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Highlighting important news in accounting
Worker Quality A Top Concern for Construction Companies
While the Colorado construction market is expected to slow, many are still anticipating increased demand in the labor markets for various sectors. The Cumming Market Analysis offers important data including where demand will increase.
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Tax Incentives Extended for 2020
Through the closing weeks of 2019, many Denver business owners were focused on wrapping up year-end items, assessing performance, refining goals and setting new benchmarks. Many were focused on analyzing the company’s expenses, revenues and overall financial position to create the budget for 2020.
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IRS Finalizes New Hardship Distribution Rules
Denver companies that offer 401(k), 403(b) and other retirement plans will soon be required to comply with new hardship distribution rules. In September, the IRS issued final regulations which make it easier for plan participants to receive such distributions when the need arises.
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Questions to Ask Before Purchasing a Denver Medical Practice
Incorporating a practice that already exists in your own operations can be tricky. You will need to spend money upfront transitioning the target’s patients into your electronic systems.
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DOL Issues Final Overtime Rules
Dedicated employees who commit to working hard to complete a project, meet increased production demands and drive innovation should be rewarded. In addition to their base compensation, other benefits such as retirement plans, health, dental and year-end bonuses are often given. The Department of Labor (DOL) recently issued, Final Rule – Overtime Update, which will impact Denver area employers.
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Tax Saving Opportunity for Denver Businesses
As year-end quickly approaches, many Colorado businesses are investigating opportunities to take advantage of tax-saving strategies to reduce tax liabilities. Since the passage of the Tax Cuts and Jobs Act of 2017 (tax reform), and lowering of the overall corporate tax rate, many of the traditional tax credits and deductions have been phased-out. This has left many searching for incentives to leverage to optimize their tax position.
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Depreciation Rule Changes Mean Additional Opportunity
The Tax Cuts and Jobs Act of 2017 (tax reform) ushered significant changes to the tax code to make it easier to navigate and less complex. Since the close of the 2018 tax season, many Denver businesses have been looking more closely at these modifications to see how to enhance their savings.
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Rental Real Estate Enterprise Guidance Finalized
Specifically, rental real estate companies were unsure how, and if, the deduction could be applied to their business. Unfortunately, the law did not specify whether rental real estate activity would be considered a trade or business that would qualify for the deduction.
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Employee Parking Expense Deduction Disallowance
The Tax Cuts and Jobs Act of 2017 (tax reform) resulted in many changes designed to make the tax code easier to understand, compliance less complex and reduce overall business taxes.
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