A tax credit that may not often come to mind for employers is the Work Opportunity Tax Credit (WOTC). This federal tax credit generally allows an employer to claim 40% of an employee’s wages (up to $6,000 of wages) as a credit upon hiring an employee who is part of one of [...]

In 2020, Colorado passed the Colorado Secure Savings Program which mandates small business owners to enroll into a state-operated retirement savings plan if they do not offer their own qualifying plan. The initial pilot program will launch in October of 2022; the Colorado Secure Savings Board is set to work with an [...]

The Public Health Emergency (PHE) that was instated due to COVID is still in effect and will remain in effect at least until January 11, 2023, when it is evaluated once more. Most recently, the PHE evaluation date was set for November 10, 2022, but was extended on October 13, 2022—this COVID-related [...]

For businesses in Colorado, 2023 may seem like a year convoluted with change. The adjustments to unemployment rates, changes to minimum wage, and the implementation of the FAMLI plan are already enough for any business owner to have to adapt to during the onset of a new year. Yet quite possibly the [...]

In 2020, Colorado voters passed proposition 118 instituting a state sponsored and operated Family and Medical Leave Insurance program (FAMLI). As of now, Colorado is one of the eleven states to have passed and implemented such a policy. Most workers will be eligible for the program after having made at least $2,500 [...]

Classifying a worker as an employee or independent contractor holds significant ramifications in determining tax withholdings, employer tax contributions, benefits, and repercussions for misclassification.   Employers are responsible for withholding federal income tax, social security tax, Medicare tax, and state income tax for all employees. Additionally, employers must pay their share of social [...]