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.

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.

Beginning January 1, 2023, meal and entertainment deductions will revert to tax rules under Tax Cuts and Jobs Act (TCJA). These deductions temporarily changed for tax year 2021 and 2022 with the passing of the Consolidated Appropriations Act of 2021. For tax year 2023, many of the meal and entertainment deductions reduce from 100% deductibility to 50% deductibility. Changes in 2023 include:

Barring further action by Congress, many of the TCJA rules are scheduled to expire after 2025 and some may revert to tax rules that were effective in 2017. To learn more, review our chart of meal + entertainment deductions by category and tax year.  

Two major changes from the Inflation Reduction Act include Section 179D building deduction changes and the new direct transfer system. These go into effect January 1, 2023.

Section 179D building deduction changes

The Commercial Buildings Energy-Efficiency Tax Deduction (SS179D) provides a deduction of up to $1.88 per square foot for both building owners who construct new or renovate existing energy efficient buildings as well as designers of government-owned buildings. The IRA modifies the tax deduction for energy efficient commercial buildings with new rules for property placed in service Jan 1, 2023. These include:

New direct transfer system

Additionally, the IRA created two new credit monetization methods: direct pay for tax-exempt entities and full transferability of credits for taxable entities. This change establishes a market for buying and selling tax credits, as well as including all companies to take advantage of clean energy credits.

Click here to learn more about how these  two new credit monetization methods can support your company’s sustainability strategy and lower total tax liability.

Optimize your benefits with the Inflation Reduction Act (IRA) new credits and incentives. 

Understanding the opportunity of the new direct transfer system

The passage of the Inflation Reduction Act (IRA) has created a momentous opportunity for companies to advance clean energy commitments while lightening tax burdens. Signed into law on August 16, the IRA is the largest climate investment legislation in history, allocating $369 billion to clean energy programs over the next 10 years—including many new clean energy credits and incentives for businesses.

One of the law’s most significant changes is the creation of two new credit monetization methods: direct pay for tax-exempt entities and full transferability of credits for taxable entities. The transferability provision effectively creates a market for buying and selling tax credits. The new credit market means that any company, not just energy producers, can take advantage of clean energy credits. For example, a company installing a solar facility on the roof of its building may be eligible for credits that it can use or sell to another company. All companies should consider how these credits can support their sustainability strategy and lower total tax liability.

Other key credits and incentives changes in the IRA include:

In addition, while the IRA also introduces a new 15% corporate alternative minimum tax (AMT) that will take effect in 2023, the IRA’s clean energy credits are among the AMT offsets that are available to affected taxpayers. Corporations that expect their total tax liability to increase due to the new AMT should consider buying credits to mitigate the impact.

How sellers can monetize credits

Project owners without significant tax liability must decide whether to monetize credits under the new direct transfer rules or use a traditional tax equity structure. Businesses must weigh both options to determine the best path forward for the business and the project.

Direct credit transfers may avoid higher compliance, legal and advisory costs that come with complex tax equity partnership structures but may not allow for the efficient monetization of depreciation. Based on the size and cost of the project, however, there may be an inflection point at which a traditional tax equity structure will yield greater return over a direct transfer. Building a comparative model—either in-house or by working with an advisor—can help a company determine the best structure for its project.

Another consideration concerns the capital structure for new energy projects. When opting for transferring a tax credit, project owners may have to seek additional capital for the initial investment as the credit transaction timing may not occur until the project is nearing commercial operation. To ensure credits can be sold for maximum value, it is critical for sellers of credits to clearly document that the underlying requirements have been met for the credit to achieve the expected value. Companies looking to sell credits should consider working with an independent tax consultant who can certify the underlying requirements, such as prevailing wage and apprenticeship, in a given project have been met to realize the full expected value.

For companies considering a renewable energy project, the time to start construction is now, as projects that are placed in service before year-end, or up to 60 days after the Treasury issues guidance on prevailing wage and apprenticeship requirements, will automatically be eligible for the ITC and PTC at full rates.

While it is still unclear how credits will be valued at the time of sale, the projects that can provide thorough documentation demonstrating credit requirements were achieved will likely transfer at the highest rates.

