Unclaimed Property – Did you Know?
Did you know….that if you are holding uncashed, outstanding payroll checks on your employees older than 1 year or Accounts Payable (AP) and Accounts Receivable (AR) older than 5 years, then the funds must be either returned to their rightful owner or turned over to the custody of the State of Colorado Unclaimed Property Division.
Under Colorado law businesses, not-for-profits and government agencies are required to turn over property to the State whenever the property owner cannot be found. The unclaimed property, if not returned to rightful owner, must be turned over to the custody of the Division by November 1st of each year.
If you have further questions please contact us: 303.415-2555 or hilderbrandwhitetax.com.
Hilderbrand White Tax & Accounting
Do you have a favorite charity that you find yourself continually contributing too? Turn that schedule A deduction into a business deduction. Sponsor a fund raising event!
The event could be a golf outing, a silent auction, or just about any activity. The charity will usually have different levels of “sponsorship” and will include your logo and/or business information in event marketing, advertising and promotion before, during, and after the event. Now you have a direct deduction against your gross business income rather than a schedule A deduction, if you itemize, and even then could be subject to limitation. Depending on your entity structure you may also receive a self employment tax benefit.
Great business exposure while supporting your favorite local charity. And you’ll be pleasantly suprized when you realize how many people will support a business who believes in supporting the same charities they do!
At the very least, you’ve had a fun day or evening, made a few new friends or contacts, and received a better income tax deduction and possibly a self employment tax benefit too.
If you have any questions, please contact us.