Section 179D Deduction Set to Expire Mid-2026
Construction companies planning on energy-efficient commercial projects are approaching a key deadline. The Energy Efficient Commercial Building Deduction under Section 179D expires for projects that begin construction after June 30, 2026.
Firm Promotes Krystal Kowall to Shareholder
The firm is pleased to announce the promotion of Krystal Kowall, CPA, to Tax Shareholder.
IRS Releases New Guidance on Form 1099-K
The IRS has confirmed that third-party payment platforms such as PayPal, Venmo, and Etsy will issue Form 1099-K only when total payments exceed $20,000 and the number of transactions exceeds 200. The guidance, released in October 2025 under the One Big Beautiful Bill Act (OBBBA), restores the higher reporting threshold that existed before 2021 and reverses the temporary $600 limit.
Transitional Relief for Car Loan Interest Reporting
The IRS and Treasury Department are giving lenders extra time to meet new car loan reporting requirements. Notice 2025-57, released October 21, creates a one-year transition period under the One Big Beautiful Bill Act (OBBBA). The new law lets individuals deduct interest paid on qualifying car loans starting in 2025. To support that deduction, lenders must report how much interest they receive from borrowers each year.
Colorado Adopts Five Tax Changes in Special Session
In Summary The Qualified business income (QBI) deduction addback for Colorado taxable income was made permanent (HB25B-1001) for single filers with income of $500,000 or more and joint filers with income of $1,000,000 or more, starting January 1, 2026. The sales tax vendor allowance was eliminated (HB25B-1005) beginning January 1, 2026, meaning businesses will remit the full […]
100% Bonus Depreciation Returns
In Summary The One Big Beautiful Bill (OBBBA) permanently restores 100% bonus depreciation for qualifying business property placed in service on or after January 19, 2025, allowing businesses to deduct the full cost of eligible assets in the year they are put into service. The restored 100% bonus depreciation applies to both new and used […]
Qualified Business Income Deduction Made Permanent Under OBBBA
The Qualified Business Income (QBI) deduction has played a major role in tax savings for pass-through business owners since it was introduced under the Tax Cuts and Jobs Act (TCJA) in 2018. But until now, its long-term future was uncertain.
Delays in Filing 2024 Colorado Tax Returns
Many Colorado taxpayers are wondering why the Department of Revenue has yet to accept 2024 tax returns. The e-filing system that is used to submit individual, business, and fiduciary returns has been unavailable since mid-January.
2024 Year-End Tax Strategies for Businesses
In Summary Businesses should actively reduce current tax liability by strategically timing income and expenses (e.g., prepaying costs) and leveraging generous provisions like the Section 179 deduction and 60% bonus depreciation for asset purchases, while also claiming valuable federal tax credits such as WOTC and the R&D Tax Credit. With several key Tax Cuts and […]
Tax News Update – June 2024
Receive an update on the latest tax updates and considerations heading into the summer months of 2024.