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Accounting & Tax Solutions, Inc. is a full service tax, accounting, and business consulting firm located in Lakewood, CO and serving Arvada, Lakewood, Wheatridge, Golden, Littleton, Morrison, Denver, Highlands Ranch, Englewood, Centennial, Aurora, Greenwood Village, Westminster, Thornton, Northglenn, Broomfield, Commerce City, and Brighton. See our Services pages for detailed information, call 303.232.8300 or click to Schedule an Appointment.

Calendar Upcoming tax events and seasonal tax advisories. View the IRS' Tax Calendars for Small Businesses and the Self-Employed: 2011 IRS Tax Calendar - Online Version 2012 IRS Tax Calendar - Online Version - Printable PDF These links will take you directly to the IRS website for the most up-to-date information.

Reporting of Health Care Premiums on W-2 Forms (Jan. 19, 2012)
This requirement will begin for 2012 W-2 Forms for employers with over 250 employees. ... read more

Mileage Rates for 2012 (Jan. 19, 2012)
Standard mileage rates for 2012 are: Business miles - 55.5 ... read more

Social Security Wage Base
(Jan. 19, 2012)
The Social Security wage base is $ 110,100 in 2012, a $3,300 increase over 2011 and the first jump ... read more

SUTA Taxable Wages (Jan. 19, 2012)
The taxable wage base of SUTA has been increased to ... read more

Key Business Tax Breaks Have Expired (Jan. 19, 2012)
100% bonus first-year depreciation has been reduced to 50% beginning tax year 2012. Section 179 depreciating expensing has been ... read more

Retirement Plan Contributions (Jan. 19, 2012)
There has been an increase in some retirement plan contributions for 2012. See the chart below for a comparison of 2011 and 2012 ... read more

Football Stadium District Sales Tax Expired December 31, 2011
(Jan. 7, 2012)
Beginning January 1, taxpayers will no longer pay the one-tenth of one percent Football District sales/use tax. The Metropolitan ... read more

Who Really Pays the Tax?
(Nov. 29, 2011)
We see many ads and much talk on TV regarding who pays how much tax – here are the FACTS as published by the IRS for the tax year ... read more

Social Security Wage Base
(Nov. 29, 2011)
The Social Security Wage Base for 2012 will jump to $110,000, a $3,300 increase over this year's figure and the first increase since 2009. ... read more

Retirement and Contributions for 2012 (Nov. 29, 2011)
Benefit Plans: Several key ceilings on retirement plans will be higher next year: The maximum 401(k) contribution rises to $17,000 in 2012 ... read more

Reporting Capital Gains for 2011 is going to be More Complicated (Nov. 29, 2011)
Capital Gains: Reporting your capital gains for 2011 is going to be more complicated. You will have to use two forms. Form 8949 and ... read more

Beware of Phishing Schemes (Nov. 29, 2011)
The IRS will NEVER email regarding your tax account! BEWARE of PHISHING SCHEMES! What if you become aware of an IRS-related phishing scam? If you receive an unsolicitied email communication ... read more

News for Our Business Clients
(Oct. 10, 2011)

1. New 1099-K reporting form for 2011. All businesses accepting credit cards will receive a ... read more

2. FUTA tax rate change. The FUTA tax rate was reduced from .008 ... read more

3. HIRE Credit. Just a reminder that there is a $1,000 tax credit for any ... read more

4. NEW - Workers Compensation Deductible. Colorado law now permits an employer to buy Workers' ... read more

5. S-Corp Health Insurance. Just an early reminder that health insurance premiums for more than a 2% shareholder ... read more

News for Individual and Business Clients (Oct. 10, 2011)

1. A reminder that the filing extension deadline for individuals on extension for 2010 ... read more

2. The Colorado Department of Revenue has announced a Tax Amnesty Program ... read more

3. The City and County of Denver has announced a Tax Amnesty Program ... read more

Colorado Tax Amnesty Program (Sept. 30, 2011)
The Colorado Department of Revenue will allow certain taxpayers to pay the full amount of overdue taxes, including one-half of any interest due, without being subject to any other civil or criminal penalties. ... read more

