News

News and Tax Alerts from SKR+Co.

SKR+Co Nonprofit Newsletter: Winter 2012

(February 20, 2012) – Check out our latest newsletter to the nonprofit community here.

SKR+Co Alert: Small Business Tips and Resources for 2012

(January 27, 2012) – We've put together a number of tips and resources for small businesses, including a 2012 tax calendar, an update on health insurance coverage reporting, plan ahead ideas for credit card reporting, and more. Please read the full e-blast for details.

SKR+Co Alert: Payroll Tax Changes

(January 17, 2012) – After much debate and political maneuvering, Congress has passed a two-month extension of payroll tax relief. To learn more about this extension and to see tax tables, click on Find Out More.

SKR+Co Alert: End of Year Giving, Ent. Zone Pre-certification, & More!

(December 14, 2011) – We've put together a list of tips to keep in mind to make sure the donations result in a deduction that will help minimize your 2011 tax liability. This e-blast also covered an update on the newly required pre-certification for Colorado enterprise zones. Please read the full e-blast for details on both subjects.

SKR+Co Alert: Changes to HUD Reporting for Supervised Mortgage Lenders

(December 12, 2011) – The Department of Housing and Urban Development (HUD) has made several changes to the reporting requirements for supervised mortgagees. To learn about each one, please read the full article.

SKR+Co Alert: Credit for Hiring Veterans, Foreign Financial Asset Reporting, & More!

(November 28, 2011) – On November 16, Congress passed the VOW to Hire Heroes Act. A key provision of the act extends the Work Opportunity Credit through 2012 for companies that hire qualified veterans. To be eligible for the credit, you must take certain actions before and shortly after you hire a qualified veteran.

This e-blast also covers changes to the reporting of foreign financial assets. The IRS recently released draft instructions for Form 8938, which is the informational filing required by taxpayers with specified foreign financial assets. The instructions are newsworthy in that they come 18 months after the Foreign Account Tax Compliance Act (FATCA) was implemented, and two different draft Forms 8938 were released without instructions.

SKR+Co Nonprofit Newsletter: Fall 2011

(November 22, 2011) – Check out our latest newsletter to the nonprofit community here.

SKR+Co Alert: Tax Brackets, Credits & Other COL Changes in 2012, Plus new Seminar!

(November 18, 2011) – Recently, the IRS released most cost-of-living adjustments for 2012. With inflation now a little higher than it has been, some amounts that haven’t risen in recent years are increasing for 2012, and others are increasing by larger sums. Still, there are many amounts that will stay the same as they were for 2011. This article provides an overview of important 2012 amounts related to individual income taxes, education- and child-related tax breaks, retirement plans, and gift and estate taxes.

SKR+Co Alert: Colorado's NEW Precertification Requirement for Enterprise Zones

(November 11, 2011) –If your business will perform an activity on or after January 1, 2012 that will earn an EZ business tax credit, Colorado Revised Statute 39-30-103(7)(a) requires that your business receive pre-certification prior to commencing the activity that will earn the credit.

SKR+Co Alert: New Tax Guide & Retirement Seminar Invitation

(October 19, 2011) –Our new 2011-2012 Web Tax Guide is here! Also, we want to invite you to our next free seminar on alternative retirement investments. Click the button below for more information.

SKR+Co Alert: WIll Private Companies get their own GAAP?

(September 22, 2011) –The Financial Accounting Foundation — parent organization to the Financial Accounting Standards Board — will soon decide whether to establish a separate, private company standards board to develop appropriate exceptions and modifications to U.S. Generally Accepted Accounting Principles (GAAP) that “better respond to the needs of the private company sector.” This article explains why it can be both challenging and counterproductive for private companies to comply with GAAP and details the proposed recommendations.

SKR+Co Nonprofit Newsletter: Summer 2011

(September 1, 2011) – Check out our latest newsletter to the nonprofit community here.

SKR+Co Seminars - You are invited!

