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Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline The Colorado Department of Revenue announced Thursday that it will extend the individual income tax payment and filing deadline. The new deadline will now be May 17, 2021 instead of April 15, 2021, giving individuals an additional 32 days to file and pay. This…

Individual Taxpayer Filing and Payment Deadline Extended But Be Cautious The IRS announced yesterday, March 17th, that they will extend the filing and payment deadline for individual federal tax returns from April 15th to May 17th. A few important points to be aware of as we understand them today: This does NOT extend other taxpayers such as corporations, trusts,…

The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday and President Biden signed it into law on Thursday. This $1.9 trillion rescue package is intended to provide additional support in the fight against the pandemic and economic stimulus. Here are some of the key provisions: Recovery Rebates The act creates…

Opportunity for a $10,000 Economic Injury Disaster Loan Grant The SBA has announced an opportunity to get a $10,000 EIDL Grant. This new round of EIDL Grants is called the “Targeted EIDL Advance”. The eligibility for this next round of loans is based on: Didn’t already get the $10,000 EIDL advance last year. Located in…

More Companies May Now Qualify for the Employee Retention Credit The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020 as a continued effort to support the economy during the COVID-19 pandemic. One significant adjustment over the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is an expansion to the Employee Retention Credit…

DID YOU RECEIVE A 1099-G BUT DID NOT FILE FOR UNEMPLOYMENT?  Unfortunately, the Colorado Department of Labor had a large number of fraudulent unemployment claims this year.  Even after taxpayers have reported this fraud, many are still receiving Form 1099-G(s). Form 1099-G is the form used to report any income received through unemployment, similar to a…

HHS Reporting Deadline Postponed The US Department of Health and Human Services (HHS) announced on January 15, 2021 that they will postpone the CARES Act Provider Relief Fund (PRF) reporting deadline due to the passing of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.  This was a result of the new requirements issued…

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…