BiggsKofford

BiggsKofford announces Spring Internship Opportunities–read below for more information:

Dates of Spring intern program: Late January, 2023 to April, 2023

 

Compensation and Location: $24/hour (there will be no compensation for vacation, health or any other employee benefits). Onsite, in-person in our beautiful Colorado Springs offices.

 

Work Hour Expectation: 30 hrs per week with flexibility; possibility to work up to 40 hrs per week. Spring Internship requires working during Spring Break.

 

Post-Internship Hiring: Many of our interns are offered a permanent position as an Associate with our firm after completion of the internship.

 

Intern Requirements:

Individuals at this level normally have a basic understanding of accounting, bookkeeping and/or tax preparation but may not have obtained a college degree that includes a significant concentration of accounting or tax courses. Interns are expected to:

 

  • Become familiar with the firm’s policies and procedures.
  • Have a minimum GPA of 3.30 or higher.
  • Assist our professional staff in performing controllership and bookkeeping services for clients.
  • Assist our professional staff in preparing workpapers, trial balances, depreciation schedules, entering data for computer applications, and preparing engagement correspondence.
  • Assist our professional staff in gathering data for tax return preparation, maintaining our tax library, and maintaining our client tax files.

 

The job of an intern is both challenging and rewarding, and with experience and supervision, individuals at this level can assume many of the responsibilities of associates. However, advancement to higher levels of the professional staff normally will require the completion of a college degree with either a major in accounting or an equivalent number of accounting and business courses.

 

Our Team Members are the single most valuable asset of our firm. You will find an open-door policy that provides you with support, direction, and insight into the field of public accounting.

 

BiggsKofford is located in beautiful Colorado Springs, Colorado. We are the third-largest CPA firm in our city and have been providing professional services to our clients for over 40 years.

Chris Blees, President and CEO of BiggsKofford Certified Public Accountants and BiggsKofford Capital M&A Advisors, today announced that the newly revised Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, 2nd Edition is set to release on or around September 30.

The book provides comprehensive information valuable to anyone involved in mergers, acquisitions, divestitures, and strategic transactions of privately held companies with revenues between $5 and $500 million per year. Blees is joined by additional author-experts Kenneth H. Marks, author of Financing Growth, Michael R. Nall, Founder and CEO of the Alliance of M&A Advisors, and Thomas A. Stewart, former Editor and Managing Director of the Harvard Business Review in the soon-to-be-released book.

Middle Market M&A: Handbook for Advisors, Investors, and Business Owners, 2nd Edition provides insight into market trends, perspectives, and strategies that affect business transactions in every phase of a deal. The handbook additionally includes information about the processes and core subject areas, including valuation, structure, taxation, and due diligence, the elements required to navigate and close transactions in the private capital markets successfully.

Blees explains that Middle Market M&A: Handbook for Advisors, Investors, and Business Owners, 2nd Edition is an invaluable resource for advisors, investors, and business owners.

“This book provides a roadmap of the strategic transactional landscape. It is a practical guide for entrepreneurs and leaders of middle market companies as well as a go-to resource for attorneys, accountants, investment bankers, corporate developers, exit planners, investors, and lenders who advise privately-held businesses.”

Sections in the handbook include discussions of:

  • The evolution and impact of private equity on the middle market landscape
  • The concepts of mergers and acquisitions from an owner’s point of view
  • Ways in which transition and value growth planning can optimize the value owners and investors can realize in transactions
  • New technologies being used in the M&A process

Pre-orders of the handbook can be made through Amazon, Barnes & Noble, Books a Million, and other online retailers. For higher education usage requests, review copies are available.

As the Director and Founder of BiggsKofford Capital, Blees provides investment banking services targeted toward closely held businesses in the middle market. His experience includes navigating transactions such as sales, mergers, recapitalizations, locating debt, equity capital, and due diligence. He previously authored Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, 1st Edition, which sold more than 4,000 copies.