Denver Tax Amnesty Program (Sept. 30, 2011)
Announcing (for a Limited Time Only): Denver Tax Amnesty Program. Who: Licensed and unlicensed businesses and individuals, who have unreported taxes due to the City and County of Denver. ... read more

The IRS Increases Mileage Rate to 55.5 Cents per Mile (Jun. 23, 2011)
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers must use the optional standard rates to calculate the deductible costs of operating an automible for ... read more

Individual Income Tax (Dec. 2010)
Pending the approval of the Senate and House, the Bush tax cuts will be extended for all taxpayers for two years. Also, the reduced capital gains and qualified dividend rates ... read more

Standard Mileage Rates (Dec. 2010)
The IRS released on Friday, December 3rd, the standard mileage rates for 2011. ... read more

W-2 Reporting (Dec. 2010)
A reminder for S-Corporations - for all shareholders who own more than 2% of the stock of the corporation, health insurance premiums paid by the corporation must be ... read more

Unemployment Rates (Dec. 2010)
Please be aware that the State has had an across the board increase ... read more

SBA Programs (Dec. 2010)
Under the Small Business Jobs Act of 2010, which was enacted on September 27, 2010, there are some new and extended loan programs available for businesses. ... read more

Sales and Use Tax Issues in Colorado (Dec. 2010)
Our staff recently attended a full day seminar on "Sales and Use Taxes" (tax/taxes) in Colorado. The complexity of the rules between the state and the cities makes Colorado one of the most difficult places to compute these taxes. In addition, audits have increased dramatically ... read more

S-Corporations (Aug. 2010)
W-2 Reminder: Shareholder health insurance premiums must be included in Box 1 of the W-2 form and Box 14 in order for the shareholder ... read more

The HIRE Act and How It May Impact Your Business (Aug. 2010 Reminder)
IRS form W-11 is to be used as an affidavit for new employees to complete and sign if they are eligible for the new HIRE credit. Employers do not have to pay the the matching ... read more

Affordable Care Act Tax Provisions (Aug. 2010)
The Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. ... read more

Unacceptable Unemployment Insurance Wage Reporting (Aug. 2010) Effective October 1, 2010, the Colorado Unemployment Insurance Program will not accept any paper wage reports other than those submitted on ... read more

Colorado State Sales/Use Tax Filing will be changing (Aug. 2010) Effective with the September 2010 Returns: The Department of Revenue is developing a new computer system to manage Colorado ... read more

Federal Tax Deposit Coupon (Aug. 2010)
All Employers and Corporations will have to use EFTPS soon. Banks will no longer be allowed to accept tax deposits after December 31 ... read more

Major Changes to 1099 Information Reporting Laws (Aug. 2010 Update)
The passage of the Healthcare reform bill included some of the most drastic changes to 1099 information reporting in over a decade. The bill included revenue raising provisions meant to seek greater compliance of the tax code via 1099 information reporting. ... This requirement is coming under much fire from many organizations and stands a good chance of being repealed prior to enactment. ... read more

Health Care Reform's New Tax Laws (May 2010)
Now that Congress has passed a landmark health care reform package, much work needs to be done in dealing with new requirements. While the end result of the legislative process is necessarily health care related, the tax law plays a major role in its implementation. From the tax credits and subsidies used to expand health coverage, to the many penalties, fees and surtaxes designed to pay for it, the Tax Code is front and center. ... read more

Major Changes to 1099 Information Reporting Laws (May 2010)
The passage of the Healthcare reform bill included some of the most drastic changes to 1099 information reporting in over a decade. The bill included revenue raising provisions meant to seek greater compliance of the tax code via 1099 information reporting. ... read more

