Do you collect stamps? Write stories? Craft macramé holders for hanging plants? Are these hobbies or actual businesses? The IRS has weighed in on this: “A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit.” According to the agency, you may engage in hobbies or activities that could turn into a source of income. However, determining whether that hobby has grown into a business can be confusing. To help simplify things, the IRS has established factors taxpayers must consider ..read more

Chris Blees, President and CEO of BiggsKofford CPAs, a leading Colorado accounting firm with offices in Colorado Springs and Denver, today announced that Gabby Walker, Outsourced Accounting Specialist, has joined the organization. BiggsKofford’s Virtual Accounting Solutions Team (VAST) is designed for modern businesses with a fully online, fully remote solution that leverages the latest technologies to maximize efficiency. Walker brings more than five years of professional accounting expertise with advanced QuickBooks® and Excel skills, allowing her to assist privately-held business clients wi ..read more

Corporate Transparency act is a new law that will take affect January 1, 2024. What does this mean for companies and what should they be aware of? Starting in January 2024 some companies will have to report certain information about their ownership, this means the following: According to the government’s Financial Crimes Enforcement Network site, CTA “establishes uniform beneficial ownership information reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States.” A beneficial own ..read more

Chris Blees, BiggsKofford Capital’s founding partner and managing director, will be featured in a merger & acquisition webinar series hosted by Finquest, an international company which assists clients in sourcing acquisition opportunities around the globe. Chris is recognized for his work in writing The Middle Market M&A Handbook, along with co-authors, Michael R. Nall and Kenneth H. Marks. The webinar is a free three-part series examining the add-on strategy in 2023. If you’re interested in attending, you may register by clicking HERE. Save the dates! Webinar 1: The Corporate &am ..read more

“Thought Leader of the Year” February 15, 2023 – Chris Blees of BiggsKofford, P.C. was named the 2022 Merger & Acquisition “Thought Leader of the Year” by the Alliance of Mergers & Acquisitions Advisors (AM&AA). This premier award recognizes those in the private middle market who create and advocate innovative ideas that add value to the M&A community. The award is sponsored and presented by FORVIS, a Top-10 CPA and M&A advisory firm formed through the merger of BKD and DHG. Chris Blees was nominated for his role in co-authoring Middle Market M & A: Handbook for Advisor ..read more

The Pikes Peak Enterprise Zone (EZ) recently submitted its 2022 EZ Boundary Amendment Request to OEDIT, which received unanimous approval from the Colorado Economic Development Commission (EDC). Newly approved EZ areas in El Paso County can be found throughout Colorado Springs and Fountain, and will further incentivize business development, expansion, and revitalization in these economically distressed areas. The Pikes Peak EZ geographical boundaries include economically distressed areas in El Paso and Teller Counties. Available Credits There are new pockets of Enterprise Zones throughou ..read more

The Office of Inspector General (OIG) is required by law to maintain a list of individuals and entities who have been excluded from federally funded health care programs. This list would include all physicians, medical office staff, and even support staff as potentially being excluded from practicing in the health care industry. A proper recruiting and hiring process should promote the hiring of individuals with professional integrity, and therefore your employees (hopefully!) would not be part of such a list. However, if your hiring process does not include checking the OIG exclusion list, yo ..read more

BiggsKofford’s Garrett Adams discusses the advantages of IRA conversions: Now might be the time to take advantage of a traditional to Roth IRA conversion. 2022 has been a financially challenging year for a lot of Americans. Whether you are a small business owner whose business has taken a hit, or the value of your retirement accounts have seen a drop over the last six months, it has been an unpredictable time for many. While this sounds like all bad news, it can be advantageous for individuals looking to complete a Roth IRA conversion. When you convert your traditional IRA to a Roth IRA, you a ..read more

Are your employees really employees, or are they actually independent contractors? It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. If you’re a business owner hiring or contracting with other individuals to provide services, consider the following: What degree of control and independence is there in the contractual arrangement? Does your company control or have the right to control what the worker does and how the worker does his or her job? Do you control the bus ..read more

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report income taxes as well as payroll taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous tax year. Filing deadlines are the last day of January, April, July, and October of any given year. On the form, you have to account for the following:  • Wages paid by the company • Tips that employees reported to the company • Federal income tax the company withheld from employees’ paychecks • Employer and employee shares of Social Security and Medicare taxes ..read more