Blog

PAYROLL PROTECTION PROGRAM – APPLICATION UPDATE

April 7, 2020 @ 5:17 pm

PAYROLL PROTECTION PROGRAM – APPLICATION UPDATE   BiggsKofford’s PPP Support Team has been actively assisting clients with the calculations needed to complete Payroll Protection Program (PPP) loans. The law was only passed 10-days ago (amazing what has happened in just 10-days). In that time, the SBA has released a draft application, initial borrower and lender instructions, updated the application, and then released 2 more clarification notices in the form of FAQ’s. With each release of information, the application process and rules for calculating the loan amount have become less muddy. The good news: BiggsKofford has been interpreting the rules correctly all along – and our interpretations have been confirmed with each release of additional information from the SBA. Below are some common questions or confusion that our clients have encountered when applying for these loans. Hopefully these will help you complete your applications: Some banks have been asking for Trailing-Twelve-Month (TTM) payroll information to calculate Average Monthly Payroll. (Not Necessary) The SBA has indicated that most borrowers can simply use Calendar Year 2019 payroll to calculate Payroll Costs. (Although the SBA says the borrower may choose to use a current TTM payroll, if they want). Some banks were subtracting Federal …

Read More...

THE FORGIVABLE SBA PAYCHECK PROTECTION LOAN PROGRAM – HOW TO APPLY

March 30, 2020 @ 8:18 am

The Coronavirus Aid, Relief and Economic Security (CARES) Act is a reality! Our clients are now asking, “How do we apply?”  The SBA must now write rules and regulations to give specific instructions for these loans.  Those rules are expected in the coming days and weeks. So, you can’t actually apply for one of these loans – YET. The law attempts to make the application process as simple as possible. But as you might expect from a government program, the loan forgiveness process on the back end can get rather complicated. The end of this article provides a summary of the rules involved for the loan qualification and forgiveness process. Even though we do not yet have all the details, we have been in touch with many of the SBA lenders to know what to expect. So, we’re already preparing clients to be ready for the application, when it is released. The banks are telling us to get prepared so that when the regulations are released, you can get your application done quickly.  Here are the steps you can take to be ready: Download our Loan Preparation Checklist HERE. We encourage our clients to begin gathering this information in advance of the …

Read More...

Key Aspects of the CARES Act

March 27, 2020 @ 3:27 pm

We at BiggsKofford recognize the SBA Forgivable Loan Program noted below will be of significant interest to our clients. We are already in discussions with many of the largest and most active SBA lenders to prepare for the application process in advance. These lenders are telling us the SBA will need to issue specific regulations before they can accept applications. That said, we will be sending instructions in the coming days for how to prepare in advance for those applications.   Here are the highlights from the bill:   The Senate passed the massive Coronavirus Aid, Relief and Economic Security Act (CARES Act) late on March 25, 2020. The $2 trillion bill contains many significant tax-saving provisions that impact both individuals and businesses and which will hopefully create needed cash-flow. While the CARES Act was approved by the U.S. Senate, it will not become law until it is passed by the U.S. House of Representatives and signed by the President, which is the expectation.     Individual Stimulus Payments One key aspect to the CARES Act is the individual stimulus payment, or as it’s officially titled, the “2020 recovery rebate for individuals.” Whatever you choose to call it, it means …

Read More...

Updated March 30: COVID-19 Small Business Response Checklist

March 23, 2020 @ 2:15 pm

*Updated as of 3/30/2020* COVID-19 Small Business Response Checklist Small Business Owners are being stretched and challenged by the recent COVID-19 crisis. In addition to the health and operational changes, Small Business Owners are facing unprecedented financial pressures. Meanwhile, governmental programs and new laws are being announced daily – in an attempt to help. This can be overwhelming for a Small Business Owner. Below are some ideas for Small Business Owners to consider and hopefully help to manage through this crisis. We have organized these ideas into 4 categories: A. Manage and Plan Cashflow B. Debt Options C. Employment Ideas D. Tax Law Changes   A. Manage and Plan Cashflow   Create a Daily / Weekly / Monthly Cashflow Worksheet: Project your cash account on a daily and weekly basis using a cash-flow model like this one HERE.  A good cash projection model will identify when inflows and outflows are expected and project your cash balance on a daily basis. This will help identify when a cash shortfall may occur. Predict Revenues / Collections: Your Cashflow model should include known revenue and collections or you can use historical amounts and then “handicap” them for expected reductions. For example, you might …

Read More...

