SKR+Co Alert: Businesses need to plan now to be able to act quickly

October 25, 2012

This alert addresses year end tax planning strategies for businesses, the impact of buying a vehicle for your business, and also the new inflation adjustments announced by the IRS last week as well as pension plan limitations.

2012 year end tax planning for businesses

Some valuable tax breaks for businesses expired at the end of 2011, and others are scheduled to expire at the end of this year. Flow-through businesses, which, at least for federal purposes, are subject to individual rather than corporate income tax rates, also face scheduled income tax rate hikes for 2013. But some of these breaks could be extended, as could current income tax rates — or rates might even be lowered. What will happen depends largely on the outcome of the Nov. 6 elections. This article provides an overview of 2012 year end tax planning strategies for businesses in the current environment of tax uncertainty.

Read the full article HERE.

Tax advantages to consider when buying a vehicle for your business

It's a good time to shop for a new vehicle.  Thanks to the 50% first-year bonus depreciation deduction under the 2010 Tax Relief Act, if the vehicle is going to be used for business, there are significant tax advantages to consider.

Read the full article HERE.

IRS announces inflation adjustments for 2013, as well as pension plan limitations

For tax year 2013, the Internal Revenue Service announced last week annual inflation adjustments for more than two dozen tax provisions. We've highlighted a few in this article.

Also, the IRS announced cost-of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013.

Read the full article HERE.

Tax Seminar
The Fiscal Cliff: Tax changes are coming – Are you ready?

DATE: Monday, Nov. 12th TIME: 3:30-5:00 p.m.
LOCATION: The Fine Arts Center, Music Room
COST: FREE!

For more information on this seminar, Click Here.

Registration is required and is now OPEN! REGISTER HERE 

This e-blast covered a lot of information and you may have questions. We would love to hear from you! Call us at (719) 630-1186 or contact us through our Secure Email. 

SKR+Co Alert: Election year
and expiring laws complicate year-end tax planning

October 11, 2012

Most 2012 income tax rates are scheduled to increase in 2013, and many tax breaks are set to expire. The two presidential candidates have vastly different proposals for addressing these scheduled changes. Whoever wins, there’s no guarantee that his proposal will become law. All of this uncertainty complicates traditional year end tax planning. This article provides an overview of various 2013 tax scenarios and how they might affect 2012 year end planning.

Read the Full Article HERE.

Topics in this article include:

• Comparison of Obama and Romney tax proposals
• AMT – Patch, repeal, or no action
• Capital Gains Rate changes
• Qualified Dividend tax treatment
• Expired and expiring tax breaks

To be prepared for any situation, it’s a good idea for you and your tax advisor to review your year-to-date income, deductions, gains and losses and project what these amounts may be in 2013. You can then use this information as the 2013 tax landscape becomes clearer to quickly decide what steps to take by year end to achieve your goals.

Tax Seminar
The Fiscal Cliff: Tax changes are coming – Are you ready?

Mark your calendars for Monday, November 12th, 3:30 p.m.!

More details coming soon

If you have questions about the issues raised in this article or about our upcoming seminar, please let us know. You can call us at (719) 630-1186 or email us through our Secure Email.

SKR+Co Alert: New 2012-2013 Tax Planning Guide is out!

September 21, 2012

At Stockman Kast Ryan + CO we strive to keep you informed about tax and accounting news that may impact you or your business. To help you stay ahead of the curve and plan well, we have mailed out a print Tax Planning Guide that should arrive in your mailbox shortly.

In addition, we have posted the electronic version – our Web Tax Guide –  on our website. This guide is updated whenever the information changes, so you can trust that it is current and reliable. The guide has many tools to help you in your tax planning, including tax act summaries, helpful charts and tables.

Even though this resource is a valuable help, we realize that there is nothing like sitting down with someone face to face and talking through the issues and concerns that are specific to you and your business. So we welcome the opportunity to do just that. Feel free to contact us to set up a time.

To access our Web Tax Guide, Click Here

If you have any questions, need more information or would like to sit down face to face to discuss your specific situation, please call us (719) 630-1186 or use our Secure Email.  

Congratulations to Ellen Fisher, CPA, our new Audit Partner!

SKR+Co is pleased to announce that Ellen Fisher, CPA, has been promoted from Senior Audit Manager to Audit Partner!

Ellen began her career with Stockman Kast Ryan and Company over 15 years ago. Her expertise includes, but is not limited to, not for profit organizations, financial institutions, and construction companies.

She currently serves as treasurer and audit committee chair of SET Family Medical Clinics' board. In the past, Ellen served as treasurer for the Colorado Motorcycle Road Racing Association.

Ellen has an adventurous spirit and enjoys dirt biking, running and sailing with her husband, John. 

Please join us in welcoming Ellen as our newest Partner!

Ellen Fisher, CPA
Audit Partner

Send Ellen your congratulations here!