Blees is also President and CEO of  BiggsKofford Certified Public Accountants, with offices in Denver and Colorado Springs, Colorado. BiggsKofford has been a premier CPA firm in Colorado for over 40 years, leading more than 40 professionals working in tax, audit, and consulting. Blees began his career with BiggsKofford in 1994 after graduating from Western Colorado University and quickly became a partner in 1999 at the age of 28. In 2003, he expanded the firm beyond traditional CPA services and launched the firm’s M&A and Investment Banking practice, now operating as BiggsKofford Capital. He has served as Chairman of the Alliance of Merger & Acquisition Advisors (AMAA), and is the lead instructor for the Certified in Merger & Acquisition Advisor (CM&AA) designation taught through Loyola, DePaul, and Pepperdine Universities’ Executive MBA programs, where he coordinates the curriculum, instructors, and testing for the program. He is also active in many professional organizations, including past roles on the board of the Colorado Springs Chamber and EDC, Chairman of the Trustees for Western Colorado University, and co?founder of High Altitude Angel Investors Club.

About BiggsKofford Capital:

BiggsKofford Capital is a boutique investment banking firm that provides tailored M&A advisory services to the middle market companies ranging from $10m – $150m in value. Since 2003, our team of experts has assisted lower middle market clients to navigate over 300 mergers, acquisitions, or sale transactions. The BiggsKofford Capital team takes an individualized approach to each client and situation, realizing that each deal is unique.

BiggsKofford Capital is a division of BiggsKofford CPA firm and its representatives are licensed to offer securities through an independent Broker Dealer.

More information can be found at www.biggskoffordcapital.com

Are you ready to move on to the next chapter and are looking to sell your current business? Selling a business is a complex, multi-step process that can be time-consuming and seem like a hassle at times, but all that effort is well worth it when you find the right person to buy it from you at the right price. But when you don’t know how to sell a business, this can seem like a very daunting task.

Although the sale of every business is just as unique as the business itself, there are certain steps you should always take, tips that will always help, and fundamental aspects of a sale that you can familiarize yourself with. Doing so will make the sale of your business a much smoother process and allow you to maximize its value as well. Consider this your “how to sell a business guide,” where we’ll take you through all the essential knowledge you need to be aware of, from how to value a business for sale and find the right asking price to what you can do to increase the chances of selling it.

How to Value Your Business

Before discussing how to sell a business, we first need to ensure you know the value of what you’ll be putting up for sale. Ideally, you should begin the process of finding out how much your business is worth a year or two before actually attempting to sell it. When determining how to value a business for sale, there are a few different methods you can rely on.

  • Determine the value of your assets by simply totaling up everything your business owns, including equipment and current inventory, and then subtracting any debt or liabilities.
  • With the help of a stockbroker or business broker, calculate how much a typical business in your industry is worth for specific levels of sales.
  • Estimate your businesses’ earnings for the next few years and calculate a P/E (price to earnings) ratio to calculate how much your company could be worth.
  • Perform a discounted cash flow analysis to find the value of present cash flow, project for the future, and then discount that value for an interested buyer today.
  • Consider geographical factors, business synergies, brand image, and other things that can’t be quantified into a number when determining how much you’re asking for your business.

You’ll also want to get a third-party evaluation to make sure the number you came up with is reasonable. A qualified valuation professional can provide a practical estimate of what your business is worth, albeit for a fee of generally $3,000-$7,500.

How to Sell Your Business

Now that we’ve gone over how to value a business for sale, it’s time to discuss how to sell a business and see all of your hard work pay off. This will obviously involve different strategies depending on industry and size, but there are two fundamental parts of selling a business that are universal: cleaning up the financials and increasing sales.

Cleaning up your financials will help make many of the tasks listed above for how to value a business for sale a lot easier, and getting your finances in order will make your business more appealing to potential buyers because that is less work they’ll have to do. Furthermore, one thing you should understand about how to sell a business is that today’s buyers are looking for transparency. Presenting clean financial statements along with business tax returns dating back three to five years and other important information gives potential buyers more information to help them make a decision and shows that there’s nothing shady going on that could turn them off.

Increasing your revenue also makes your business more attractive to potential buyers because most value sales and gross profit records are more important than anything else when determining the viability of a business, and thus their interest in purchasing it. So, do what you can to boost sales, maximize profits, and improve the overall performance of your company. Thankfully, this aspect of how to sell a business shouldn’t be too demanding since you’re already intimately familiar with the industry and the market, meaning you should already know what can be done to increase revenue.

