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Business Preparation for Stimulus #2 What you should do IMMEDIATELY to be prepared The new COVID Relief bill was signed by the President on December 28th. We covered the highlights of the law in an article you can find HERE.  This Relief Act includes two significant programs that are available to closely-held businesses that are in…

BiggsKofford is again sponsoring a fantastic and powerful planning workshop: Are You Ready to Scale Up Your Business? The program is Wednesday, January 13, 2021 Online/Virtual: Participate from your Computer. Many BiggsKofford clients have benefited from this program that provides an opportunity to “work on your business”. Our colleague, Chuck Kocher, local business coach and owner of The Transformation Company is hosting…

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following: Services performed by someone who is…

Wishing You an Abundantly Wonderful Thanksgiving Holiday Our Offices will be closed on Thursday the 26th and Friday the 27th while observing the holiday weekend. We will be open again on Monday the 30th.

PPP Forgiveness Update On November 5th, BiggsKofford wrote an article providing an update on the PPP Loan Forgiveness rules. That article can be found HERE. In that article we recommended deferring your forgiveness application until 2021, thereby possibly allowing the deduction of qualified expenses or at least buying time for Congress or the IRS to…

Scaling Up Workshop Invite We are happy to announce that BiggsKofford is sponsoring a fantastic and powerful planning workshop: Are You Ready to Scale Up Your Business? The program is Wednesday, December 2, 2020 Online/Virtual: Participate from your Computer. Many BiggsKofford clients have benefited from this program that provides an opportunity to “work on your business”. Our colleague, Chuck Kocher, local…

PPP Loan Forgiveness Checklist BiggsKofford has created a PPP Loan Forgiveness Checklist that can be downloaded from our website HERE. PPP Borrowers may find this Checklist helpful to determine which Forgiveness Application form they should be completing, and what documentation they will need to gather. In a recent article that you can download HERE, we described the…

Deadline to Update Sick and Leave Time Policy is Approaching As we reported in an earlier eNews release, which can be found HERE, the Governor signed the Healthy Families and Workplaces Act on July 14, 2020. The Act goes into effect on January 1, 2021. Starting January 1, 2021, this new sick leave law applies to…

BiggsKofford Expands with a Denver Office BiggsKofford has expanded to now include an office in the Denver Metro area. Our new offices are located in the Denver Tech Center: 8400 E Crescent Pkwy, 6th Floor Greenwood Village, CO 80111 (720) 797-9090 BiggsKofford is one of Colorado Springs’ premier CPA firms after being in business for over…

SBA Streamlines PPP Forgiveness for Loans of Less Than $50,000! A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. On Thursday, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. The forgiveness is not…

HHS Provider Relief Fund Reporting Guidance On September 19, 2020 the US Department of Health and Human Services (HHS) issued Post Payment Notice Reporting Requirements.  All recipients of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary.  Below…

The U.S. Department of the Treasury recently announced rules required for business owners to make use of the Paycheck Protection Program’s (PPP) loan forgiveness feature. The updated guidance provides both challenges and opportunities for local business owners. In addition, the SBA opened its PPP Loan Forgiveness portal recently. However, there are still some important questions that…

Applications are now due by Sunday, September 13, 2020. Follow the link HERE to apply now.  The Phase 2 distribution is intended for Medicaid, CHIP, and dental providers, who didn’t receive funding in the first round of distributions. The HHS allocated $15 billion from the CARES Act Provider Relief Fund for these providers, and applicants can receive up…

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.…

HHS Provider Relief Fund – General and Targeted Fund Update HHS issued a limited update Monday July 20th.  The update suggests that providers who received more than $10,000 in PRFs (i.e., any payment under the $50 billion General Distribution, Medicaid/CHIP distribution, or various targeted distributions) will be subject to “future reporting requirements” and that detailed instructions regarding…

The Governor signed the Healthy Families and Workplaces Act on July 14, 2020. 2020: For the remainder of this year, the Act will require all employers to comply with the emergency paid sick leave requirements of the Families First Coronavirus Response Act (FFCRA). The paid sick leave provision of the FFCRA mandates that an employer…