Considerations for buyers of tax credits

Buyers should perform due diligence on credit sellers’ projects when purchasing credits to confirm the underlying requirements have been met. A buyer who purchases what it believes is a 30% ITC, for example, should be sure that the bonus requirements were satisfied or else risk the purchased credit being worth less than expected. Buyers also need to determine who will take on the risk of recapture or disallowance if the credit does not meet advertised expectations. As the direct transfer market develops, buyers may seek indemnity clauses as part of the credit transfer agreement. Businesses interested in buying credits should consider working with a tax advisor who can help validate credits, ensuring they meet the advertised value.

What’s next for businesses

Treasury is scheduled to issue additional guidance on the prevailing wage and apprenticeship requirements. Here is a calendar of important upcoming dates to watch:

Written by Michael Stavish. Copyright © 2022 BDO USA, LLP. All rights reserved. www.bdo.com

 

 

 

 

Colorado Springs, Colo. – Stockman Kast Ryan + Co, LLP (SKR+CO), the largest locally-owned certified public accounting firm in Southern Colorado, congratulates Buddy Newton, CPA , CVA®, on being recognized for the Construction Financial Management Association’s (CFMA) 2022 Rising Stars.

CFMA, the only nonprofit dedicated to the success and growth of construction financial professionals, announces its second class of Rising Stars. These leaders under 40 years old are honored for positively impacting their companies and the construction industry.

“It is inspiring to see these young professionals recognized for building a stronger industry,” said Tom Borgia, CFMA’s 2022-23 Chairman. “With a focus on the future, I am confident that these leaders will help guide us through the changing needs of the construction industry.”

“Leaders like these Rising Stars will surely help advance our industry, strengthen CFMA, help us innovate, and build inclusive community,” says Stuart Binstock, CFMA’s President & CEO. “I am excited to see how they will help carry the construction industry — and CFMA — into the future.”

Learn more about the winners at cfma.org/risingstars.

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

Jared has a bachelor’s in business management with an emphasis in accounting from the University of Colorado Colorado Springs.  He has been in public accounting since 2016.

Jennifer has a degree in accounting from the University of Colorado Colorado Springs. She has been in public accounting since 2005.

 

About Stockman Kast Ryan + Co

SKR+CO is Southern 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, Colo. – Stockman Kast Ryan + Co, LLP (SKR+CO), the largest locally-owned certified public accounting firm in Southern Colorado, congratulates Buddy Newton, CPA , CVA®, as the eleventh member of the SKR+CO partner group. Buddy brings thirteen years of experience as a business valuation analyst and tax accountant, with a specialty focus in the construction, auto dealer and high-net worth industry.

 

“We are pleased to welcome Buddy to the partner team,” shared SKR+CO Tax Partner Judy Kaltenbacher. “Buddy’s extensive background, industry expertise and education will complement our team and provide more value for our clients.”

 

In addition to being a CPA, Buddy holds certification in Certified Valuation Analyst (CVA®). Buddy has a Master of Science in Taxation from Northeastern University and a bachelor’s in business with an emphasis in Accounting from University of Colorado, Colorado Springs.

 

In 2019, Buddy was recognized as one of that year’s 40 Under Forty Honorees by the National Association of Certified Valuators and Analysts® (NACVA®).  NACVA’s® 40 Under Forty program recognizes the nation’s emerging visionary leaders across all spectrums of the accounting and financial consulting professions. The honorees embody the drive, motivation and courage needed to lead the industry’s next generation.

 

Buddy was most recently a Senior Tax Manager at SKR+CO.  He also serves as a reserve Sergeant for the El Paso County Sherriff’s office.

 

About Stockman Kast Ryan + Co

SKR+CO is Southern 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, Colo. – Stockman Kast Ryan + Co, LLP (SKR+CO), the largest locally-owned certified public accounting firm in Southern Colorado, announces the hiring of Human Resources Generalist Andrew Wilson. Andrew will provide functional support for human resources and operations to include employee engagement, performance management and compliance.

Andrew brings a wealth of knowledge and experience to the team, with work history in for-profit and non-profit industries. He is skilled in areas of coaching, communication and people management.

Prior to joining SKR+CO, Andrew was Regional Human Resources Manager at VillaSport Athletic Club and Spa in Colorado Springs.

Andrew has a degree in Political Science from Southern New Hampshire University.

About Stockman Kast Ryan + Co

SKR+CO is Southern 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 compliance, 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.

 

 

 

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+CO Tax Record Retention Schedule (Click Here)