Review our recent accounting, tax, audit, and other insights
Highlighting important news in accounting
Changes to DOL’s Voluntary Fiduciary Correction Program
Denver retirement plan fiduciaries who want to take advantage of the Employee Plan Compliance Resolution System will soon have more opportunities.
Form 1099-K Updates for 2023
In a reversal from earlier guidance, the IRS recently announced a delay in the lower $600 reporting threshold for Form 1099-K for the 2022 tax year. regulations.
Employer Provisions in the SECURE Act 2.0
On December 29th, President Biden signed the Consolidated Appropriations Act of 2023. Although primarily a spending bill that funds the federal government for the year, it did include important retirement plan reforms.
December 2022 – Year Tax Planning
The tax year 2022 continues the recent trend of challenges and changes to the tax landscape. Most of the COVID-19-related provisions have expired.
Colorado FAMLI Registration Deadline Approaching
In November 2020, Proposition 118 was approved by voters. It created the Family and Medical Leave Insurance (FAMLI) program which ensures all workers have access to paid sick leave.
It’s Not Too Late to Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) may have expired for most businesses more than a year ago, but there’s still time to file a claim.
Colorado SALT Parity Update
Colorado’s Department of Revenue (CDOR) is now allowing Denver partnerships and S corporations to make an election into the SALT Parity Act for the 2022 tax year when filing their 2022 income tax return.
2022 Fall Tax Highlights
When the actual expense method is used for deducting the business use of a vehicle, the cost of the vehicle is depreciated under MACRS using a 5-year recovery period.
Inflation Reduction Act: 179D and 45L Updates
Called the largest climate bill in U.S. history, the Inflation Reduction Act (IRA) seeks to lower the federal deficit through investments in clean energy and healthcare.