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BiggsKofford CPA Tyler Atkins  Promoted to Senior Manager

May 25, 2022 @ 8:25 am

  Dedicated CPA Awarded Elite Title at Colorado Springs and Denver Certified Public Accountants Firm COLORADO SPRINGS, Colorado–May 25, 2022 – Chris Blees, President and CEO of BiggsKofford, P.C., today announced that Tyler Atkins, CPA, has been promoted to Senior Manager. Atkins joined the firm in 2014 as an intern and has been a valued member of BiggsKofford since that time. He began formal employment as an Audit Associate and quickly moved up through three accounting levels in the firm, acquiring his current position in January 2022.  “Tyler has demonstrated his dedication and hard work from his first day as an intern, and at every title he has held in the past eight years with our firm. We are pleased to recognize his contributions to the team and his clients by awarding him this elite title,” said Blees, President and CEO. Atkins graduated from Castleton University in 2012, earning a Bachelor of Science degree in Business Administration with an accounting concentration. At BiggsKofford, Atkins has served clients across a variety of industries and spends the majority of his time working with local nonprofit organizations in the audit and tax fields. Atkins enjoys participating in BiggsKofford events, including volunteer days, and …

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How to apply financial modeling when building a business

May 18, 2022 @ 11:25 am

Austin Buckett, Director and CFO at BiggsKofford, explains why it’s never too late to put together a good financial model that can promote your company to investors and guide your business decisions: Building out a financial model is one of the most critical steps in launching a new business, but it is also one of the most commonly overlooked steps along the path from idea to income-generating operation. Whether you are just starting the process of launching a new business or deep in the entrepreneurial game, it’s never too late to put together a good financial model that can promote your company to investors and guide your business decisions. What is Financial Modeling? Financial modeling is the foundation that supports any solid business plan. Before you can understand how a business will run, you must first have a rough idea of where the revenue and profit will come from, which explains why having a robust financial model is a critical component of any good startup pitch. Most startup investors have a long list of business plans that they could consider funding. The financial model is often the difference maker that gets those investors to dig in and read one business …

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What To Know About Business Financial Ratios

May 9, 2022 @ 12:28 pm

How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business’s ability to remain liquid so you can meet your short-term liabilities. How much of a cash cushion do you have each accounting period? How much of your operating cash flow is funneled into your spending projects? Here are some ratios to help with liquidity measurements : Current ratio, which measures your ability to meet obligations due in less than one year. Defensive interval ratio, which compares assets to daily cash expenditures. Operating cash flow, which evaluates your ability to pay off short-term liabilities using cash flow from operations. Operational risk — How much inherent risk there is in your capital structure and operating model. Operational risk will tell you about your creditworthiness and ability to meet periodic liabilities. This is useful in evaluating leverage. Here are some ratios to measure operational risk: Asset coverage ratio, which measures your ability to cover debt obligations with assets. Cash coverage ratio, which measures your ability to cover debt obligations with cash. Debt service coverage ratio, which evaluates your ability to use operating income to …

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How Physicians Can Avoid Frequently Overlooked Barriers When Successfully Managing Financial Performance

May 4, 2022 @ 10:04 am

Deborah Helton, Director at BiggsKofford, discusses why physicians need to be aware of frequently overlooked barriers their practices face when considering revenue compression and inflationary supply chain price increases: Medical practices face ever-evolving business climate changes.  Physicians may not be aware of the frequently overlooked barriers their practices face considering revenue compression and inflationary supply chain price increases.  To analyze both productivity and costs physicians depend on accurate and timely information. Continual ‘checkups’ are required to maintain useful financial information. Most successful practices include physician review of weekly financial cashflow updates and continual monitoring of overhead costs.  Some signs of unattended financials include a lack of documented billing procedures and reconciliations between EMR and banking activity on the revenue side and missing internal controls such as vouching for shipping invoices to actual invoices on the expense side.  Financial reporting should allow owners to monitor patient visits, and procedure types and count trending and trending in large cost items such as medical supplies and personnel expenses. Inefficient processes, inaccurate reporting, and a lack of key performance indicators can put a strain on medical practices that isn’t necessary and negatively impacts financial results. By fine tuning the specifics of these systems, physician …

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Three Ways Nonprofit Organizations Can Up Their Game Against Fraud

April 25, 2022 @ 2:41 pm

It’s no secret that nonprofits have had to weather challenging circumstances in the past two years. Building strategies and tactics that remain flexible are basic guiding tenants for any organization, especially for nonprofit groups. Incorporating a higher level of agility into operations and finances help prepare nonprofit groups to face unknown hurdles yet to come. Creating a tailored plan based on appropriate preventive and detective controls helps guard against future issues such as fraud. The past two years saw an increase in reported cases of fraud for nonprofit organizations. Learning lessons from these unfortunate events is important, but applying those lessons is even more critical. Fraud risk grew as people sensed increased threats to their health and finances, and even if those insecurities improve in the coming months and years, there are still considerations regarding security to make. Issues such as altered internal controls and segregation of duties are still impacted by staff absences and reductions. The natural tendency of nonprofit organizations s to be more trusting of employees and volunteers has historically been a factor, and added strain from the pandemic means that background checks and security checkpoints may be limited. Additionally, many organizations are subject to more extreme …

