Accountable Plan for Employee Reimbursements If your business reimburses employees for business expenses, then we strongly suggest that you set up an accountable plan for these reimbursements. If the IRS were to question the expense reimbursement payments your business makes to employees and determine them to be compensation rather than expense reimbursement, they could require [...]

Tax season is over!  For most people this means that they are not going to think about their taxes again until the following year.  While we at Wych Tax totally understand why most people think this way, it is important to understand that many tax planning opportunities can be lost if you do not sit [...]

The IRS has created a new web-based payment system called “IRS Direct Pay.” This system allows tax bills or estimated tax payments to be made directly from a taxpayers checking or savings account without incurring any processing fees. The IRS Direct Pay is available 24 hours a day, 7 days a week and also offers [...]

What about you?  Are you financially literate?  Do you have a spending budget?  What about a savings budget?  If so, do you actually meet your goals?  Do you know your “number”, which is the amount you need to save per month to meet your retirement lifestyle goals?  Is your debt under control?  Do you have [...]

It is never too early to start teaching children about finances, and we all know by now that the American education system is not teaching children what they need to know to become fiscally responsible adults.  So, that means this really is the caregivers’ (and other role models’) job.  There are many ways to help [...]

According to the website 360financialliteracy.com, which is a site produced by the American Institute of CPA’s, “Financial education is a lifelong endeavor-from children learning about the value of money to adults understanding how to reach a secure retirement.”  We whole-heartedly agree with this statement.  Why is this such a big deal?  According to the most [...]

Every year the IRS compiles and releases a list of tax scams that taxpayers may encounter throughout the year, called the "Dirty Dozen." As income tax filing season is the peak time of the year that these scams occur, we encourage you to read the article and keep yourself informed.  http://www.irs.gov/uac/Newsroom/IRS-Releases-the-“Dirty-Dozen”-Tax-Scams-for-2014;-Identity-Theft,-Phone-Scams-Lead-List.

Certain businesses located within a qualified Enterprise Zone may be eligible for a Colorado income tax credit based on qualified expenses.  However, to be able to claim the credit, a business is now required to be pre-certified before the expense is incurred.  This only applies to businesses that are located inside an Enterprise Zone and [...]

Just a reminder that federal law requires employers to register all new employees with the State Directory of New Hires. You must report a new hire within 20 days after the date of hire, or by the first scheduled payroll after the date of hire, if this payroll is after the end of the 20-day [...]

The Colorado Department of Revenue (CDOR) has created a system called Revenue Online that is now the preferred method for communicating with the CDOR on most matters affecting your state withholding, sales, and income taxes. This system also allows you to pay most kinds of state taxes via electronic funds transfer (EFT). Additionally this system [...]