News

The IRS issued guidance on the payroll tax deferral that was ordered by the President in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021.…

El Paso County Allocates Additional CARES Act Funds to Small Business and Nonprofit Grants El Paso County continues its commitment to local small businesses and nonprofits with a new multi-million-dollar Regional Business Relief Fund program, launching this week. This Fund will act as a competitive grant application process to assist our small businesses and nonprofits…

On June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020, which made significant changes to the PPP program. The Bill he signed was the exact law passed as H.R. 7010 by the House of Representatives. Since then, the Treasury Department issued regulations on June 11th, which included some important pronouncements. All…

Please note that this Friday, October 21st from 3:00-5:00PM, BiggsKofford‘s phone server will be down for normal maintenance. If you need to email us, please email your contact at the firm directly or send an email to our general information address here. We will do our best to get back to you in a timely…

(Journal of Accountancy, By Lea Hart; Published October 2016) As the 4 million people retiring this year think about the future, they fear outliving their money more than anything else. Forty-one percent of CPA financial planners say running out of money is their clients’ top concern about retirement—including those clients who have a high net…

(Department of Education, Published August 2016) There are two exciting changes coming to the Free Application for Federal Student Aid(FAFSA®) process this year. 1. The 2017–18 FAFSA will be available earlier. You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will…

(Journal of Accountancy, By Sally P. Schreiber; Published September 2016) The IRS notified tax practitioners and taxpayers who use many IRS e-services that it is strengthening the authentication process for identifying users and that the new, more stringent procedures will require existing users to re-register (Oct. 24 is the target date for the start of…

Greg Papineau, Director at BiggsKofford, was featured on the popular Green Apple Podcast. To listen to their interview, click here! John Garrett, self-proclaimed Recovering CPA and creator of the Green Apple Podcast, interviewed Greg and captioned the following about their discussion: Greg serves others to create stronger client relationships Greg Papineau takes service to a whole…

(Modern Healthcare, By Erica Teichert; Published August 2016) As telemedicine takes root, there’s a growing need to train physicians on how to handle virtual visits with patients and develop a good ‘webside manner.’   When Kaiser Permanente’s emergency room wait times began rising three years ago, Dr. Dennis Truong and a colleague launched a telemedicine program…

Economic Snapshot  What to Expect from Our Local and State Economy Guest Speaker   Tatiana Bailey, Ph.D. Director, Southern Colorado Economic Forum   What We’ll Discuss:   National Economy Overview- Major Indicators & What They Mean  Residential and Commercial Real Estate Markets What Sectors Are Growing in Our Region Specific Job Openings in the Colorado Springs…

Colorado voters have a momentous choice to make about their health care this fall. Amendment 69 would create ColoradoCare, a revolutionary system to pay for health care. It’s a response to concerns that the current system costs too much and fails to provide for everyone’s health needs. ColoradoCare would resemble some systems in Canada and…

(Colorado Health Institute; Published August 2016) ColoradoCare, the proposed universal health care system on November’s ballot, would struggle to bring in enough revenue to cover its costs, according to an independent financial analysis released by the Colorado Health Institute. The Colorado Health Institute is a nonpartisan source of independent and objective health information, data and…

BiggsKofford, P.C., announces the promotion of Angela Lindblad, CPA, to Manager, in the firm’s tax department.  Lindblad joined the firm in January 2012. Lindblad is a graduate from the University of Colorado Colorado Springs, where she earned her Bachelor of Science degree in Accounting. Lindblad earned her CPA certificate in January of 2015. In addition…

The IRS has announced that it is working to correct erroneous failure-to-file penalty notices triggered by a programming error. The error caused some monthly and daily deposits of payroll taxes that were made timely by April 18, but after April 15, to be considered as paid late even though April 15 was a federally observed…

The U.S. Department of Labor (DOL) recently released the final rules pertaining to overtime regulations in the Fair Labor Standards Act (FLSA). The final rules raise the salary threshold from $455 a week ($23,660 for a full-year worker) to $913 a week ($47,476 for a full-year worker) effective December 1, 2016. Neither the FLSA nor…