and where cost saving initiatives may be applied, cost accounting is an essential operation for businesses of any size.

Governmental Accounting

Civil responsibilities and duties are actively calculated in governmental accounting. Typically the results of these practices help provide values to various types of funds which may be associated with different projects.

Tax Accounting

One of the main areas many associate with accounting in general, this particular method deals with the preparation, filing, and payments associated with all taxes. From quarterly estimates to annual business/individual returns and everything in between, this is a common area of accounting.

Public Accounting

While not all accountants hold a CPA (Certified Public Accountant) license, those dealing with the public nomenclature will. Typically associated with a firm who handles the accounting practices for both individuals and businesses, public accounting casts a wide net capturing a variety of different applications.

Forensic Accounting

Forensic Accounting is usually associated with some type of inquiry into the practices of either an individual or business. These types of activities are used to analyze the monetary actions of a subject and may involve criminal activities such as fraud, tax evasion, or theft.

If you’re in an accounting situation and needing guidance, 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!