 

BiggsKofford’s Garrett Adams discusses the advantages of IRA conversions:

Now might be the time to take advantage of a traditional to Roth IRA conversion. 2022 has been a financially challenging year for a lot of Americans. Whether you are a small business owner whose business has taken a hit, or the value of your retirement accounts have seen a drop over the last six months, it has been an unpredictable time for many.
While this sounds like all bad news, it can be advantageous for individuals looking to complete a Roth IRA conversion. When you convert your traditional IRA to a Roth IRA, you are going to pay ordinary income tax rates on the dollar value of the conversion. Once in a Roth IRA you will be able to take advantage of tax-free growth.
There are a few variables to consider when planning a Roth conversion, including your potential tax bracket in the year you execute the conversion. If you are expecting your income or tax bracket to be lower than usual, then a Roth conversion might be tax advantageous for you at that time.
On the other hand, if you are expecting a higher tax rate or increased amount of income for the year then it might not be the right time to complete a conversion. Another variable is ensuring that you have enough assets outside of the IRA to cover any potential tax liability that may result due to the conversion.
Overall, Roth IRAs are a great vehicle to help you take advantage of lower current tax brackets. It is never certain what future tax brackets might look like and a Roth IRA helps you reduce that potential tax burden.
Tax planning is very important when it comes to Roth conversions so that you can avoid any unexpected tax bills. Please reach out to us here at BiggsKofford if you have any questions or need some help determining if now is the right time to convert your traditional IRA to a Roth.

Are your employees really employees, or are they actually independent contractors? It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. If you’re a business owner hiring or contracting with other individuals to provide services, consider the following:

  • What degree of control and independence is there in the contractual arrangement? Does your company control or have the right to control what the worker does and how the worker does his or her job?
  • Do you control the business aspects of the worker’s job? This includes considerations like how the worker is paid, whether expenses are reimbursed and who provides tools and supplies.
  • Are there written contracts or employee benefits such as a pension plan and vacation pay, and will the relationship continue? Is the work performed a key aspect of the business?

You need to weigh all factors when determining whether a worker is an independent contractor. The key is to look at your entire relationship and decide the degree or extent of your right to direct and control how he or she works. Document each factor used in coming up with your determination.

For an official ruling, you can file Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding, with the IRS. The agency will then review the facts and circumstances and officially determine the worker’s status. It can take up to six months to get an answer, but at least you’ll feel confident in the determination.

Unsure of status?

If you’re sure the workers in question are independent contractors, have them complete Form W-9, Request for Taxpayer Identification Number and Certification. Keep the W-9 in your files for four years for future reference in case any questions arise. Do not have them submit Form W-4, which is only for employees.

Next, use Form 1099-NEC, Nonemployee Compensation, to report payments of nonemployee compensation. (Form 1099-NEC recently replaced Form 1099-MISC for the payment of independent contractors.) A copy of 1099-NEC must be provided to the independent contractor by Jan. 31 of the year following payment. If you paid more than $600 in a calendar year to a nonemployee, use 1099-NEC to report payments. Send a copy of this form to the IRS as well.

You can file these forms electronically. The Filing Information Returns Electronically, or FIRE, system is set up for financial institutions and others to file information returns. You need software that produces the file in the proper format as required by Publication 1220. FIRE doesn’t provide an electronic fill-in form option.

Working with independent contractors offers flexibility, because you don’t have to set up a new department to get the task done. Contracting doesn’t involve the scads of paperwork that go with hiring an employee, either. And there are fewer payments to the IRS, as you don’t have to match payments of taxes such as Social Security tax or pay unemployment tax. Just make sure not to misclassify an employee as an independent contractor to avoid federal fines and penalties.

Do you collect stamps? Write stories? Craft macramé holders for hanging plants? Are these hobbies or actual businesses? The IRS has weighed in on this: “A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit.” According to the agency, you may engage in hobbies or activities that could turn into a source of income.

However, determining whether that hobby has grown into a business can be confusing. To help simplify things, the IRS has established factors taxpayers must consider when determining whether their activity is a business or a hobby.

These factors are whether:

  • The taxpayer carries out activity in a businesslike manner and maintains complete and accurate books and records.
  • The taxpayer puts time and effort into the activity to show they intend to make it profitable.
  • The taxpayer depends on income from the activity for their livelihood.
    The taxpayer has personal motives for carrying out the activity such as general enjoyment or relaxation.
  • The taxpayer has enough income from other sources to fund the activity.
  • Losses are due to circumstances beyond the taxpayer’s control or are normal for the startup phase of their type of business.
  • There is a change to methods of operation to improve profitability.
  • The taxpayer and his or her adviser have the knowledge needed to carry out the activity as a successful business.
  • The taxpayer was successful in making a profit in similar activities in the past.
  • The activity makes a profit in some years, and how much profit it makes.
  • The taxpayer can expect to make a future profit from the appreciation of the assets used in the activity.
  • All factors, facts and circumstances with respect to the activity must be considered. No one factor is more important than another.