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BiggsKofford Hires New Team Members

April 15, 2022 @ 9:00 am

BiggsKofford, P.C. Hires New Team Memebers COLORADO SPRINGS, Colorado–April 2022 – Chris Blees, President and CEO of BiggsKofford, P.C., a leading Colorado accounting firm with offices in Colorado Springs and Denver, today announced that four new employees have joined the organization. BiggsKofford is a thriving and growing 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.  James Griffin, CPA, joins the firm as a Senior Audit Associate with more than ten years of experience in accounting. Griffin earned his MBA from Keller Graduate School and has worked across multiple industries, providing him with the expertise that allows him to manage the intricacies of each client. In his spare time, Griffin enjoys road trips with his family and balancing active and relaxing pursuits. Javier Frias recently joined the team at BiggsKofford as a Virtual Outsourced Accounting Specialist. He has over fifteen years of experience working in public accounting with an emphasis on independently owned businesses across a broad spectrum of industries. Frias is fluent in Spanish and Portuguese and, in his spare time, enjoys traveling, motorsports, and outdoor activities. Lucy Linse is a recent graduate …

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Colorado State Tax Updates 2022–News you can use

April 14, 2022 @ 9:49 am

Colorado State Tax Updates 2022 Colorado had implemented changes to Tax Laws that could impact you in 2022.  Entities have a new way to pay your state taxes in some instances while individuals will see changes to various deductions. Entity Tax Changes: Partnerships and S corporations may now make ‘PTE’ or elective pass-through entity level tax. Prior to 2017, individuals were able to itemize and deduct your State taxes paid; this deduction category was subsequently limited to $10,000 (category comprised of state income tax, real property tax and personal property tax).  This dramatically increased tax liability for high income earners who had large State tax payments.  States started creating ‘workarounds’ to get around this and Colorado has implemented such a ‘work around’ for 2022 for high earning business owners. Starting this year companies that earn more than $112,000 of Net Income or $5,000 in State tax liability (2022 rate of 4.5%) can pay Colorado tax at the entity level and deduct Federally on the entity tax return.   The result is similar to the historical ability to deduct these payments at the personal level.  At this time, Colorado has not created a payment mechanism.  The State will not be assessing underpayment …

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Denver-Based Valuation Services

November 2, 2021 @ 10:36 am

Placing a number on your company’s value can be a daunting task in even the best situations. You’ve invested a significant portion of your time in building this company, so you want to see that effort reflected in the company’s value, but you also don’t want to let your own bias alter your assessment of the company. That is where we can help. BiggsKofford offers Denver-based valuation services to help you assess your company’s value, learn how to build the company in a way that increases that value, and ultimately maximize that value in some form of an exit strategy. Basic Value Formula Most business owners understand the basic equation where earnings times some multiple equals the value placed on the company. The company’s value based on our value assessments can thus be increased either by improving the earnings or increasing the multiple buyers are willing to pay for those earnings. Improving the earnings is something you’ve likely spend quite a bit of time on, but increasing the multiple is an area where we might be able to help. In many cases, slight adjustments to increase the multiple can make the business significantly more valuable. How to Increase the Multiple …

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25th ANNUAL UCCS ECONOMIC FORUM!

September 9, 2021 @ 3:07 pm

  25th ANNUAL UCCS ECONOMIC FORUM!   BiggsKofford is a proud sponsor of the 25th Annual UCCS Economic Forum! This is a great opportunity to get important information about the economic health and outlook of the region. The UCCS Economic Forum is the leading source of unbiased and rigorous information for the Pikes Peak region. Data is continuously updated and actively utilized in the community to inform and drive economic development and business decisions. BiggsKofford CPA Firm is well-positioned to help our clients, our staff, and our community achieve greater success. We’ve planned a number of activities to help everyone comprehend the current state of the economy. This mission has always been and will continue to be critical to our firm’s success. We also collaborate with you to find answers and achieve your goals. Come celebrate the 25th Annual UCCS Economic Forum with us and have fun!

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IRS Sends Out 11 Million “Math Error” Notices

@ 2:24 pm

IRS Sends Out 11 Million “Math Error” Notices Many Americans are receiving Math Error notices from the IRS resulting in adjusted tax due or reduced refunds for 2020. This is more than five times as many as they sent in 2019 and more than 14 times as many as last year. The majority of the letters (more than 80%) involve taxpayer claims for Recovery Rebate Credits, the term for stimulus payments claimed on tax returns. This significant increase in tax liability adjustments and Math Error notices seem, for the most part, to be triggered by errors in calculations of the Stimulus Payments. There are a number of possible reasons, from a math error to a missing or incomplete Social Security number to the last name of a claimed dependent not matching IRS records. However, the most likely reason you’re getting the letter is because of the economic stimulus payments. If your gross adjusted income exceeds $75,000 (or $150,000 if you’re married and filing jointly, or $112,500 if you are the head of household), then you might have to pay some of that stimulus check back. If you believe the adjustment is in error, the IRS is encouraging taxpayers to call …