The HIRE Act and How It May Impact Your Business (May 2010 Update)
Click for a new form W-11 to be used as an affidavit for new employees to complete and sign if they are eligible for the new HIRE credit. Employers do not have to pay the matching Social Security tax (6.2%) on the wages of workers hired after February 3, 2010 if they worked less then 40 hours in the previous 60 days. ... read more

The HIRE Act and How It May Impact Your Business (Mar. 2010)
The Hiring Incentives to Restore Employment Act (HIRE), also known as the "jobs bill," is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed. The bill also extends federal highway programs through the end of the year. ... read more

COBRA Subsidy Law Extended, Expanded (Jan. 2010)
President Obama signed into law on December 19, 2009 an extension and expansion of a COBRA premium subsidy law under the American Recovery and Reinvestment Act (ARRA) that was due to expire on December 31, 2009. The extension means new compliance obligations for employers, in that the program now runs through February 28, 2010, the subsidy period is expanded by six (6) months and new notice requirements must be met within a tight timeframe. ... read more

2010 Standard Mileage Rate (Business Taxes Alert): (Dec. 2009)
The 2010 standard mileage rate will be a lot lower for business driving... 50¢ per mile, down 5¢ from 2009.
The main reason is lower fuel costs. Any reimbursements to workers over 50¢ per mile for 2010 driving will be taxed as income and hit with payroll taxes. ... please contact us with any questions.

Year-End Income Tax Planning for "Individuals" (Nov. 2009)
Once again, it's time for year-end tax planning. Over the past year, Congress, the IRS, and the courts have flooded us with significant tax developments. The White House has also warned of imminent tax increases, particularly for higher income taxpayers. Collectively, these changes make year-end tax planning for 2009 more important than for any year in recent history! ... read more

Year-End Income Tax Planning for Corporate and Non-Corporate Businesses (Nov. 2009)
As the end of 2009 approaches, it's time to evaluate year-end tax planning for corporations and other businesses. Over the past year, Congress, the IRS, and the courts have flooded us with significant tax developments. These changes make year-end tax planning for 2009 exceedingly important! ... read more

2009 New Tax Law Letter (Nov. 2009)
Responding to fears of a deep recession, Congress has been passing economic stimulus legislation at a frantic pace. This legislation includes a host of temporary tax breaks for both individuals and businesses. ... read more

IRS Announces 2009 Standard Mileage Rates (Nov. 24, 2008)
The IRS issued the 2009 optional standard mileage rates on Nov. 24. These rates are used to calculate the deductible costs for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

... read more

The Best Tax Shelter around - your Personal Residence! (Dec. 2007)
If you’re a homeowner, Uncle Sam has thrown you a tax shelter that’s beyond compare. ... read more

Tis the Season to be GIVING ….. (Dec. 2007)
Well, it’s the end of the year and now you have a big incentive to clean out all that stuff! You could get a tax deduction for it. ... read more

Education Credits from Uncle Sam (Dec. 2007)
Uncle Sam recognizes the value of education and has given us credits and deductions to help. ... read more

Staying off the IRS Radar Screen (Dec. 2007)
Nothing strikes terror in the heart of the American taxpayer quite like finding a letter in the mailbox from the IRS! ... read more

Solace for the Non-filer (Dec. 2007)
Has it been awhile since you filed a tax return? Feeling guilty? Scared? Don’t know what to do? ... read more

Greetings from the IRS (Dec. 2007)
You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. ... read more

Paying for College (Dec. 2007)
You’ve probably heard about the 529 College Savings Plan. But what is it exactly? The 529 College Savings Plan is one of the best savings incentives for college and something you don’t want to miss out on if you have children or grandchildren. ... read more

Home Office Deduction (Dec. 2007)
You’ve decided to start a small business working out of your home. Life is great and you can’t beat the commute. Now, how will this affect your income taxes? Can you deduct expenses for use of your home? ... read more