Blog

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.

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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 …

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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 …

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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.

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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

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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 …

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Scaling Up Workshop – November 15

October 22, 2018 @ 7:48 am

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 We have sent out an email with further details.  If you would like to receive this mailing, please let us know.

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Greg Gandy Celebrates 25 years with BiggsKofford

September 12, 2018 @ 2:44 pm

BiggsKofford’s Senior Tax Partner, Greg Gandy, recently celebrated his 25th anniversary with the firm. During his 25-years at BiggsKofford, Greg has become the cornerstone of our firm’s Tax Practice as well as the leader of our Real Estate and Construction industry group. We are so pleased to celebrate this major career milestone with Greg.

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Proposed Regulations issued by IRS for State and Local Tax deduction limits

August 27, 2018 @ 2:12 pm

Late Friday afternoon the IRS issued proposed regulations (which were published Monday morning) regarding transfers (money or in-kind) to state agencies or charitable organizations in exchange for state tax credits. The proposed regulations state that if the Taxpayer is receiving a State or Local tax credit for the contribution made, the credit received will reduce the amount of such charitable contributions claimed on their Federal tax return. However, taxpayers can disregard this new rule if the credit does not exceed 15% of the taxpayer’s payment or 15% of fair market value of the property contributed. In summary the amount of your Federal Charitable Contribution will be reduced by 100% State Income Tax Credit that is received. The summary is clear that is does apply to pre-existing State tax credit programs that were in place before the enactment of the TCJA of 2018. For example, if XYZ contributes $50,000 to a qualified charitable organization on 8-28-18. The payment creates a $25,000 State Tax Credit. The amount deductible on XYZ’s Federal Income Tax Return would be $25,000 ($50,000 contribution less the $25,000 State Tax Credit). This proposed regulation applies to all state credits received arising from charitable contributions made after Aug. 27, 2018. We will …

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Enterprise Zone Pre-certification and Certification

August 24, 2018 @ 9:57 am

The Colorado Enterprise Zone Program creates a business friendly environment in economically distressed areas by offering incentives to businesses and projects in such areas. If your business is located in one of the Colorado Enterprise Zones, you may be eligible to claim various Colorado tax credits based on your purchases of qualified equipment, facility expansion, the hiring new employees and many other business activities. Click here to learn more from the CO Dep. of Revenue. Pre-certification can be filed at any time prior to commencing the activity. The process is very simple and takes less than 15 minutes. In addition, if you don’t perform activities during the year that would earn you any of the respective credits you have no further commitments. Click here to determine if you are located within one of the zones. Click here to complete the pre-certification online application. If you determine that you are located within an enterprise zone and would like us to assist in the pre-certification process please do not hesitate to contact us at 719-579-9090.

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BiggsKofford Expands with Internal Promotions – Nick Phillips

July 25, 2018 @ 8:00 am

We are excited to announce the promotion of Nick Phillips to Senior Merger & Acquisitions Associate. Phillips joined BiggsKofford CPA firm in 2013 and worked as a Senior Tax Associate before being promoted into the firm’s M&A division. Phillips graduated from the University of Colorado at Colorado Springs. He is a Certified Public Accountant (CPA) and is a Certified Merger & Acquisition Advisor (CM&AA). “Nick’s abilities in both financial analysis and taxes provide a unique combination of skills that allow us to advise our clients through the largest financial events of their lives,” said Christian Blees, Director of BiggsKofford. Founded in 1982, Colorado Springs-based BiggsKofford currently employs more than 30 people. BiggsKofford CPA firm offers integrated business solutions, including tax, attestation, virtual accounting, and consulting services. BiggsKofford Capital, LLC was launched by BiggsKofford CPA firm approximately 15 years ago to provide investment banking services. Since that time, BiggsKofford Capital has represented hundreds of privately-held middle-market clients, throughout the United States, complete acquisition and sale transactions.  

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New Physician Money Management

July 23, 2018 @ 3:10 pm

Completing your residency and fellowship and successfully landing your first position is a great success.  This time can also be chaotic and full of changes.  Many times you have relocated to your first position and are experiencing financial changes as well.   Now that you have steady earnings, you should create a plan for your finances. It is far easier to get off to a good start and follow a winning plan than it is to adjust bad habits and face regret years from now.  We have created a general checklist to help you get started, please note that these guidelines are not a one size fits all solution.  Coordinating with your CPA or financial planner is always an integral part of financial planning. The Golden Rule:  Spend Less than You Earn Year of hard work deserves reward, as a new physician you have likely spent countless years living modestly and are excited to reap the benefits of high income levels.  Enjoying the fruits of your labor is a very different experience than jumping into a lifestyle of your colleagues that have been working physicians for 10 years.  It is important to avoid “lifestyle creep”. Lifestyle creep might covertly enter your …

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BiggsKofford Expands with Internal Promotions – Eric Morgan

July 17, 2018 @ 11:13 am

We are thrilled to announce the promotion of Eric Morgan, CPA to Senior Manager, in the firm’s tax department. Morgan joined the firm in August of 2006. Morgan received his undergraduate degree from Brigham Young University and his MBA from the University of Colorado – Colorado Springs. In addition to accounting, Morgan enjoys reading and spending time with his family, as well as tracking sports and current events. “Eric is trusted by his clients and the Partners at BiggsKofford to provide personalized service that is both technically accurate and relevant to our clients’ specific needs,” said Greg Gandy, Director of Taxation at BiggsKofford. “Eric has demonstrated the dedication and loyalty to the firm and our clients that is worthy of the title Senior Manager.” Founded in 1982, Colorado Springs-based BiggsKofford currently employs more than 30 people. BiggsKofford offers integrated business solutions, including tax, attestation, virtual accounting and consulting services. BiggsKofford continues to expand its services to meet the changing needs of over 500 business owners and entrepreneurs in Colorado’s Front Range.

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IRS Making Unannounced Visits

June 6, 2018 @ 1:10 pm

BiggsKofford has become aware of some changes at the Internal Revenue Service that we wanted to pass on to you. Recently, we have noted an increase in the occurrences of IRS field agents appearing at taxpayers’ places of business with no advance notice. In conversing with some of these agents, we learned that the IRS recently changed its posture to give much greater emphasis on in-person contacts with taxpayers. The belief is that the in-person contacts will have a better chance of getting taxpayers’ attention than just sending letters in the mail. The trigger for these visits is if a taxpayer has an outstanding issue, such as unfiled tax returns, balances owed, or notices received that have not been responded to. If you are compliant with your income and payroll tax obligations, then this should not happen to you. You could still be subject to a regulatory audit, but the initial contact for that would be through correspondence in the mail. In the event a revenue agent (or person claiming to be such) appears in your place of business, please be assured that you are not obligated to begin discussing your case with them on the spot. You can ask …

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