Blog Category: News and Tax Blog

Fraud and the Nonprofit: How to counter your vulnerabilities

Steve Hochstetter, CPA/ABV®, CFF™, CVA, Audit Partner,

Every organization, whether for-profit or nonprofit, is at risk of falling victim to costly acts of fraud. Nonprofits, though, have some common characteristics that make them particularly susceptible to such schemes. Fortunately, you can help combat the risks at your nonprofit by implementing some simple controls. Weak spots Nonprofits tend to operate in a culture  … Read more

  Filed under: Miscellaneous, Not-for-Profit Blog, Not-for-Profit Newsletter

Senior Property Tax Exemption Reinstated

Blog Administrator,

The Colorado General Assembly has reinstated funding for the Senior Property Tax Exemption, also known as the  Senior Homestead Exemption, for tax year 2017, payable in 2018. Consequently, some senior citizens may qualify to have 50 percent of the first $200,000 of the actual value of their primary residence exempted from property taxation. The exemption  … Read more

  Filed under: News and Tax Blog, Retirement Planning

Delay Claiming Social Security to Maximize Financial Benefit

Bernie Benyak, CPA, CFP®, NSSA® Tax Director,

“When should I apply for Social Security benefits?” is one of the most common questions baby boomers ask as they approach age 62, the age they become eligible to apply for early Social Security benefits. The answer is, “It depends.” Should you apply at age 62 and receive a reduced monthly benefit for a longer  … Read more

  Filed under: News and Tax Blog, Retirement Planning

Want to help your child (or grandchild) buy a home?

Blog Administrator,

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. If you have been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that may help:  0% capital gains rate If the  … Read more

  Filed under: News and Tax Blog

When to Notify your Accountant about Writing Manual Checks to Employees

Lisa Smith, Accounting Services,

Many companies use payroll software or a payroll service to issue checks based on a set pay period. Occasionally, the need to write a manual check arises – like paying an employee a special bonus or as a gift for a job well done. These off-cycle manual checks may trigger time-sensitive tasks for your accountant or  … Read more

  Filed under: Bookkeeping, News and Tax Blog

Coverdell ESAs: A Tax-Advantaged Way to Fund Elementary or Secondary School Costs

Judy Kaltenbacher, CPA, Tax Partner,

With school out, parents and grandparents may be swimming in planning summer activities. The beginning of summer vacation is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger. One major advantage of ESAs over another popular education saving tool, the Section  … Read more

  Filed under: News and Tax Blog

How Entity Type Affects Tax Planning for Owner-employees

Blog Administrator,

When planning for the future, owner-employees face a variety of distinctive tax challenges and advantages, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. It is important to be aware of how the divergent entity types may apply to your particular situation. Partnerships and LLCs If you are  … Read more

  Filed under: Miscellaneous

Disability Insurance: 5 Steps for the Perfect Fit

Danielle Gaffney, CPA, Supervising Tax Senior,

The statistics are sobering: You’re much more likely to become disabled than to die during your practice years. The cost of disability insurance can be daunting — anywhere from two percent to four percent of the income you are trying to replace. Still, few physicians are prepared to rely solely on their personal savings during an  … Read more

  Filed under: News and Tax Blog, Practice Elevations - Medical/Dental Blog

The Invincible Doctor: Are You Prepared for Disability?

Judy Kaltenbacher, CPA, Tax Partner,

Did you know that you face a much higher probability of becoming disabled than of dying during your working years? Considering that the average long-term disability absence lasts 2.5 years, your family’s finances — and your practice — could take a hit if you are disabled and have not prepared. What Brings Docs Down The  … Read more

  Filed under: News and Tax Blog, Practice Elevations - Medical/Dental Blog