Blog

All about BiggsKofford’s Spring Internship Opportunities

September 27, 2022 @ 11:14 am

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 …

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Cybersecurity and Remote Work: 6 Steps To Protect Your Business

September 20, 2022 @ 3:08 pm

In 2020, the FBI reported 1.4 million cybercrime complaints, mostly identity theft, up from 651,000 in 2019. The Federal Trade Commission received 4.8 million cybercrime complaints in 2020, up from 3.3 million in 2019. According to the Internet Crime Report, the cost to victims was $6.9 billion in 2021. The time period reported in these statistics correlates to the shift to remote work due to the COVID-19 pandemic, which should serve as a warning to businesses and individuals who have not taken steps to protect their sensitive information from hacking, phishing or malware. Remote work is not going away, though, so business owners need to think about ways to protect the information they store online and in the cloud. While cost is a factor for many small businesses, there are some simple, low-cost solutions that can provide protection. 1. Train employees Implement a training program for employees that teaches them what to look for and gives them a reporting mechanism for possible breaches. For example, scammers know how to make their emails look real. Make it a company policy to check the URLs of emails before opening attachments or clicking on links. 2. Create a virtual private network Establishing a …

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BiggsKofford CEO Chris Blees Announces the Publication of Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, 2nd Edition

September 14, 2022 @ 2:41 pm

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, …

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Learn How to Value and Sell your Business

September 13, 2022 @ 9:17 am

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 …

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Employee Retention Credit: Over, but Not Done

September 7, 2022 @ 1:17 pm

The federal government’s Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were eligible; however, the IRS is giving them a break: Even though the program has ended, employers are still able to file for tax relief retroactively. According to the IRS, most taxpayers became ineligible to claim the ERC for wages paid after Sept. 30, 2021. (A recovery startup business can still claim the ERC for wages paid after June 30, 2021, and before Jan. 1, 2022.) However, companies have three years to claim benefits they’re entitled to. The key is Instructions for Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund. It’s a complicated form, but it clearly notes, “Generally, you may correct overreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date Form 941 was filed or 2 years from the date you paid the tax reported on Form 941, whichever is later.” The bottom line? If you haven’t been sure whether you were eligible for the …

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Is Now the Right Time to Convert Your Traditional IRA to a Roth IRA?

August 24, 2022 @ 3:37 pm

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 …

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The Tax Implications of Independent Contractors

August 9, 2022 @ 3:49 pm

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 …

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Do you have a hobby or a business? How to tell…

August 2, 2022 @ 10:01 am

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 …

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Gabby Walker Joins BiggsKofford CPAs as Outsourced Accounting Specialist

July 26, 2022 @ 4:06 pm

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 …

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All About Quarterly Tax Returns

July 20, 2022 @ 10:12 am

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 …

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BiggsKofford CPA and accounting software expert Eric Morgan discusses QuickBooks Desktop versus QuickBooks Online

July 12, 2022 @ 12:16 pm

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 …

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Let Financial Statement Audits Boost Your Business

July 7, 2022 @ 10:11 am

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 …

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Introducing Summer Audit Intern Wyatt Kent

June 28, 2022 @ 8:04 am

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 …

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New Colorado Secure Savings Program

June 21, 2022 @ 3:24 pm

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 …

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New audit intern Michael Matthews shares a little about himself and his first days

June 13, 2022 @ 10:16 am

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 …

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The Latest News: Greg Papineau retires after decades of dedication

June 6, 2022 @ 12:50 pm

  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 …

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