Shelby Kolling

BiggsKofford’s Managing Partner, Chris Blees, is celebrating 25 years with the firm.  Serving as the CEO for the last 12 years, Blees provides overall corporate leadership for the firm as well as day-to-day management.  He also manages the firm’s growing merger and acquisition practice.  Our team and our clients know and rely on Chris for his vision, his insight and his energy.

Blees continues to lead BiggsKofford with the same passion and innovation that has brought the firm success over the last 37 years.  Our staff will be honoring Chris with a 25 year anniversary reception on July 18th.

Both the Internal Revenue Service and the State of Colorado offer secure, convenient ways to make your quarterly estimated tax and yearly tax due payments online.  For information on how to use this convenient service, please read the article below.  If you have any questions, feel free reach out to your tax professional at BiggsKofford.

FEDERAL – INTERNAL REVENUE SERVICE 

The Internal Revenue Service offers direct pay services.  You may make payments for taxes due at filing or estimated tax payments.

Taxes due: For taxes due at filing, choose your preferred method of payment (bank account, debit card, or credit card), and select MAKE A PAYMENT.  For reason for payment select TAX RETURN OR NOTICE, apply payment to 1040, and select the tax period for payment.

Estimated tax payments: For estimated tax payments, choose your preferred method of payment (bank account, debit card, or credit card), and select MAKE A PAYMENT.  For reason for payment, select ESTIMATED TAX, apply payment to 1040ES, and select the tax period for payment.

Next, you will need to verify your identity by selecting a previous tax year, and completing the information requested.   Once completed, you will be able to input your payment amount, payment date, and account information.

For more information regarding payments online with the IRS or to make a payment, please click the link below:

IRS Direct Pay

 

COLORADO

The Colorado Department of Revenue offers an Electronic Funds Transfer (EFT) tax payment service. You may use EFT to pay more than 50 types of business and personal tax liabilities.  This service can be used to pay your quarterly estimated taxes and your tax due at filing.  To use the EFT payment option, you must register with Colorado Revenue Online.

Registration with Colorado Revenue Online is a simple process.  After registration, you will be able to add an EFT account and make a payment.  After your EFT account has been set up, you will be able to  make a payment via EFT with no fee, via E-check with a fee, or via credit card with a fee.

For more information regarding EFT payments for Colorado, please click the link below:

Colorado EFT

BiggsKofford, P.C., announces the addition of one new supervisor and two new associate team members. Jeff Mandarich and Ashley Salsedo are supporting our growing audit and accounting department, while Matthew Woolfolk assists the tax department of the certified public accounting firm.

Mandarich, a graduate of the University of Colorado, Colorado Springs, earned his Masters of Business Administration with an emphasis in Accounting. Before working at BiggsKofford, he most recently worked for BKD in their audit department , working primarily on not-for profits, governments and casinos.

Salsedo graduated from Augusta University, where she earned a BBA in Accounting and is currently working on her Masters degree from Texas A&M.  Prior to joining BiggsKofford, P.C., Salsedo worked in the audit department of a CPA firm in Honolulu, Hawaii, with a focus on employee benefit plan audits.

Woolfolk  is a recent graduate of the University of Colorado, Colorado Springs, earning his Bachelors Degree in Accounting with a minor in Entrepreneurship.  He joined the tax department at BiggsKofford, P.C. after over 10 years serving our country in the US Army.

“We are grateful to have such a great additions like Jeff, Ashley and Matt at BiggsKofford. They have made themselves a valued part of the team in their short time here,” said Chris Blees, President and Chief Executive Officer.

Founded in 1982, Colorado Springs-based BiggsKofford currently employs more than 30 people. BiggsKofford offers integrated business solutions, including tax, accounting, merger and acquisitions consulting, business valuation and litigation support.

BiggsKofford has expanded its services to meet the changing needs of over 500 business owners and entrepreneurs in Colorado’s Front Range.

 

 

 

 

 

 

 

 

 

BiggsKofford is celebrating significant partner milestones this week. One of our Founding Partners, Kurt Kofford, recently celebrated his 30th anniversary with the firm and Tax Partner, Michael McDevitt, has been with the firm for 15 years. Kurt joined forces with Jerry Biggs 30 years ago and has served as the firm’s leading Audit Partner, Chief Operating Officer and currently works with clients in a consulting capacity. Michael McDevitt has worked as a Tax Partner since joining BiggsKofford 15-years ago and currently serves as the firm’s Chief Operating Officer. We are so pleased to celebrate these major career milestones for Kurt and Mike.

