Is your Northern Colorado Business Tax Compliant?
Not to scare you, but tax compliance is a huge deal and should have your full attention if you are a business owner. You are working hard to build your company up by driving sales and innovation to peak levels, don’t be ill-informed or put off complying with Colorado and Federal tax laws and regulations. Have you ever heard the saying the bigger they are the harder they fall? Well, the same theory stands when it comes to business and the penalties associated with not conforming to accounting and tax laws.
Save yourself the headache of sifting through the ever-changing tax regulations and legislation and contact Grey CPAs. We can audit your financials or prior year returns and point out any area that may be a concern or problem. In turn, you will have the security knowing you are doing your part to minimize your company’s risk.
No matter the size of your Windsor, Fort Collins, Loveland, Berthoud, or Greeley business, having an expert tax professional working with you to stay in-the-know about tax laws and auditing your financials keeps your business in the clear. Don’t let your company be at risk of tax noncompliance, contact Grey CPAs today for a free consultation.
Expert Compliance Audits in Windsor and Ft. Collins, CO
A compliance audit does not have to be as painful as it sounds. In fact, an audit is a service that if performed objectively and thoroughly, can help you be successful – not the other way around. While audit and compliance may be something you know nothing about, at Grey CPAs we have studied long and hard to gain the right knowledge. We will uncover risks and unforeseen issues so that you can make adjustments to your processes as necessary for the success of your company.
Tax Compliance Complexity Burden
The IRS is continually updating new tax laws and regulations which make it almost impossible for business owners to keep up. Not only that, dividing attentions between money making actions and business tax compliance is a taxing job (pun intended). Stop spinning your wheels and focus on what you do best, managing your business, and let the tax compliance experts at our Windsor, CO CPA Firm do the rest.
Common Tax Compliance Errors
We would like to share with you a few tax compliance errors that are most common in businesses today.
- Reporting your revenue in the same period as costs and expenses is important. Why? Simply put, having out of period expenses will make the prior period sales look better than they were. Implementing period end accruals are an excellent way to recognize accurately revenue and expenditures.
- Accurately keeping financial records. Why? Keeping accurate records is the law for all businesses. Proper recordkeeping is required to prepare your tax return and prove your reported income and expenses if needed (audit). It is recommended to retain records for as long as possible.
- Accurate employee deductions and payroll filings. Why? The IRS wants their portion, and your employee’s portion, and they are not afraid to charge payroll tax penalties when filing late or inaccurately. There are many tax laws around payroll taxes, and the IRS is on top of ensuring employee withholdings are accounted for and reported correctly.
At Grey CPAs in Windsor, we want to make the complex simple with everything we do. That is why we are available to sit down with you and explain in laymen terms how to minimize your tax risk by staying 100% compliant. This will help you and your tax preparation come April 15th!