In recognition of the hardships caused by recent Colorado wildfires, accounting and financial planning firm Coet2 P.C. CPAs in Westminster will …
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In recognition of the hardships caused by recent Colorado wildfires, accounting and financial planning firm Coet2 P.C. CPAs in Westminster will donate 5 percent of its July tax-service revenues to the Colorado Fire Training Officers Association.
Fran Coet, principal at Coet2, said the wildfires have had far-ranging impacts on Colorado communities, and the people who work at Coet2 have expressed deep sympathies for the victims and concerns about the strain put on local firefighting agencies.
“Facing millions of dollars of expenses, our state’s firefighting agencies can use all the help they can get, even if it is just the modest impact that we are making at Coet2,” she said. “I hope our clients will take this opportunity to get involved in a worthy effort and at the same time address some of those tax issues that might have been awaiting resolution for a few months.”
Coet2 provides tax planning and tax preparation services for individuals and businesses. Coet said that wildfires begin to have tax implications whenever personal property is involved. The most obvious implication, she said, is the loss of tax records in a home or business fire. Coet recommends that everyone back up records and store them at another site. She said uninsured losses incurred due to fire or other natural disaster, can often be “written off” on tax returns, reducing tax liability.
“Thank you to Coet2 and all the people who work there for their generosity and their concern about firefighting activities in Colorado,” said Battalion Chief Mark Schuman of the CFTOA. “Without donations like the one from Coet2, our organization would be unable to provide training opportunities to firefighters throughout Colorado, especially those in rural sections of the state.”
For information about Coet2 CPAs’ support of Colorado firefighting efforts, call 303-426-6444.
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