As we close out 2022 and plan for 2023, we wanted to pause for a minute to say “Thank You” to all of our valued clients, friends, and families. We hope you all have a safe and happy new year.
Tax Advisory Services
With rising interest rates, ongoing labor shortages, potential market swings, and looming legislative changes, we expect the upcoming year to provide many opportunities for tax planning and cash flow analysis. Our professionals are well trained in the ever-changing laws and they are ready to build a plan specific to your individual tax situation.
If you are looking for answers regarding loss harvesting, retirement contributions, required minimum distributions, income tax withholdings, or changes to your tax situation, we are here to help. Call our office or email your tax professional if you would like to schedule a tax planning meeting with any of our professional team.
Colorado Revised Statutes
In June 2022, the State of Colorado amended the revised statutes to provide relief for certain business owners who are phased out of the state and local income tax deduction in 2018 – 2021. This relief will commence with the S-Corporation or Partnership making an election on or after September 1, 2023 and before July 1, 2024 to amend the state tax return and file a composite tax return for the available years. While we cannot make this election until September of 2023, it is important that we are aware of it and plan for this upcoming process as the timeline to complete the amended tax return filings is very tight.
Family and Medical Leave Insurance (FAMLI) Program
In 2020, Colorado enacted a statewide paid family and medical leave insurance program with premiums starting to be paid in 2023. This new program allows covered employees, starting in 2024, to take paid leave for a variety of medical reasons. Employers are not responsible for paying an employee’s salary or wages while they are on FAMLI leave but there are rules associated with holding the position available to the employee to return. For additional resources, see the FAMLI website.
Please be sure to check out our prior newsletters, Q&A’s, and blogs for great information on other tax changes and frequently asked questions.
Thank you for reading to the end! We hope you have a wonderful Holiday Season and New Year, and we look forward to seeing many of you either live or through video in the next few months.
Please contact our office today at 303-988-5648 to discuss your specific situation. As always, planning ahead can help you maximize your family’s financial situation and position you for greater success.
Kim Hitchcock, CPA
KIM HITCHCOCK is a CPA and the owner of McNurlin, Hitchcock & Associates, PC.
Kim has worked in public accounting, assisting individuals and small businesses for more than 26 years. She has traveled from Maryland, to Alaska, to Colorado where she now lives with her husband and daughter. Read more about Kim and the members of her accounting team.