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HHS Reporting: Final Guidance on PRF Funding

August 27, 2021 @ 4:21 pm

HHS Reporting: Final Guidance on PRF Funding HHS has finalized reporting guidance for recipients of funding from the Provider Relief Fund (PRF). The HHS PRF reporting portal has been open since July 1, 2021. Recipients of PRF funding are required to report the use of these funds via the reporting portal based on the timeframe these funds were received in. It is imperative to report on the use of PRF funding in order to remain compliant with the terms and conditions that were attested to when funding was received. If reporting becomes non-compliant you will be required to pay back these funds. HHS requires recipients of PRF funding to report when one or more payments received exceeds $10,000 in the aggregate in the following “Payment Received Period”. The following “Deadline to Use Funds” is the date you have to use PRF funds for eligible expenses and lost revenues attributable to coronavirus. The “Reporting Time Period” is the timeframe in which you have to report on the use of PRF funding. Payment Received Period (Payments Exceeding $10,000 in Aggregate Received) Deadline to Use Funds Reporting Time Period April 10, 2020 – June 30, 2020 June 30, 2021 July 1 – September …

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Be on the Lookout for Third Quarter 2021 Estimated Tax Payment Voucher!

August 26, 2021 @ 3:12 pm

Be on the Lookout for Third Quarter 2021 Estimated Tax Payment Voucher!   As many of our clients are aware, we are now utilizing the cloud-based tax return delivery platform, SafeSend Returns. One great feature of this system is that it automatically delivers estimated tax payment vouchers at the appropriate times throughout the year. Our tax accountants and CPA tax preparation services in Colorado Springs take the burden out of tax management so you can focus on running your business and servicing your clients. You should have already received, or will receive soon, the 3rd Quarter voucher for the 2021 tax season. These payments are due by September 15, 2021. If you do not receive an email from SafeSend, check your spam or junk folder. If you have any questions, don’t receive a voucher you were expecting, or need any clarification, don’t hesitate to reach out to your BiggsKofford team member! You can find more information on our website HERE or contact us HERE!

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Consider an IRS IP PIN? How to Protect Your Identity and Credit

June 24, 2021 @ 10:55 am

Considering an IRS IP PIN? How to Protect Your Identity and Credit As fraud expands, thieves have more opportunities to steal your financial identity. The Federal Trade Commission reports that as many as half a million Americans have their identities stolen annually, costing them money and affecting their credit ratings. Identity thieves make their money by co-opting your name, Social Security number, credit card number, or other pieces of your personal information for their own use. Below are just a few of the ways identity thieves operate, according to the FTC: They file fraudulent tax returns on your behalf to get a refund. They open a new credit card account, using your name, date of birth, and Social Security number. When they use the credit card and don’t pay the bills, the delinquent account is reported on your credit report. They call your credit card issuer and, pretending to be you, change the mailing address on your credit card account. Then, your imposter runs up charges on your account. Because your bills are being sent to the new address, you may not immediately realize there’s a problem. They establish cellular phone services in your name. They open a bank account in …

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Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline

March 19, 2021 @ 2:09 pm

Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline The Colorado Department of Revenue announced Thursday that it will extend the individual income tax payment and filing deadline. The new deadline will now be May 17, 2021 instead of April 15, 2021, giving individuals an additional 32 days to file and pay. This provision is in line with a recent announcement by the IRS to extend the federal filing and payment deadline for individual taxpayers. See our previous newsletter covering the IRS announcement HERE. Similar to the IRS deadline and payment extension, there are some important factors to consider as we understand them now: This does NOT extend other taxpayers such as corporations, trusts, etc. This does NOT extend the first quarter estimate payment which is still due on April 15th. This does NOT extend the extended deadline of October 15. The state tax payment and filing postponement is automatic and does not require any action on the part of individual taxpayers. If you need additional time to file, you may request an extension to October 15 to file, but must still pay by May 17th in order to avoid penalties and interest. As stated in our previous article, because of …

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Individual Taxpayer Filing and Payment Deadline Extended

March 18, 2021 @ 9:07 am

Individual Taxpayer Filing and Payment Deadline Extended But Be Cautious The IRS announced yesterday, March 17th, that they will extend the filing and payment deadline for individual federal tax returns from April 15th to May 17th. A few important points to be aware of as we understand them today: This does NOT extend other taxpayers such as corporations, trusts, etc. This does NOT extend the first quarter estimate payment which is still due on April 15th. This does NOT extend the extended deadline of October 15. This may not extend your state filing deadline. Check with your specific state(s) tax agency for further guidance. Penalties and interest will begin to accrue on May 18. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment postponement. If your return is not done by this time, you can ask for an extension until October 15th. In light of the stipulation regarding the first quarter estimated tax payment for 2021, we are advising all clients to continue under the assumption that we intend to file all individual federal tax returns by April 15th as originally planned. This is an evolving situation that we are continually monitoring. We will …

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