In most situations, the IRS will grant a “safe harbor” and approve an activity as a business if it has turned a profit in at least three of five consecutive years.

What if a taxpayer gets lucky and starts making a profit from an activity that was never intended to do so? The IRS has that covered too: If a taxpayer receives income from an activity that is carried on with no intention of making a profit, the taxpayer must report the income he or she receives.

If you’re not sure about your situation, consult with your qualified BiggsKofford tax professional.

Chris Blees, President and CEO of BiggsKofford CPAs, a leading Colorado accounting firm with offices in Colorado Springs and Denver, today announced that Gabby Walker, Outsourced Accounting Specialist, has joined the organization. BiggsKofford’s Virtual Accounting Solutions Team (VAST) is designed for modern businesses with a fully online, fully remote solution that leverages the latest technologies to maximize efficiency.

Walker brings more than five years of professional accounting expertise with advanced QuickBooks and Excel skills, allowing her to assist privately-held business clients with complete accounting services. Formerly of Mississippi, Walker is enjoying her new home in Colorado with her husband, spending her free time enjoying the outdoors, cooking, and participating in volunteer activities.

“We are grateful to have Gabby as such great addition to our team at BiggsKofford,” stated Chris Blees, President and Chief Executive Officer. Blees continued, “She has already made herself a valued part of our organization in her short time here. She’s been quick to learn the standards and practices that keep BiggsKofford a leader in the industry. Her positive attitude keeps our internal team and her clients appreciative of her efforts every day.”

BiggsKofford is a thriving and growing full-service Colorado CPA firm established in 1982, with strong forward movement in the addition of new clients, leading to the successful recruitment of talented new team members. BiggsKofford’s CPAs are innovative, strategic thinkers who go beyond traditional accounting to provide complete business solutions. Services include outsourced accounting, merger and acquisition consulting, tax services, auditing services, and estate planning. BiggsKofford has expanded to meet the needs of over 500 business owners and entrepreneurs across Colorado’s Front Range.

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report income taxes as well as payroll taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous tax year. Filing deadlines are the last day of January, April, July, and October of any given year.

On the form, you have to account for the following: 

• Wages paid by the company
• Tips that employees reported to the company
• Federal income tax the company withheld from employees’ paychecks
• Employer and employee shares of Social Security and Medicare taxes
• Additional Medicare tax that was withheld from employee paychecks
• Current quarter adjustments to Social Security and Medicare taxes for various items, such as fractions of cents, sick pay, tips, and group-term life insurance
• Qualified small-business tax credit for increasing your company’s research activities

Form 941 tells you how much money you should have remitted or will need to remit to the government to cover your payroll tax responsibilities for the quarter. You may be exempt from filing Form 941 if, for example, you’re a seasonal business that hasn’t had to hire anyone, a business that hires only farm workers, or a company that hires only household employees like maids or nannies.

And there’s one more proviso: If you’re almost certain that you’ll pay $4,000 or less in wages in the coming calendar year, you may choose to submit IRS Form 944 instead, which is designed for very small businesses that report and pay withheld income and payroll taxes once per year instead of quarterly. You’ll need to contact the IRS to get permission before you start using Form 944.

Know your filing details

Should the due date when filing Form 941 fall on a weekend or a holiday, file the form by the next business day. If you’re submitting a payment with your  return, make that clear. Also, identify which quarter you are filing for. If you’ve paid your employment tax deposits in full and on time for the entire quarter being covered by the return, then you have an additional 10 days to file.

Filing Form 941 through the federal e-File system is the fastest way to do so. You can make employment tax deposits electronically and use the Electronic Federal Tax Payment System, or EFTPS, for income tax payments.

