Colorado Springs, Co. – Stockman Kast Ryan + Co, LLP (SKR+CO), a leading locally-owned certified public accounting firm in Colorado, welcomes three exceptional team members to the Partner Group.

“It is with great pride that we welcome Danielle Gaffney, Jena Fogle and Josh Olson to the partner group” shared SKR+CO Managing Partner Jordan Empey. “Their proven leadership, commitment to client service, and strategic vision make them invaluable assets to our firm. We look forward to partnering with them on taking the firm into the future for our clients, staff, and community.”

Danielle Gaffney, CPA, MST, was promoted to Tax Partner at SKR+CO. Danielle brings over a decade of experience in the public accounting industry and specializes in mergers & acquisitions, real estate transactions, and working with groups of closely held businesses and the individual owners. In addition to being a CPA, a Master of Science in Taxation from D’Amore-McKim School of Business at Northeastern University, Boston, MA. In 2020, Danielle was recognized a Rising Star by the Colorado Springs Business Journal.

Jena Fogle, CPA, MSA, was promoted to Audit Partner at SKR+CO. Jena has been in public accounting since 2009 and specializes in employee benefit plans, financial institutions, small businesses, construction and nonprofit audits. In addition to being a CPA, Jena holds a Master of Accountancy from Drake University, Des Moines, IA.

Josh Olson, CPA, was promoted to Tax Partner at SKR+CO. Josh started his accounting career in 2012 and has extensive experience working with closely held businesses, C-corporations, S-corporations, partnerships, limited liability companies, individuals, nonprofit organizations, real estate entities and medical practices. In addition to being a CPA, Josh holds a Bachelor of Science from University of Wyoming, Laramie, WY.

About Stockman Kast Ryan + Co

SKR+CO is one of Colorado’s largest independent certified public accounting firm providing a variety of in-depth consulting for businesses and individuals. Advisory services include tax planning, audit and assurance services, outsourced controller and contract CFO, financial reporting, estate planning, business valuations and litigation support. For more information, visit www.skrco.com. SKR+CO is an independent member firm of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals.

Colorado Springs, Co. – Stockman Kast Ryan + Co, LLP (SKR+CO), one of Colorado’s largest locally-owned certified public accounting firms in Colorado, is proud to announce the appointment of new leadership roles within the firm.

Jordan Empey has been named as the firm’s Managing Partner. Jordan brings a wealth of knowledge and leadership to his new role. He is committed to driving the firm’s strategic initiatives forward while maintaining a strong focus on client service and satisfaction.

Joining Jordan in key leadership positions are Buddy Newton, who will serve as the firm’s Tax Partner in Charge, and Kyle Hinger, who will take on the role of Client Advisory Services Partner in Charge. Buddy and Kyle will both play a crucial role in guiding the departments towards continued growth and success.

“We are pleased to announce these well-deserved appointments,” said Ann Koenigsman, Tax Partner. “Jordan, Buddy, and Kyle have all demonstrated exceptional leadership abilities and a deep commitment to our firm’s core values. We are confident that they will excel in their new roles and lead our team to even greater heights.”

As Managing Partner, Jordan will oversee the firm’s overall operations and strategic direction, working closely with the partner group to drive growth and innovation. Buddy and Kyle will be responsible for leading their respective departments, ensuring the delivery of high-quality services to clients and fostering a culture of excellence.

Please join us in congratulating Jordan, Buddy, and Kyle on their new roles. Their leadership will play a vital role in shaping the future success of Stockman Kast Ryan + Co.

About Stockman Kast Ryan + Co

SKR+CO is one of Colorado’s largest independent certified public accounting firm providing a variety of in-depth consulting for businesses and individuals. Advisory services include tax planning, audit and assurance services, outsourced controller and contract CFO, financial reporting, estate planning, business valuations and litigation support. For more information, visit www.skrco.com. SKR+CO is an independent member firm of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals.

Colorado Springs, CO – Stockman Kast Ryan + Company, one of the largest accounting firms in Southern Colorado was recently chosen by Accounting Today as one of the Regional Leaders in the Mountain Region for 2024.

“It is an honor to yet again be named as a top firm in the Mountain region by Accounting Today,” said Andrea Utsey, Firm Administrator at Stockman Kast Ryan + Co. “This recognition serves as a tremendous source of encouragement for our team, especially during busy season. It not only validates our commitment to excellence and continuous improvement, but also motivates us to consistently deliver exceptional results to all our clients.”