We would like to thank everyone for coming to our presentation on January 30th covering the Tax Cuts and Jobs Act update. If you weren’t able to attend, or if you would like to review the presentation, the slides are available below.

Do not hesitate to contact us about questions you have about how this new law will impact you.

New Tax Law Update Presentation 1.30.19

Below is an article published by CPA Practice Advisor regarding year-end services to talk about with your CPA.

 

This is the time of year that lists are made (and checked twice). It’s also a great time for CPAs and clients to consult. Here’s a year-end checklist for critical end-of-year tasks to get your clients in top shape for 2019.

1—Review overall performance and objectives

Now is a great time to step back from the day to day operations of your business and look at setting some objectives for the future.  Your CPA should be able to advise you beyond just helping with taxes to help you set and achieve some of these objectives.

Start by drawing insights from your performance over the past year. Map out your business goals for the next 12 months and then discuss long-term plans for the next three to five years. Talk to your CPA about these goals and they should be able to provide insights and advice related to any challenges that might restrict your ability in achieving these goals, such as a need to improve cash flow, profitability or change spending habits.

2—Tax reform

The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect every business and individual in 2018 and the years ahead. As a business owner you need to be aware of tax rate changes for pass-through entities, changes to the cash accounting method for some, limits on certain deductions and more. Two changes affecting the end of this year include Section 179 expensing changes and the new 100%, first-year bonus depreciation.

  • Section 179 refers to the amount a taxpayer may elect to expense in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million.
  • The 100% depreciation deduction applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

Talk to your CPA about these changes and ensure you are maximizing the tax benefits available to your business.

3—Closing an inactive business

If you are closing a business or closed a business this year, make sure you understand the proper procedures to legally shut down a business, otherwise you could be personally responsible for filing annual reports, filing state/federal tax returns, and maintaining miscellaneous business licenses and other filings for a business that no longer exists.

If you have been operating as a corporation, LLC, or partnership, all members need to vote on closing the business and the final vote should be recorded in the meeting minutes. If shares are involved, two-thirds of the voting shares must also vote on the dissolution. For a corporation where no shares were issued, the Board of Directors must approve to dissolve the company (similar rules apply to LLCs).

Next, the business needs to file an Articles of Dissolution form with the Secretary of State’s office and close the business’s federal and state tax accounts by notifying the IRS and closing the Employer Identification Number (EIN). Finally, the company needs to pay off any debts and contact the county where the business is located to cancel the business license, seller’s permit and any other permits.

4—Delayed filing

If you plan to incorporate in the new year, most states offer the option of “delayed filing,” which allows business owners to set the date when they want their company to be officially recognized. Delayed filing is extremely beneficial for businesses changing their entity type and an effective date of January 1 means your client doesn’t have to file two separate tax filings with the different entity types. In addition, you can avoid paying state franchise taxes for the year the registration forms were submitted. When you can submit a delayed filing varies from state to state.

5—Year-end compliance

In addition to making sure you are in compliance with your financial document and tax sales tax regulations, corporations should be aware they may have several other filings to take care of before the end of the year. Some annual filings to note are:

  • Annual Report: an update on officers, shareholders, and business direction.
  • Articles of Amendment: changes to your company name, your address, or your share distribution.
  • Articles of Conversion: if your client as changed business structure (from a corporation to an LLC or another switch)
  • Trademark renewals
  • Business license updates

Be sure to connect with your CPA who should be able to assist in getting through the end of 2018 and start off the new year on the right foot.

If you have any questions on the content of this blog please do not hesitate to contact us.

We are happy to announce that BiggsKofford is sponsoring a fantastic full-day powerful planning workshop: Scaling Up Business Growth Workshop: Prepare to Dominate Your Industry.

BiggsKofford is able to sponsor seven clients this year.  Please contact us for additional information at info@biggskofford.com if you are interested in attending for FREE! (A savings of $575)

Please see the attached PDF for more information.

Scaling Up Workshop Flyer 2018 – BIGGS

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