Deposit employment taxes monthly or semiweekly. You can do so easily because the IRS has a pay-as-you-go system. It’s a good idea to not wait to pay until you file Form 941. However, you can make your payment along with Form 941 if your total tax for the current quarter is less than $2,500 or if you’re a monthly depositor who owes a small balance of no more than $100 or 2% of the total tax due. It depends on whichever value is greater. If you’ve paid the complete amount, your balance due, as declared on line 14 of Form 941, will be $0.
Some states will ask you to file a state form like Form 941 when reporting income withholdings and employer taxes at the state level. Filing federal and state forms on time avoids penalties, like a 5% to 10% fee on deposits that are more than 16 days late. You will likely accrue interest as well. Filing Form 941 late can lead to a penalty of 5% per month or per partial month, up to a fee of 25% at the most.

For more details on compliance and your particular tax situation, contact your BiggsKofford tax expert.

Many of our business clients use the QuickBooks software to keep track of finances and to gauge performance.  There are two editions of QuickBooks available:  QuickBooks Desktop, which is installed locally on your workstation or server, and QuickBooks Online, which is cloud-based and accessed through a web browser.  Both have advantages and disadvantages.

QuickBooks Desktop is more sophisticated and has more features and thus is better suited for a complex accounting environment.  It has multiple scalable versions and industry-specific versions like contractor, manufacturing, nonprofit, retail, and professional services.  QuickBooks Desktop can do sales orders, whereas QuickBooks Online cannot.  The Desktop version also has more robust reporting.  You must be using the computer where it is installed or have the ability to remotely connect to that computer.  The Desktop edition is purchased with an annual subscription that starts at $350/year for the Pro version.

QuickBooks Online is easier to use for someone not coming from an accounting background and will be best suited for a straightforward small business accounting environment.  The primary advantage is that QuickBooks Online can be accessed from anywhere through a web browser, including by multiple users simultaneously.  However, the web-based nature makes it a bit slower than the desktop version because you must wait for a web page to load each time you change screens.  Another major advantage of QuickBooks Online is that it has much more robust invoicing functions than the desktop edition.  It also allows you to invite your CPA to directly access your books, as opposed to having to deal with a QuickBooks transfer file if you use the desktop edition.  QuickBooks Online has a monthly subscription model that starts at $12.50/month for very basic features, but the most popular set of features will cost $40/month.

Please don’t hesitate to reach out to your contact at BiggsKofford if you have any questions about what edition of QuickBooks is best for you.

As a privately held company, you are not required to prepare and submit financial statement audits. Currently, U.S. government regulators require that only public companies that sell stock or bonds, or companies that are in the process of going public must file audited financial statements. Again, privately held companies do not have to file, which applies both to corporations with closely held stock and to unincorporated businesses, which could be sole proprietorships, partnerships or limited liability companies. But you may want to get an audit anyway.

Indeed, the most important thing for you to know is that there are a number of important benefits for your business and other reasons that justify at least seriously considering adding audits to your financial tool kit, if you haven’t already.

While the government may not require your private company to provide audited financial statements, others may insist on seeing these documents as a matter of best practices. For example, banks or lending parties commonly ask for annual audited financial statements from businesses that apply for loans to ensure that the business is operating on sound financial best practices. Moreover, if you seek to recruit outside investors in a partnership or LLC, those potential partners may insist on reviewing financial statements to acquire reliable information about the business’ condition before making any commitments.

But let’s start at the beginning.

What Are Financial Statement Audits?

A financial statement audit is created when you hire an independent auditor to examine your business entity’s financial statements and accompanying disclosures. The auditor’s report of the results of the examination attests to the fairness of presentation of the financial statements and related disclosures. To be considered audited financial statements, then, they must always be accompanied by the auditor’s report whenever your business issues them to any recipients.

During the audit, the independent examiner reviews both the underlying financial data of the company and the organizational elements in place to prevent fraud and ensure accurate information.

Because of the independently established credibility of the audit process and the resulting statements, your business can receive significant benefits. That’s why many privately held businesses schedule periodic audits to promote ongoing organizational health.

Using GAAP Reporting Will Improve Reliability

If you are seeking to obtain loans or expand your business, or if you are exploring the possibilities of going public, you should decide to employ Generally Accepted Accounting Principles (GAAP) financial reporting. Businesses commonly rely on these trusted principles to generate credible, concise and comprehensible financial information that is necessary for lending institutions and investors to evaluate allocating resources effectively and efficiently.

Additionally, if you ask any of your suppliers to extend a trade credit, especially when it’s for a substantial amount, they will most likely request audited financial statements before they agree to do so.