With $16.5m in annual revenue and a dedicated team of over 115 employees, SKR+CO has seen a continuous growth and success since formed in 1995. Last year, the firm expanded its presence in Denver by opening a new office in Greenwood Village and also welcomed Kyle Hinger as the twelfth member of the Partner Group. The efforts resulted in a firm growth of 15.38% compared to the previous year, affirming SKR+CO’s trajectory of expansion and innovation.

This annual ranking of the leading national and local firms also includes data analysis, as well as their chief executives’ take on the major issues facing their firms, and their strategies for success for 2024 and beyond. The complete list of the 2024 Top 100 Firms and Regional Leaders is available on accountingtoday.com.

Colorado Springs, CO. – Stockman Kast Ryan + Co, LLP (SKR+CO), the largest locally-owned certified public accounting firm in Southern Colorado, announces recent staff promotions.

Stephanie Cantrell – Promoted to Supervising Tax Senior

Stephanie has an Associate of Liberal Arts from Chattahoochee Valley Community College, a Bachelors of Business Administration, with an emphasis in Accounting from Campbell University and a Masters of Business Administrations, Accounting Cognate from Liberty University. She has been in public accounting since she joined us in January 2021.

Samuel Eden – Promoted to Supervising Tax Senior

Sam has a Bachelor of Science in Business, with an emphasis in Accounting from UCCS. He has been in public accounting since joining us in January 2021.

Caroline Kamppila, CPA – Promoted to Supervising Audit Senior

Caroline has a Bachelor of Science in Business Administration, with an emphasis in Supply Chain Management from Colorado State University.  She has been in public accounting since she joined us in January 2020.

Eric Mueller – Promoted to Senior Tax Manager

Eric has a Bachelor of Accounting from the University of Minnesota. He started in public accounting January of 2013 and joined us in January of 2018.

Adison Simoff – Promoted to Tax Senior

Adison has a Bachelor of Science Psychology from Colorado State University and a Graduate Certificate in Accounting from the University of Colorado Springs. She started in public accounting January of 2021 and joined us in May of 2021.

Brittany Updike – Promoted to Supervising Tax Senior

Brittany has a Bachelor of Science with an emphasis in Accounting and a Masters of Science in Accounting from UCCS.  She has been in public accounting since she joined us in January 2020.

Colorado Springs, Co. – Stockman Kast Ryan + Co (SKR+CO), proudly announces the addition of Kyle Hinger, CPA, as the newest member of the SKR+CO partner group, marking the twelfth partner of the firm. With over 15 years in public accounting, Kyle joins the Denver office, bringing a wealth of experience in assurance services to a wide array of industries. His expertise extends beyond standard audits, encompassing reviews, compilations, EBP audits, agreed-upon procedures, and due diligence. Kyle’s adept leadership ensures alignment with professional standards, regulations, and consistently surpasses client expectations across diverse sectors.

As SKR+CO continues to expand its footprint in the Denver market, Kyle’s arrival is anticipated to play a pivotal role in this growth trajectory. His unwavering dedication to excellence and client satisfaction perfectly aligns with the core values upheld by SKR+CO, promising a positive impact on both the team and clientele.

Stockman Kast Ryan + Co to Open Denver Tech Center Location

Local accounting firm expands

Colorado Springs, Colo. – Stockman Kast Ryan + Co, LLP (SKR+CO) is expanding its presence in Denver with a new 4,200-square-foot office in Greenwood Village.

A community-focused, full-service public accounting firm that is headquartered in Colorado Springs, SKR+CO’s Denver office will open in Summer 2023 with nine offices, one conference room and shared workspaces for a total of 23 employees. Construction is currently in progress.

Tax Partner Ann Koenigsman will be the Partner-in-Charge of opening the Denver location.

“We are delighted to announce the opening of our new office in the Denver Tech Center,” said Koenigsman, who specializes in Trusts, Estates, and Family Office Services. “This expansion is a significant milestone for our firm, and it is a testament to the hard work and dedication of our team. The new office will provide us with a strategic presence in the Denver market, allowing us to better serve our Denver clients and meet their evolving needs. We are excited about the opportunities this new office brings, and we look forward to continued growth and success.”