SKR+Co Alert: Are you keeping the right tax records?

August 21, 2012

Records Retention: How long do we need to keep them?

Organizing, filing, and retaining old records is a burden for many businesses, not to mention individuals. As we move into a more "paperless" society, how do we determine what warrants taking up valuable office and storage space and what does not?

Records should be preserved only as long as they serve a useful purpose or until all legal requirements are met. To keep files manageable, it is a good idea to develop a schedule so that at the end of a specified retention period, certain records are destroyed.

At Stockman Kast Ryan + Co., we have developed a Records Retention Schedule we think you will find helpful. Although it doesn't cover every possible record, it does cover the most common ones. As always, please feel free to ask us should you have specific questions or concerns.

SKR Tax Record Retention Schedule (Click Here)

Is your receipt for your charitable gift satisfactory to the IRS?

So you thought you had proper substantiation for your charitable gift? Think again. A recent court case made it very clear that the IRS will not bend on certain requirements.

For any contribution of $250 or more, § 170(f)(8) provides that no deduction is allowed unless the taxpayer substantiates the contribution by a contemporaneous written acknowledgment of the contribution by the donee organization. The contemporaneous written acknowledgment must contain the following information:

1. the amount of cash and a description of any property other than cash contributed;
2. a statement whether the donee organization provided any goods or services in consideration for the contribution; and
3. a description and good faith estimate of the value of any goods or services provided in consideration for the contribution, or, if the goods or services consist solely of intangible religious benefits, a statement to that effect.

Based on this information, we suggest that you check to make sure that the statements you receive from your charities contain the proper verbiage above. If you serve on a board for a charity, make sure the statements you provide meet the IRS' criteria.

For information about the recent Tax Court case, read the Memo Issued by the Tax Court.

Did you know?

We are a proud member of DFK International/USA, a worldwide association of independent CPA firms with locations in over 30 major markets throughout the United States and representation in 70 countries. Learn more HERE.   

Meet 2 of our Tax Professionals:

Judy Kaltenbacher, CPA
Tax Partner

Eric Ryan, CPA, PFS
Tax Partner

If you have questions about the issues raised in this article or would like to contact us, call us at (719) 630-1186 or email us through our Secure Email.

SKR+Co Alert: Colorado's New Revenue Online Service & More!

July 26, 2012

Introducing… Revenue Online!

The Colorado Department of Revenue has a new service: Revenue Online. Both individuals and businesses can now access a host of information quickly and easily all in one place. Some of the information requires a login, so make sure you have your Colorado Account Number to access your business information or one of the following to access your individual information:

• Most recent tax return
• Estimated tax payment
• Recent Letter ID number from the CO. Dept. of Revenue

Here are some examples of what you can do through Revenue Online:

• View, print, and amend tax returns
• File Sales and Use Tax Returns
• Make or view payments
• Set up or change Electronic Funds Transfer (EFT) payments
• Request a payment plan
• View or print letters
• Check on refund status
• Change your address
• Add Power of Attorney
• File a protest

Follow this link to the Revenue Online website: www.colorado.gov/revenueonline

Donating to an Enterprize Zone but don't want to use your Social Security Number?

Beginning January 1, 2012, Enterpize Zone administrators are required to report to the state of Colorado the taxpayer identification number of each entity certified for an EZ tax credit. Consequently, these entities are requesting taxpayer identification numbers from each donor.

If you are a donor and would prefer not to provide your social security number, you can provide your Colorado Account Number instead. All Colorado taxpayers have a Colorado Account Number and can request it by visiting www.colorado.gov/revenueonline. Then follow the steps beginning on Page 2 of this memorandum from the governor's office: EZ Credit Instructions

Another great online tool: Our Client Portal!

Stockman Kast Ryan + CO has an easy and secure way for you to access your tax and accounting documents – our Client Portal. This is a much safer way to send us your confidential information, rather than email, and you can access the information in your personal portal at any time through the internet, using your secure login.

Examples of how you might use your client portal:

• Send us your individual or business tax documents
• Send us your QuickBooks files for bookkeeping and payroll services
• Access your tax returns when refinancing your home or applying for a loan

Client portals are set up at your request, so if you have not already taken advantage of this service, talk with your SKRCO tax professional today!

If you have any questions or need more information, please contact us at (719) 630-1186 or use our Secure Email to contact any of our accounting professionals.

SKR+Co Alert: The Supreme Court's ruling's effect on businesses & update on Waldo Canyon Fire recovery

July 13, 2012

Supreme Court upholds health care law: What do businesses need to do now?

June 28’s U.S. Supreme Court ruling has drawn attention to the far-reaching provisions of the Patient Protection and Affordable Care Act of 2010. Since 2010, various provisions have trickled into effect. But the waters of change are gaining speed, with several particularly significant provisions scheduled to take effect over the next 18 months, barring congressional action. And many of the health care act's provisions will require businesses to take action this year and next.