According to accountingfoundation.org, the credibility provided by GAAP reporting actually helps private companies realize greater flexibility in the types of financing available to them and in the number of investors willing to provide it. Also, because providers appreciate the fundamental qualitative characteristics of GAAP, businesses may also benefit from a lower cost of financing.

If you are seriously considering transitioning from a private to a publicly held corporation, GAAP will also facilitate that conversion. Once you become a public entity, your company will have different ownership, capital structure and investment strategies, along with more accounting resources in combination with limited investor access to management. That’s why your company would immediately need to meet the regulatory requirements in which you are now filing as a public company. For example, that would necessitate submitting GAAP financial statements to the U.S. Securities and Exchange Commission.

Two occurrences have made financial statement audits increasingly common. First, there has been a series of disclosures of fraudulent reporting by major companies. Second, the two primary accounting frameworks, GAAP and International Financial Reporting Standards, have continued to grow more complex.

Other Options

You do have a couple of other options to consider in this process. Of the several types of financial statement examinations available, the full audit is the most expensive. At the opposite end of the choices, a compilation is the least expensive, followed by a review. Because of the higher cost of a full financial statement audit, you may consider downgrading to a review or compilation. However, you must ensure that either of those is acceptable to the intended recipients of the report. Note that the review includes some assurance, although not as much as an audit, and a compilation doesn’t include any assurance.

Publicly held firms pay even more for audits, because the auditors are bound to the much stricter and more rigorous audit standards of the Public Company Accounting Oversight Board (PCAOB), so auditors will then charge those increased costs to their clients.

Six Phases of an Audit

While CPAs customize every audit to address the needs of the individual organization, and there is a wide range of rules and guidance, the overall approach is always the same.

Engagement Acceptance

Auditors must evaluate the risks associated with each audit or engagement. So your independent CPA will inquire about special circumstances with your business, as well as the integrity of management and any pending lawsuits before they even initiate an audit. The auditor also evaluates the staffing necessary to complete the auditing engagement. Part of that evaluation requires them to confirm that those staff members are able to maintain an independent viewpoint. Once all of those elements are in place and the auditor accepts the project, they then send out an engagement letter to the client that details the timing, responsibility and cost of the audit.

Audit Planning

To prepare correctly for a financial statement audit, the auditor must perform adequate planning. This process will vary, depending on the size and complexity of a company. The auditor must evaluate and develop an understanding of the entity’s business, market and particular industry. Among the tasks involved, they must perform trend and ratio analyses, document the business’ process of internal control, and assess the risk of a misstatement in the company’s financial statements. Once the auditor completes the planning stage, they can inform you, the client, of the timing and extent of audit testing they anticipate for the project.

Audit Tests

When the auditor arrives to work at your offices to perform the fieldwork portion of the process, they will complete the financial data tests. As one component of that testing, for instance, the CPA will choose a random sample of disbursements to ensure that the checks are payable to the correct vendor and include the correct amount to be paid. Further, that test includes a review of the invoices for those disbursements to check whether the vendors are real and the expenses were categorized appropriately. The results of the planning process will also impact the selection of financial statement accounts tests the auditor performs.

The CPA will choose a random sample of disbursements to ensure that the checks are payable to the correct vendor and include the correct amount to be paid.

Account Analysis

The account analysis portion of the process features the auditor checking to ensure that financial statement account balances are supported by underlying documentation and analysis. Also during this stage, the CPA will evaluate the results of all tests, review management’s responses to questions and record audit-adjusting journal entries. Last, the auditor will apply GAAP to perform additional research, along with documenting reasons for significant yearly changes in accounts.

Reporting

When they issue their report, CPAs include an opinion as to whether the financial statements were completed in accordance with U.S. GAAP protocols. In this stage, the auditor usually includes a draft of the basic financial statements and notes for the organization’s management. Should they find any weaknesses in the business’s internal control process, they will issue a report about those as well.

Summation

Upon completion, the CPA will keep all of the important documentation pertaining to the audit for future account analysis, but also in the event that any lawsuits are filed regarding the reported amounts. The auditor will also obtain management’s signatures to confirm the accuracy of the information reported in the financial statements.

Although the financial statement audit process can be involved and expensive, the return on your investment will be well worth it, because they will enhance your ability to acquire loans, possible investors and additional resources that you need to grow your business.

