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COVID-19 Tax Relief: IRS To Refund $1.2 Billion in Late-Filing Fees For 1.6 Million Taxpayers

On Wednesday, August 24, the IRS announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will automatically receive a collective $1.2 billion in penalty refunds or credits, according to the federal agency, with many payments expected to arrive by the end of September. The relief […]

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How is NIL Income Taxed for Collegiate NCAA Athletes? | Tax Planning for Student Athletes

On July 1st, 2021, the NCAA passed an interim policy allowing student athletes to profit from “Name, Image, and Likeness” (NIL) activities. . This change came after the Supreme Court’s unanimous ruling in NCAA v. Alston that the NCAA cannot limit academic-related payments to students, opening up the possibility for athletes to earn an income through […]

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How to Navigate The Colorado Sales Tax Forgiveness Program For Food & Beverage Industries

Colorado recently enacted legislation allowing retailers in the restaurant, bar, mobile food service, and catering industries to receive sales tax forgiveness for the period of July through September 2022.  As a result of the COVID-19 pandemic, the Colorado Department of Revenue introduced House Bill 1004, Covid-19 Sales Tax Relief in December 2020. The measures of […]

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Worried About Inflation? Good News – The IRS Is Raising Its Optional Standard Mileage Rate For The Rest Of 2022

On June 9th, the IRS announced an increase in the optional standard mileage rate for the rest of 2022. Due to the effects of inflation and the increase in gas prices across the nation, the standard mileage rate for business travel will now be increased to 62.5 cents per mile traveled, which is 4 cents […]

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UPDATED: Colorado Taxpayers To Receive $750 TABOR Refund, Starting August 1

Updated Wednesday, July 27th, 2022 – Starting the week of August 1, the first round of physical checks will be mailed out to Colorado taxpayers, thanks to TABOR. Here’s what you need to know: Anyone in Colorado who filed a tax return is expected to get $750 back from the state, $1,500 for joint filers. […]

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TurboTax Lawsuit: FTC Sues Intuit Over Misleading ‘Free Filing’ Ads

You know the ads: “Free free, free free free free.” For years, TurboTax maker Intuit has run ad campaigns focusing on the word, “free,” but can all TurboTax users really file their taxes for free? The answer is actually no (more on that later), and in a lawsuit filed March 27 of this year, the […]

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“A New Era Of Enforcement”: What The IRS Hiring Surge Means For You

Last week, the Washington Post reported that the IRS plans to hire 5,000 new employees in the next month.  Along with the implementation of a second “surge team” of reassigned employees and contractors, the move represents the agency’s most aggressive effort yet to address its massive backlog of tax returns and correspondence — a result […]

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Tax Season 2022 – Tax Credits & Deductions

Tax season 2022 is officially here. And with the IRS continuing to grow overwhelmed by its increasing backlog, it’s shaping up to be another chaotic one.  Luckily for taxpayers, the CPAs and tax experts at Boxelder Consulting are always just a phone call away. Voted one of Denver’s best tax services in 2022, our team has […]

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Boxelder Named One Of Denver’s Best Tax Services For 2022

Boxelder Consulting is honored to announce that our firm has been named to Expertise.com’s list of the Best Tax Services in Denver for 2022. Our team was selected from a competitive pool of more than 150 Denver tax firms, earning recognition for our qualifications, level of experience, availability, professionalism, and reputation.  Expertise specifically highlighted Boxelder’s […]

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