Denver Tax Return Corrections
June 10, 2020
Filing taxes can be a stressful time for individuals. Depending on the complexity of your return, ensuring that you have each and every figure correct can have critical results. Not only could a mistake cost you money, but leaving out certain items could also cause you to not be getting the refund to which you are entitled. For many people, turning their finances and yearly spending over to someone else for submission is the desired method, but even professional services can sometimes make mistakes. Regardless of how you file, finding someone you trust and an organization which places multiple sets of eyes on a single return will help to make certain that you benefit from the best possible outcome.
The most common tax filing mistakes involve everything from electing how you file to putting an improper name. While most of this confusion is the result of individuals getting married during the preceding year, there are also a few numbers which may be misconstrued as well. In the event that you find a mistake, knowing what steps to take next could help save you time and money in the future.
Correction
If an error has been made on a previously filed return, then reporting it yourself is best. To do so, individuals must fill out an amended tax return. While not as complex as the original, the 1040-X paperwork is used to show which return was submitted in error, the changes, and discrepancies in both the original and new figures.
Submission
At this time, amended returns may only be filed using the paper form and mailed to the corresponding Internal Revenue Service (IRS) office. Typically, changes can only be made within three years of the original filing date for a return. For most, this indicates corrections within each of the three preceding years are eligible to be made.Â
Results
Once submitted, returns are usually processed within a few weeks and corrections noted with appropriate action taken. If you owe money, this should be submitted along with the 1040-X form or paid online. Should a refund be due, then the IRS will issue a check accordingly.
If you notice a mistake, wish to have someone else take a look at your recent returns, 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!
Â
Read More...
The most common tax filing mistakes involve everything from electing how you file to putting an improper name. While most of this confusion is the result of individuals getting married during the preceding year, there are also a few numbers which may be misconstrued as well. In the event that you find a mistake, knowing what steps to take next could help save you time and money in the future.
Correction
If an error has been made on a previously filed return, then reporting it yourself is best. To do so, individuals must fill out an amended tax return. While not as complex as the original, the 1040-X paperwork is used to show which return was submitted in error, the changes, and discrepancies in both the original and new figures.
Submission
At this time, amended returns may only be filed using the paper form and mailed to the corresponding Internal Revenue Service (IRS) office. Typically, changes can only be made within three years of the original filing date for a return. For most, this indicates corrections within each of the three preceding years are eligible to be made.Â
Results
Once submitted, returns are usually processed within a few weeks and corrections noted with appropriate action taken. If you owe money, this should be submitted along with the 1040-X form or paid online. Should a refund be due, then the IRS will issue a check accordingly.
If you notice a mistake, wish to have someone else take a look at your recent returns, 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!
Â
Denver Accounting Firm Can Optimize Your Business Finances
May 29, 2020
No matter the size of your business, receiving quality accounting services is an essential part to maintaining sustainability and profitability within any industry. Regardless of your current situation, having the ability to focus on operations without worrying about finances can also assist in allowing your business to thrive. Provided the information being received and budgets followed are in line with the perceived trajectory of your practices, a quality foundation can be built on which the entire process can build from now and into the future.
While there are a few indicators that it may be time to outsource accounting for your small business, electing to begin with this option is also helpful. By being involved from the beginning, a better understanding of the business model, cash flow, cost analysis, and other measures can be developed in real time instead of having to backlog information. In either case, it often proves more beneficial to outsource accounting practices for many of the following reasons.
Payroll
One of the biggest expenses for any company, having the same people cover payroll responsibilities, in addition to your daily books can provide a better overall picture for the health of your business. Not only can the tracking of income and expenditures be easily followed, but any unforeseen expenses may also be immediately handled in the correct way.
Taxes
Along with payroll comes taxes. While everyone is aware of the annual tax return which must be submitted, there are also quarterly or weekly - depending on the amount of payroll being expended, taxes due to both the federal and state entities. A basic knowledge of this process will aid in running your business but allowing a third-party to handle the specifics can be beneficial
Tax Return
Once it comes time for that annual return to be filed, if the same people have handled your business practices for the past twelve months, then all of the necessary information should be readily available with only a few minor adjustments.
Reports
Additionally, any mid-year or quarterly reports which can display the profit/loss or other measures for your company can be found at the push of a button. Even though you may be trusting your finances to a third-party, it doesn’t mean you're uninformed and in fact, may be better prepared without having to spend your time on generating useful information.
Once you’re ready to begin focusing on the business and not the paperwork, 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!
Â
Read More...
While there are a few indicators that it may be time to outsource accounting for your small business, electing to begin with this option is also helpful. By being involved from the beginning, a better understanding of the business model, cash flow, cost analysis, and other measures can be developed in real time instead of having to backlog information. In either case, it often proves more beneficial to outsource accounting practices for many of the following reasons.
Payroll
One of the biggest expenses for any company, having the same people cover payroll responsibilities, in addition to your daily books can provide a better overall picture for the health of your business. Not only can the tracking of income and expenditures be easily followed, but any unforeseen expenses may also be immediately handled in the correct way.
Taxes
Along with payroll comes taxes. While everyone is aware of the annual tax return which must be submitted, there are also quarterly or weekly - depending on the amount of payroll being expended, taxes due to both the federal and state entities. A basic knowledge of this process will aid in running your business but allowing a third-party to handle the specifics can be beneficial
Tax Return
Once it comes time for that annual return to be filed, if the same people have handled your business practices for the past twelve months, then all of the necessary information should be readily available with only a few minor adjustments.
Reports
Additionally, any mid-year or quarterly reports which can display the profit/loss or other measures for your company can be found at the push of a button. Even though you may be trusting your finances to a third-party, it doesn’t mean you're uninformed and in fact, may be better prepared without having to spend your time on generating useful information.
Once you’re ready to begin focusing on the business and not the paperwork, 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!
Â
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!
Â
Read More...
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!
Â
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.Â
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!
Â
Read More...
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.Â
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!
Â
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.Â
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!
Â
Read More...
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.Â
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!
Â