#IRS

Year-End Tax Planning Opportunities Are Here

Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 - 2023 and 2023 - 2024. Here are last-minute tax...

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Consequences of Filing Married Filing Separate

Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you...

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Another Rough Tax Season for IRS and Taxpayers?

This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to...

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Did You Get a Letter from the IRS? Don’t Panic.

Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter...

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May 2021 Important Due Dates

May 2021 Individual Due Dates: May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...

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Tax Filing Deadlines Are Rapidly Approaching!

Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you...

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What About the Stimulus Checks?

A second round of stimulus will include direct payments of up to $600 per adult and per child. Call Key2 Accounting today with any questions you may have. For more details visit:  https://www.irs.gov/coronavirus/economic-impact-payments  

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Corona Virus News & Updates

Dear Valued Clients Potential Clients and Small Business Partners: Key2 Accounting wants to let you know that we are here to stand by you, our small business clients and partners as we navigate the unchartered waters of the Coronavirus. We have provided some updated...

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2020 Revised Form W4 – Are You Ready?

When you hire an employee who starts in 2020, you must give them the newly designed Form W-4, which is less complex, more transparent, and makes it easier for your employees’ withholding to match their tax liability. The new form has been renamed Employee’s...

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Don’t Mess with the IRS!

While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter on interest and penalties starts...

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Check Paycheck Tax Withheld – Avoid Surprises

The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns. Checking withholding amounts is important. These tax law changes include: • Increased standard deduction • Eliminated personal exemptions • Increased Child Tax Credit • Limited or...

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New Regulations for Tangible Property

Over the last two years, the Internal Revenue Service issued new final rules which go into effect for tax years beginning after 1/1/2014. These incredibly complex Regulations require you to keep much better records for Materials & Supplies, Equipment, Fixed Assets...

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Make Life Easier – Outsource Your Bookkeeping!

The tedious task of bookkeeping can quickly consume your precious time. It’s one of those things business owners often put off and rarely enjoy. We understand that when it comes to bookkeeping, a little help can go a long way. That’s why we customize our bookkeeping...

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Help Us Reach Our Goal!

Donate to the Payroll Vault SuperStars Sports Challenge to benefit Partners Mentoring Youth! The SuperStars Sports Challenge is a unique sporting event aimed at raising awareness of and funds for Larimer County Partners Mentoring Youth, a one-to-one youth mentoring...

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Join us for the Payroll Vault Ribbon Cutting!

Join us next Tuesday, July 29 at 4:30 pm for our Ribbon Cutting Located at the Key2 Accounting & Payroll Vault office 375 E. Horsetooth Rd BLDG 2 STE 101 Fort Collins Hosted by Fort Collins Payroll Vault in conjunction with the Loveland Chamber of Commerce Stop by...

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