Latest News
& Updates
After a 10-month hiatus, a temporary deduction from state net taxable sales for qualifying Colorado retailers returns!
mailchi.mp/8219a50a7668/salt-main-accounting-news
It’s that time again folks!
We would love to have your vote for Best of Durango & La Plata County. Thanks to everyone who voted for us last year, we would truly appreciate your support once again!
bestoflaplata.com/#/gallery?group=423111
NEW - Colorado Retail Delivery Fee
For those of you who sell taxable items that are delivered by a motor vehicle to a location in Colorado (including deliveries made by a third-party), the Colorado Department of Revenue will require you to remit a new fee starting July 1, 2022.
saltandmainaccounting.com/docs/co-retail-deliver-fee-rtf/
Reach out to us for support with any of your state and local tax needs!
Heads up! The IRS has updated the standard mileage rate for business travel mid-year. Effective July 1, 2022, the standard mileage rate will be 62.5 cents per mile.
Need support? Reach out to us, we can help!
saltandmainaccounting.com/docs/irs-mileage-rate-increase-2022-07-01/
The deadline for filing your 1099 forms for 2021 is approaching fast!
Current clients: do not hesitate to reach out to us if you have any questions on the documentation we’ve requested.
Potential clients: call us today as there’s still time for us to help! 970-880-1022
Happy Holidays everyone! Just a quick PSA from Salt & Main:
We will be closed this Friday for New Year's Eve to spend time in the snow.
We wish you and yours the happiest of holidays! We will be returning to the office on Monday and look forward to seeing you then!
Happy Holidays everyone! Just a quick PSA from Salt & Main:
We will be closed this Friday for Christmas Eve to spend time with our families and loved ones.
We wish you and yours the happiest of holidays! We will be returning to the office on Monday and look forward to seeing to then!
Oh, the ever exciting world of sales tax!
For all the ecommerce and online retailers out there, make sure you are staying up to date on your sales tax figures as it looks like a record number of local municipalities are updating their sales tax rates.
No sales tax changes at state level, but a record number for localities
www.accountingtoday.com
Vertex's annual Mid-Year Report reveals the COVID-19-driven differences in the way jurisdictions are approaching rates.
Happy Thursday everyone!
Wishing you knew more strategies to help reduce your business tax expense?
Get in touch with us today and see how we can help to optimize your efforts and save you $$!
Just a friendly reminder that the IRS is still incentivizing businesses to get out there and support local restaurants!
How?? The IRS is allowing a 100% business-meal deduction for qualifying restaurant purchases through the end of 2022.
Now share this post with a local business owner you know!
IRS explains which meals qualify for temporary 100% expense deduction
www.journalofaccountancy.com
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
Happy Friday Everyone! Just a reminder...
August marks the last month that qualifying Colorado retailers can apply a temporary deduction to their state net taxable sales. This allows them to keep up to $2,000 of state sales tax collected in August!
Is your business a qualified retailer?
Contact us for more info.
Qualified Retailer Retain Sales Tax For Assistance | Colorado General Assembly
leg.colorado.gov
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September 6th marks the end of PUA, PEUC, and FPUC.
It's not clear whether there is enough support from lawmakers to continue or extend any of these jobless benefits.
How do you think this will affect your business?
Pandemic unemployment benefits end in September—here's who loses aid
www.cnbc.com
Three jobless aid programs created in the March 2020 CARES Act are set to expire on Sept. 6.
I think this is one of the better articles out there that clearly and concisely sums up the recent extension and modifications made to the Employee Retention Credit (ERC).
Note that a “recovery startup business” is now part of the definition of an eligible employer for wages paid in the 3rd and 4th quarter of 2021.
And how is a recovery startup business defined? Glad you asked! A recovery startup business is an employer that:
- is not otherwise an eligible employer under ERC
- began carrying on a trade or business after Feb. 15, 2020
- has average annual gross receipts for the three tax years preceding the quarter in which it claims the credit of no more than $1 million
Guidance on claiming the ERC for third and fourth quarters of 2021
www.journalofaccountancy.com
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