Alternatives to laying off your employees

March 30, 2020 @ 8:17 am

The Work-Share Program Thinking of laying off employees? Consider the Work-Share Program. The Work-Share Program provides an alternative to laying off employees by allowing them to keep working, but with fewer hours. While an employee is working fewer hours, he or she may be eligible to collect part of his or her regular unemployment benefits. Requirements and qualifications for employers: You must have reduced the normal weekly work hours by at least 10 percent, but by no more than 40 percent. The reduction must affect at least two out of all employees in the business, or a minimum of two employees in a certain unit Does my business qualify for the Work-Share Program? For more details, visit the Colorado Department of Labor website and download the Employer Fact Sheet. You can also download a Fact Sheet to hand out to employees to see if they meet eligibility requirements. https://www.colorado.gov/pacific/cdle/layoffassistance

Read More...

Paid Leave Benefits Amid Coronavirus Crisis

March 24, 2020 @ 7:22 pm

Paid Leave Benefits Amid Coronavirus Crisis If you work for the government, or for a company with fewer than 500 employees: Most workers at small and midsize companies can get the paid leave, as can government employees, as long as they’ve been employed at least 30 days. You will be eligible for two weeks of sick leave at your regular pay rate to either quarantine, or to seek a COVID-19 diagnosis or preventive care for yourself. You will also be eligible for two weeks of paid sick leave at no less than two-thirds your regular pay rate if you are caring for a family member with a COVID-19 diagnosis, or to care for a child whose school or daycare has closed as a result of coronavirus concerns. Full-time employees will be entitled to 80 hours worth of paid sick time. Part-time employees will be entitled to the number of hours they normally work in a two-week period. Additionally, an expanded Family and Medical Leave Act will provide government employees and those who have worked for companies with fewer than 500 employees for at least 30 days with 10 weeks of emergency paid leave to care for children whose schools or …

Read More...

COVID-19 IRS Filing Changes

@ 10:35 am

Filing Your Taxes   Taxpayers will get three additional months (7/15/2020) to pay their 2019 income tax liability without penalties or interest.  As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed.  Taxpayers won’t be subject to interest and penalties from April 15th to July 15th. This includes your first quarter Federal estimated tax payment.   If you have already filed your tax return and you have a balance due, your payment deadline has already been extended to July 15, 2020. Colorado has also extended the tax filing and payment deadline. You should still get your 2019 income tax return into the federal government as soon as possible, especially if you’re due a refund and need cash.   This is an extremely fluid time and the situation continues to evolve. As things develop, we are continuously evaluating and updating our approach to your accounting needs. This is what we know so far and we will continue to communicate as the circumstances unfold.   We here at BiggsKofford, CPA understand that current events have complicated all facets of life and strive to remain supportive …

Read More...

BiggsKofford Announces Significant Growth

January 6, 2020 @ 1:57 pm

Due to significant client growth, BiggsKofford has recently hired 10 new employees and promoted 3 CPA’s into new management positions. We are so pleased to have attracted all these talented individuals to come to BiggsKofford and serve the needs of our clients. New Partner – Bret Wichert We are pleased to welcome Bret Wichert as our newest audit partner. Bret previously led the audit practice of a regional CPA firm’s Denver and Dallas offices. Bret will help serve our expanding audit practice which includes specialties in real estate, construction, manufacturing, health care and non-profit organizations.   Manager Promotions BiggsKofford has promoted Kaila Lawson, Tyler Atkins and Jeff Mandarich to the position of Audit Manager. These three individuals continue to provide great service to our clients across a spectrum of industries.   New Senior-Level Additions We recently hired Emily West as a Senior Tax Associate and Patricia Spencer as a Senior Audit Associate. Emily joins us from Idaho and Patricia from Oklahoma. Both bring experience working for their former CPA firms, but are happy to now live in Colorado.   Entry-Level Additions BiggsKofford is pleased to offer 7 individuals new positions in the accounting profession. Anna Smith joins us from Mississippi …

Read More...

Chris Blees Celebrates 25 years with BiggsKofford

June 24, 2019 @ 9:54 am

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.

Read More...

IRS and Colorado Electronic Online Payments

May 29, 2019 @ 12:01 pm

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 …

Read More...

BiggsKofford Adds New Team Members

April 25, 2019 @ 10:50 am

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 …

Read More...

Kurt Kofford celebrates 30 years/Michael McDevitt celebrates 15 years with BiggsKofford

January 31, 2019 @ 7:04 am

                  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.

Read More...

Tax Cuts and Jobs Act Update Presentation

January 30, 2019 @ 4:55 am

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

Read More...

Year-End Services

December 13, 2018 @ 9:07 am

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 …

Read More...

COVID-19 RESOURCES