Miller Verchota, Inc. - Colorado Springs

📢 Colorado Tax Credit Update for Families

An important change is coming for Colorado families in 2026.

The Family Affordability Tax Credit (FATC), which provided an additional refundable state tax credit to qualifying families with children, will not be available for the 2026 tax year.

The Colorado Child Tax Credit is still available — this change specifically affects the additional Family Affordability Tax Credit.

If you received the Family Affordability Tax Credit in the past, keep in mind that this change could impact your 2026 Colorado tax return and potentially the refund you’re accustomed to receiving.

Tax laws and credits can change from year to year, and we’re here to help you understand what those changes mean for you and your family.

🔗 Learn more directly from the Colorado Department of Revenue:
https://tax.colorado.gov/colorado-child-tax-credit

Colorado Child Tax Credit & Family Affordability Tax Credit Assistant | Department of Revenue - Taxation The State must temporarily pause the Family Affordability Tax Credit for tax year 2026 (filed in 2027). The tax credit is turned off in years where revenue projections fall below a threshold growth rate and resumes when projections anticipate revenues will exceed that rate. The credit was turned off...

📢 **Important Update for Small Business Owners: FinCEN Ends BOI Reporting Requirements for U.S. Companies**

The U.S. Department of the Treasury announced today that FinCEN has issued a final rule **permanently removing Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons** under the Corporate Transparency Act.

The final rule also provides that FinCEN will **delete previously reported information for U.S. persons who are now exempt** from the reporting requirements.

What does this mean for most U.S. small businesses? The BOI filing requirement that generated significant attention over the past few years has now been permanently eliminated.

Certain **foreign entities registered to do business in the United States remain subject to BOI reporting requirements**, so the rules have not disappeared entirely.

👉 Read the full announcement from the U.S. Treasury:
https://home.treasury.gov/news/press-releases/sb0603

As always, businesses should review how regulatory changes apply to their specific circumstances.

FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners Will Delete Information Previously Reported by U.S. PersonsWASHINGTON––Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership ...

Last week, the Miller Verchota team had the opportunity to support the ProRodeo Hall of Fame & Museum of the American Cowboy at their 38th Annual Golf Tournament.

We traded our computers and calculators for a day on the golf course, all in support of a great cause!

The funds raised will help further develop the museum's website, including accessibility enhancements that allow visitors with vision disabilities to have the site's content read aloud. It's an important step toward making the rich history of rodeo and the American cowboy more accessible to everyone.

We're proud to support organizations that make a positive impact in our local community and beyond.

A big thank you to the ProRodeo Hall of Fame for hosting such a fantastic event—we had a wonderful time and look forward to supporting your mission in the future!

🚨 Consider this your IRS push notification.

The standard mileage rate just got an upgrade due to rising fuel costs!

Effective July 1, 2026:
🚗 Business: 76¢ per mile (up from 72.5¢)
🏥 Medical & Moving: 23.5¢ per mile (up from 20.5¢)
❤️ Charitable: 14¢ per mile (unchanged)

If you use your personal vehicle for business, be sure to update your mileage tracking and reimbursement rates to reflect the new IRS guidance.

Questions about mileage deductions? The team at Miller Verchota is here to help!

Read the official IRS announcement: https://www.irs.gov/irb/2026-29_irb?utm_source=chatgpt.com -2026-11

Mid-year checklist for business owners:

☑️ Hired a contractor
☑️ Paid a contractor
⬜ Collected their W-9
⬜ Contact Miller Verchota, Inc.

If that third box isn't checked yet, now is the time. Don't wait until January when you're preparing 1099s and tracking down contractor information.

And if you're unsure which contractors need a W-9, what records to keep, or how 1099 reporting works, checking that fourth box might save you a headache later. 😉

Happy June 1st!

Fun tax fact: We're now closer to next tax season than we are to last tax season. 😅

Before you panic, take a deep breath. June is actually the perfect time to:
✅ Catch up on bookkeeping
✅ Review your business finances
✅ Start tax planning before year-end

A little attention now can save a lot of stress later.

Your future self called—they'd really appreciate it.

💰 Colorado Springs — don’t miss this refund opportunity

The IRS may owe refunds on certain penalties and interest from COVID years (2020–2023).

⏳ Deadline to claim: July 10, 2026 — and it’s not automatic.

If you paid penalties during those years, it’s worth a quick review.

🧾 Don’t leave money on the table.

Americans need to act by July 10 to claim potential IRS COVID refund Millions of Americans may be owed an IRS refund from the COVID-19 era due to a court ruling. The deadline to claim is July 10, 2026.

📊 Less stress. Better numbers. More time back.

If your bookkeeping is falling behind, payroll feels like a hassle, or taxes are always a last-minute scramble—you’re not alone.

Off-season is actually the best time to get things cleaned up and set up right before things get busy again.

✔️ Bookkeeping cleanup & ongoing support
✔️ Reliable payroll services
✔️ Tax planning & preparation

Let’s get everything organized now so you’re not playing catch-up later.

📩 Message us to get started or learn more.

We made it 🙌

Another tax season in the books—late nights, endless coffee, and a whole lot of teamwork. Huge thanks to our clients and all the new people we had the opportunity to meet this season. We truly appreciate your trust.

We look forward to continuing to support and serve our Colorado Springs community all year long!