(August 25, 2011) – At Stockman Kast Ryan and Company we want to keep you informed about what matters most to you. For that reason we are hosting several free seminars this fall and early winter.So take a look at the topics, check your calendar, then register for the ones that interest you once they are available.

Accounting Rules Changes for Patient Service Revenue, Bad Debts and the Allowance for Doubtful Accounts

(August 16, 2011) –by Mike Rowe, CPA, Audit Partner

Accounting Standards Update (ASU) No. 2011-07, Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities was issued in July and requires health care entities to (1) present the provision for doubtful accounts as a deduction from patient service revenue in the statement of operations, rather than as an operating expense, and (2) provide enhanced disclosures concerning their policies for recognizing revenue and assessing bad debts.

Governmental hospitals already record the provision for bad debts as a reduction of revenues. Non-governmental hospitals currently reflect the provision for bad debts as an operating expense.
ASU No. 2011-07 will result in non-governmental hospitals reflecting the provision for bad debts in a manner consistent with the existing method for governmental hospitals.

Tax Records Retention Schedule & Beware of the Latest Phishing Scam

(July 28, 2011) –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?

Beware of the latest phishing scam!

Several of our clients have recently brought to our attention emails they received that look authentic and appear to be coming from the IRS. We want you to know that the IRS does not initiate taxpayer communications through email.

Both of these current issues are covered in greater depth in our e-blast.

Estate Tax Uncertainty & Mileage Rate Increases

(June 29, 2011) – The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provided many answers regarding the estate tax, but, unfortunately, the act created additional questions as well. With certain estate tax law provisions scheduled to expire after 2012, estate planning uncertainty remains.

In response to rising gasoline prices, the IRS has raised the standard mileage rate for business use of an automobile from 51 cents per mile to 55½ per mile, effective July 1. The medical and moving standard mileage rate is increasing to 23½ per mile, also on July 1.

Both of these current issues are covered in greater depth in our e-blast.

Good News on FUTA and State Sales Taxes!

(June 8, 2011) – Two positive changes are coming to Colorado employers and retail businesses on July 1, 2011: the FUTA tax rate decreases and the state sales tax service fee is restored.

Congress repeals expansion of Form 1099 reporting

(April 19, 2011) – Businesses across the country, as well as certain property owners, can breathe a sigh of relief. Why? Congress has repealed provisions in last year’s Patient Protection and Affordable Care Act (PPACA) and the Small Business Jobs Act (SBJA) that expanded the mandatory filing of Form 1099. After months of setbacks, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 into law on April 14.

Beware of Recent Deceptive Mailings to Small Businesses

(April 5, 2011) – We want our clients and friends to beware of a recent attempt to collect both money and information. Small businesses across Colorado have received an official-looking letter (with a seal, citing the Colorado Revised Statues, and using attention-grabbing language) telling small business owners they're at risk of becoming "noncompliant" or "delinquent" and offering to file the business' Periodic Business Report with the Colorado Secretary of State for a fee of $225. Though the majority of entities doing business in Colorado are required to file periodic reports with the Secretary of State’s office, the filing can be completed directly with the Secretary of State’s office, online, and in most cases the fee is merely $10.

Health Care Tax Credit FAQs

(Feb. 9, 2011) – The small business health care tax credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In 2010, the credit is generally available to small employers that contribute an amount equivalent to at least half the cost of single coverage towards buying health insurance for their employees. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers. To see if you qualify for this credit and to learn about changes to the 2011 1040 form and other issues, read the full report.

Is it Time for Private Company GAAP?

mike By Mike Rowe, Audit Partner

(Jan. 5, 2011) – Generally Accepted Accounting Principles (GAAP) have become increasingly complex over the past decade. Many of the new accounting standards are issued primarily to address the needs of the users of public company financial statements. Private companies have been saying for years that their financial reporting needs are different from those of large public companies, as the users of their financial statements are different. As a result, consideration is being given to creating separate accounting rules for private companies. Read the full report for arguments both for and against private company GAAP.