SKR+CO has served many business and individual clients in the Denver metro area for decades. In December 2022, SKR+CO grew its in-person Denver presence by partnering with Chris Hambor, CPA, formerly of Singular CPA. Adding the new office is a response to consistent client growth along the Front Range, and the Denver-based staff will provide greater face-to-face client services in the metro area. Recruiting and hiring efforts are underway for tax, audit, and operations professionals, with in-office, virtual, and hybrid options available for many positions.

SKR+CO is an award-winning accounting firm, recently named a 2023 Regional Leader by Accounting Today and ranked Best in Business in 2022 by the Colorado Springs Business Journal.

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About Stockman Kast Ryan + Co.

SKR+CO is a community-focused, Colorado-owned, independent certified public accounting firm providing a variety of in-depth consulting for businesses and individuals. Advisory services include tax planning, audit and assurance services, outsourced controller and contract CFO, financial reporting, estate + trust planning, business valuations, and litigation support. SKR+CO is headquartered in Colorado Springs, with a second office in Denver. SKR+CO is an independent member firm of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals. For more information, visit www.skrco.com.

We are proud to announce that Stockman Kast Ryan + Company was named one of the top accounting firms in the Mountain Region for 2023 by Accounting Today.

With over $14.3m in annual revenue and over 125 employees, our team is grateful for the continuous  growth and success we’ve been able to achieve since opening our doors in 1995.

We’d like to thank our team for their consistent hard work and resilience. We’d also like to thank our clients for their continuous trust, patronage and support.

As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean greater return on investment and more money to fund expansion and the overall growth of the business. The following are 10 top tax breaks for small businesses and business owners to keep in mind when finalizing their tax returns for 2021 and planning for 2022.

#1: Travel expenses. Work-related travel expenses are deductible. Qualifying expenses include airfare, hotels, rentals, car expenses, dry cleaning and more. However, the business trip must be longer than a normal workday and require an overnight stay.

#2: Business meals. Up to 50% of the costs of business meals (both food and beverages) may be tax deductible if certain requirements are met. The deduction increases to 100% for meals at restaurants during 2021 and 2022 under a pandemic-related exception. To qualify as deductible, the meal must be business related, the business owner (or an employee) must be present at the meal and the expense cannot be lavish or extravagant. In addition, the cost of the meal must be separately stated on the bill or receipt from any costs associated with entertainment, which are generally not deductible.

#3: Bonus depreciation + Section 179 Deductions. Bonus depreciation of 100% applies to qualifying new or original use property, as well as non-original use property, with a tax life of 20 years or less — this means that qualifying property can be fully expensed in the year it is placed in service. The 100% bonus depreciation deduction also applies to certain other classes of property, including “qualified improvement property,” which is a broad category of internal improvements made to non-residential buildings after the buildings are placed in service. From 2023, the bonus depreciation percentage decreases by 20% per year until it is fully phased out beginning in 2027. Businesses should consider placing qualifying assets in service before the end of 2022 to take advantage of the 100% rate.

Section 179 also allows a limited deduction of up to $1,050,000 for the full cost of qualifying assets placed in service during 2021 and is generally used by smaller businesses before taking bonus depreciation. Unlike bonus depreciation, Section 179 expense is not added back for AMT purposes and applies on an asset-by-asset basis rather than to an entire class of assets. The Section 179 deduction is phased out when asset purchases exceed $2,620,000 and no deduction may be claimed by businesses whose asset purchases exceed $3,670,000 for the year.

#4: Home office expenses. Self-employed taxpayers (such as sole proprietors, active shareholders in an S corporation and partners in a partnership) who work from home may be able to deduct a portion of their rent or mortgage as well as other direct and indirect costs as home office expenses. To qualify, the home office must be used exclusively and regularly as the primary place of business and meet certain other requirements. Employees who work from home are not able to deduct home office expenses.

Direct home office expenses include, for example, the costs of painting or repairing the home office and depreciation deductions for furniture and fixtures used in the home office. Examples of indirect home office expenses include the allocable share of utility costs, depreciation, and insurance for the home, as well as the allocable share of mortgage interest, real estate taxes, and casualty losses. The allocation is generally based on the square footage of the home office relative to the total square footage of the home.

#5: Start-up costs. Taxpayers starting a new business can deduct up to $5,000 for start-up costs related to getting the new business up and running, and another $5,000 for organizational costs related to setting up the entity’s governing provisions. Qualifying expenditures include costs for advertising, marketing and research, and professional fees. Amounts that exceed the deduction limits are capitalized and amortized over 15 years.

