December 2022 – Year Tax Planning
The tax year 2022 continues the recent trend of challenges and changes to the tax landscape. Most of the COVID-19-related provisions have expired.
Colorado SALT Parity Update
Colorado’s Department of Revenue (CDOR) is now allowing Denver partnerships and S corporations to make an election into the SALT Parity Act for the 2022 tax year when filing their 2022 income tax return.
2022 Fall Tax Highlights
When the actual expense method is used for deducting the business use of a vehicle, the cost of the vehicle is depreciated under MACRS using a 5-year recovery period.
Inflation Reduction Act: 179D and 45L Updates
Called the largest climate bill in U.S. history, the Inflation Reduction Act (IRA) seeks to lower the federal deficit through investments in clean energy and healthcare.
Colorado’s New Retail Delivery Fee Took Effect July 1, 2022
During the pandemic many Colorado businesses and individuals had to make adjustments to comply with government orders and prevent virus transmission.
SALT Passthrough Deduction – Colorado SALT Parity Act
Colorado is the latest state to give pass-through entity owners and shareholders a workaround for the federal $10,000 cap on state and local tax (SALT) deduction.
2022 Tax Highlights
When the actual expense method is used for deducting the business use of a vehicle, the cost of the vehicle is depreciated under MACRS using a 5-year recovery period.
Colorado Residents to Get Automatic Refunds
Many Denver business owners and families will be happy to learn that sometime later this year residents will receive a state dividend payment.
IRS Suspends Certain Automatic Notifications
Since the start of the pandemic, the IRS has faced significant struggles attempting to process individual, and certain federal business tax returns.
Intangible Drilling Costs for Independent Oil and Gas Producers
Colorado is an energy-rich state featuring traditional fossil fuels and renewable energy.