My name is Wyatt Kent and I am a rising senior accounting major. I attend Samford University in Birmingham, Alabama, where I have lived my entire life. I have two previous busy seasons in tax and am very excited to have my first experience in audit this summer. Outside of the office, I enjoy hiking, biking, kayaking, running, and the guitar.

Why BiggsKofford

I chose BiggsKofford because I wanted to be a part of a firm that felt like home despite being across the country from my own. I could tell from my first interactions with my interviewers that everyone here has a lighthearted and friendly attitude, and this affirmed my decision to come so far for a job opportunity. In addition to that, I am drawn to the more finance-related aspects of accounting, which BiggsKofford deals heavily in.

First Day

My first day consisted of meeting a majority of the team members, training in a few concepts, and filing a lot of paperwork to HR. I did not expect to have the opportunity to sit and talk with the head of the firm That meant a lot to me, as this is not a typical meeting on your first day as an intern at any given company. The next day, the interns were immediately placed at client sites to start shadowing and observing as associates and partners conducted audits and spoke with controllers. I know that at BiggsKofford, I am being given the opportunity to see a broad range of aspects in auditing that I wouldn’t otherwise be afforded. I am very much looking forward to seeing and learning as much as I can about this profession, this city, and this local economy. I feel very confident and secure in my decision to move to Colorado Springs and work for BiggsKofford and am excited to see what the rest of the summer holds.

The Colorado Secure Savings Program, set to begin in 2023, requires any company with five or more employees that does not already offer a retirement program, to enroll. Employees can opt-out or reduce their contributions.

The state’s goal is to provide retirement coverage to more than 40% of privately employed individuals who do not have retirement savings. If employers chose the Colorado Secure Savings Program over a private retirement plan, the program would coordinate with existing organizations to increase financial education and awareness in the state.

Proponents of the savings program highlighted benefits: 

Workers will have an easy and accessible way to save for their future

• Workers are automatically enrolled via their employer and may opt out if they choose

• Program Board will set contribution rate for payroll deduction

• Workers will have investment options within their IRAs

Accountability for employers and employees: 

• Professionally managed, with oversight by Board chaired by the State Treasurer

• Board is bound by fiduciary duty

• All matters impacting the Program are debated in public with ample opportunity for stakeholder input

The Program will provide a high-quality, competitive option for workers. 

• Low fees for plan administration

• Easy to use platform

• Low obligation for workers

Self-employed and 1099 individuals have the option to participate as well.

What if I already offer my employees a retirement plan?

• Great!  No action needed on your part

What if I do not wish to participate?

• If you have at least five employees and you do not want to participate in this plan then your company should establish a separate retirement plan option outside of the State program.  Companies’ legal liabilities are limited to refusing to participate in the plan when they don’t already offer another, and that carries fines.  These fines have not yet been defined.

Upcoming Dates

July 2022: Rules are finalized

October 2022: Pilot program launches

2023: Enrollment begins

Please contact your BiggsKofford professional for more information

Who I am:

I am Michael Walter Matthews, I graduated from STEM School Highlands Ranch, and I am currently a senior at Western Colorado University. I have no professional or internship experience, so I am very excited to be starting this up. I snowboard during the winter, and I do whatever gets me outside during spring/summer. I am also a part of the e-sports organization at WCU (competitive video games) and I lift to balance that out. I am originally from Millersville, Maryland but I moved out to Colorado in 2009 and have lived here ever since.

Why I chose BiggsKofford:

I chose BiggsKofford for several reasons, the first of many being that there was a meet and greet that WCU was invited to in the fall of 2021, and it seemed like a very nontraditional CPA firm from the start. Once I learned of the core values of the firm, such as interdependence, I knew this was my top choice for an internship even though I lived an hour away. This firm seemed extraordinarily hardworking and honest, along with having a great team. Rather than assisting only one partner for the duration of the internship, I can work with the entire firm and that’s what makes BiggsKofford great.

Details on what my first two days were like:

On the first day, Wyatt and I were introduced to what a typical Monday would look like for the audit team. We sat in on the audit department meeting, which was a very laid-back experience, while also very helpful. After, we were able to attend 3 hours of CPE and were able to get essentially a confirmation on how friendly and hardworking everybody is. We were then able to meet with Chris, discuss the core values of the firm, and then got set up with our “buddies,” Bridgett and Connor.