#6: Tax accounting methods. Changing to optimal methods of accounting can provide opportunities for small businesses and their owners to reduce their current tax expense by accelerating deductions and/or deferring income. Changes in methods of accounting may also result in a significant favorable “catch-up” deduction in the year of the change. Automatic consent method changes can be made by filing a Form 3115 with the timely filed (including extensions) federal income tax return for the year of change and include the following, among others:

• Changing to the one-year deferral method for the recognition of certain advance payments, for example, goods or services, sale or license of computer software, use of intellectual property or eligible gift card sales.
• Changing to accelerate deductions of qualifying software development costs incurred through 2021 to the year the costs are paid or incurred.
• Deducting in the year of payment certain prepaid expenses (for example, insurance premiums, property taxes, governmental permits and licenses, software maintenance) where the benefit period does not exceed 12 months.
• Accelerating deductions of accrued liabilities such as warranty costs, rebates, allowances and product returns under the “recurring item exception.”
• Changing from the overall accrual method to the overall cash method of accounting. Small business taxpayers that qualify to use the overall cash method of accounting can file an automatic Form 3115 to switch from the accrual to the cash method if their average annual gross receipts over the preceding three years do not exceed $26 million for 2021 ($27 million for 2022).
• To be able to use the overall cash method for federal income tax purposes, C corporations and partnerships with a C corporation partner must meet the above average annual gross receipts threshold. In contrast, there are generally no gross receipt limits for S corporations and partnerships without C corporation partners to use the cash method. Additionally, the cash method may not be used by any entity treated as a tax shelter under Section 448 (e.g., a syndicate).

#7: Compensation planning. An accrual basis corporation or partnership can take a deduction for bonuses properly accrued on its books in the current tax year but not actually paid to its employees until the following tax year provided (i) the overall bonus pool is fixed and determinable at year end, and (ii) the bonus is paid within the first two and a half months of the following tax year. However, the bonus must be paid before the end of the year if paid by a personal service corporation to an employee-owner, by an S corporation to any employee-shareholder, or by a C corporation to a direct or indirect majority owner. Bonuses paid to partners are subject to special guaranteed payment rules. Guaranteed payments are ordinary income to the receiving partner and must be included in taxable income for the tax year within which ends the partnership tax year in which the partnership deducted the payments.

Businesses that have not been taking advantage of the two-and-a-half-month rule can file an automatic Form 3115 request with their timely filed federal income tax returns for the year of change to elect this treatment for compensation such as bonuses, commissions, vacation pay, severance and sick pay.

#8: PPP loan forgiveness. Businesses that have had a Paycheck Protection Plan (PPP) loan forgiven may exclude the amount of the forgiveness from their taxable income. A partnership or S corporation may treat the excluded amount as tax-exempt income that increases a partner’s or S-corporation shareholder’s tax basis in the pass-through entity, which is the starting point for determining the amount of the pass-through entity’s losses that the partner or shareholder may deduct. For this purpose, the tax-exempt income associated with the PPP loan forgiveness may be treated as received or accrued (i) as the eligible expenses are paid or incurred, (ii) when the application for PPP loan forgiveness is filed, or (iii) when the PPP loan forgiveness is granted.

#9: Section 199A qualified business income deduction. Non-corporate owners of partnerships, sole proprietorships and S corporations may be entitled to a deduction of up to 20% of their qualified business income (within certain limitations based on the taxpayer’s taxable income, whether the taxpayer is engaged in a service-type trade or business, the amount of W-2 wages paid by the business and the unadjusted basis of certain property held by the business). A safe harbor is available to individuals and owners of pass-through entities with respect to real estate rental businesses.

#10: Bad debts and worthless investments. Accrual basis taxpayers may be able to claim a full or partial deduction for a business bad debt in the year the debt becomes wholly or partially worthless. Also, if a taxpayer owns stock in a business or an interest in a partnership that becomes wholly worthless during the taxable year, the taxpayer may recognize a capital loss for the adjusted tax basis of the ownership interest at the time of worthlessness.

Tax Alert: Tabor Refund Bill passes Senate, awaits Governor’s signature

• If you have already filed your 2021 return and qualify, you should receive a refund directly from the state and no further action is needed.
• If you have extended your 2021 return, you have until October 17, 2022 to file your return and receive the refund.