This alert provides an overview of what businesses need to do to prepare. To read the full article explaining what steps you might want to take, Click Here. 

Tax deductions available for fire
mitigation

In the wake of the many wildfires here in Colorado, particularly the Waldo Canyon Fire, many of us are thinking more seriously about fire mitigation.

If you follow a previously approved fire mitigation plan for your area (follow the link below to the plan for your specific county and area) you can receive a Colorado tax deduction up to $2500 for 50% of the costs incurred for fire mitigation on your property(applies to individuals, estates and trusts.) Contact us for more information on how this might apply in your unique situation.

Colorado Community Wildfire Protection Plans

Colo. Dept of Revenue Fire Mitigation Information

The Waldo Canyon Fire: Working together toward recovery

The leadership team for Colorado Springs Together, the non-profit organization incorporated on July 3 to be a central clearing house for Waldo Canyon Fire recovery information, services and resources, is announcing additional details on relief efforts.

This is a community-driven volunteer effort led by Mayor Steve Bach and his wife Suzi, with 100% of donations going directly to restoring the Mountain Shadows community. The team members will determine a quick and effective rebuilding process for the neighborhoods devastated by the fire. For more information, Click Here. 

Please contact us at (719) 630-1186 or through our Secure Email if you have any questions. 

SKR+Co Alert: Individual tax planning in the aftermath of the Supreme Court's health care law ruling

July 11, 2012

Since the U.S. Supreme Court issued its health care law ruling on June 28, most of the attention has focused on its mandates, expansion of coverage and state insurance exchanges. But the Patient Protection and Affordable Care Act of 2010 includes some significant tax-related provisions affecting individuals that are scheduled to take effect in 2013 and 2014, unless Congress repeals them or takes other action.

Now is the time to start planning so you can minimize any negative tax consequences to the extent possible.

To read the full article explaining what steps you might want to take, Click Here. 

What does it all mean for you?

We would be happy to take a look at your individual tax situation and how this ruling may affect you.

Please contact us at (719) 630-1186 or through our Secure Email if you have any questions. 

June 29, 2012

Our hearts go out to all of you suffering from the effects of the Waldo Canyon Fire. This disaster affects our entire community to one degree or another, and we are heartened to see so many reach out to provide help and support to neighbors and strangers.

We realize that one area of concern for many may be how to rebuild their financial records that may have been damaged or destroyed. Another concern may be filing the right paperwork with the right agencies at the right time. This e-blast touches on several areas of possible concern with links to some of the best resources to help you and your family, friends, or business. 

As always, please contact us with any specific questions and we'll do our best to help you find the answers. Our thoughts and prayers are with you all. 

Putting the financial pieces back together

This booklet is written to help you regain a sense of financial balance following a disaster by offering suggestions on steps to take immediately, what to do in the initial weeks and months, and how to begin planning again for the future.

Disaster Recovery: A Guide to Financial Issues

Information regarding tax issues

As of yesterday, June 28th, Colorado’s request for an expedited major disaster declaration has been received, reviewed and accepted by the White House. That means that taxpayers affected by the Waldo Canyon Fire have certain relief provisions. See the specific website links below for details.

We also want to remind you that Stockman Kast Ryan + CO maintains electronic copies of our clients' tax records and would be happy to provide them to you should the need arise.

Colorado Department of Revenue
Information for Taxpayers Affected by Wildfires

Internal Revenue Service
Disaster Assistance and Emergency Relief for Individuals and Businesses

Casualty Losses

Another issue you may be wondering about is how your losses are treated for tax purposes: whether they are deductible, how much, and what is the process. According to the IRS, "If you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to treat the loss as having occurred in the year immediately preceding the tax year in which the disaster happened, and you can deduct the loss on your return or amended return for that preceding tax year."

The IRS provides helpful information regarding casualty losses due to disaster on their website. But we realize that you may need help sifting through the information, so please contact us if you have questions or need assistance.

Internal Revenue Service
Casualty, Disaster, and Theft Losses – Including Federally Declared Disaster Areas

Additional Resources & Ways to Help

Information on how to help fire victims
HelpColoradoNow.org

Waldo Canyon Fire Victim Assistance Fund a partnership of El Pomar with KOAA 5

Pikes Peak United Way

The American Red Cross, Pikes Peak Chapter

Care and Share Food Bank
Volunteer Hotline 434-5724

The Salvation Army

Discover Goodwill

Caring for animals of evacuees
Humane Society Pikes Peak Region

Wildfire Cleanup Guidance
El Paso County Public Health

Coping with a Disaster
Centers for Disease Control

Again, we realize this is a very difficult time for so many in our community. If we can be of service to you in any way, please contact us at (719) 630-1186 or through our Secure Email.