On the second day, I went to a client site for an audit which was a brand-new experience for me. Members of the team were able to give me offline work along with letting me shadow them to learn how an actual audit is performed. Despite the issues of me not being able to access the shared the documents, it was overall a great learning experience, and it was great to meet audit team members in a working environment.

Description of what I think my culminating internship week will be like:

I believe that my culminating internship week will be more learning how to be a productive member of an audit team. Hopefully I will be able to get my VPN set up and be able to help at client sites in the future.

Overall, I am extremely excited to have a professional experience and I hope that I can make this into a career into the future.

 

COLORADO SPRINGS, Colorado–June 6, 2022 – Chris Blees, President and CEO of BiggsKofford, Certified Public Accountant, a leading Colorado accounting and professional advisory firm with offices in Colorado Springs and Denver, today announced that longtime firm Partner Greg Papineau will officially retire on June 7, 2022.  After a professional career that has spanned over 43 years, the last 23 with BiggsKofford, of providing his passion for accounting and his expertise in the profession to many clients and industries and mentoring numerous firm associates, Papineau’s next role in life will be expanding his role as a Permanent Deacon for the Diocese of Colorado Springs.  In addition, Greg plans on traveling, playing more golf, hiking, and cycling, and spending time with his family and three granddaughters.

Papineau began his career with a large West Coast CPA firm before moving to Colorado Springs and joining BiggsKofford in 1999.  After joining BiggsKofford, Papineau brought his expertise in serving nonprofit organizations and developed that niche into one of the leading nonprofit CPA firms in Colorado Springs.  In addition, Papineau began serving physicians and today the Firm’s physician practice is one of the largest practice segments within BiggsKofford.

Blees, President and CEO of BiggsKofford, praises Papineau by remarking the he is “a good CPA, a good partner, and a good friend.  But he is so much more.  He’s also been one of the most recognizable ‘faces’ of BiggsKofford in the community.  His passion and service extends well beyond our firm and even our clients.”

As one of our Firm’s Partners, Papineau’s signature practices include his passion in serving his clients and his entrepreneurial approach to accounting, tax and management expertise and making a significant contribution when steering the Firm’s directional course.  BiggsKofford supports many community programs, and Papineau made sure to be a leading figure in all efforts over more than two decades.

“Greg has participated in many community-wide events and has worked with countless nonprofit boards throughout our community.  Greg epitomizes what it truly means to be a Servant Leader, “ adds Blees.

Outside of the accounting world, Papineau has kept his schedule full over the years.  Currently, Greg serves on the Mount St. Francis Nursing Center Board as its Chairman and is the Treasure of the Penrose St. Francis Health Foundation.  Prior community and Board involvement include working as Scoring Chairman for USGA events held at the Broadmoor, Discover Goodwill of Southern and Western Colorado, the Colorado Springs Fine Arts Center, St. Mary’s High School, and the Pikes Peak Council of Boy Scouts, to name just a few volunteer efforts.

A life-long calling for Papineau has been through service to the Catholic Church.  Greg was ordained a Permanent Deacon in the Diocese of Colorado Springs in 2011 and is currently assigned to St. Paul Parish.  As a Permanent Deacon, Greg will serve the Church in many of its various ministries.  “Serving the people of Colorado Springs as a Deacon has been one of the most fulfilling and at the same time one of the most challenging endeavors I have done in my life.  I am excited to see what God has in store for me.” Papineau stated.  But his biggest passion is his family and three beautiful granddaughters.  “There is nothing better than being a grandparent,” Papineau said.

There will be a formal reception in honor of Greg Papineau at The Sky Club at Weidner Field on June 7th, 2022. Those who would like to send notes of support or congratulations may have them delivered to the BiggsKofford Colorado Springs office at 630 Southpointe Court, Colorado Springs, Colorado, 80906.

Founded in 1982, BiggsKofford is a full-service Colorado Springs CPA firm serving individuals and business owners. BiggsKofford’s CPAs are innovative, strategic thinkers who go beyond traditional accounting to provide complete business solutions. Services offered include a variety of financial services, including outsourced accounting, IRS problem resolution, tax services, auditing services, and estate planning. BiggsKofford has expanded services to meet the needs of over 500 business owners and entrepreneurs across Colorado’s Front Range.

 

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