Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI Deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to adjust your income tax withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a
Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s
Dalby, Wendland & Co. (DWC) is honored to be recognized by INSIDE Public Accounting (IPA) as a Top 300 Firm. IPA ranks firms nationally by U.S. net revenues, and they are compiled by analyzing nearly 600 responses received this year for IPA’s Survey and Analysis of Firms. This is DWC’s
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.
The 2021 tax year saw an uptick in M&A activity, and the trend appears to be continuing. Whether related to an acquisition, merger, restructuring, reorganization, initial public offering or spin-off, the costs paid by companies to service providers such as investment bankers, attorneys, accountants and consultants to investigate and pursue
Many businesses are now allowing employees great flexibility to choose their work location. A common work arrangement allows an employee to regularly work remotely (e.g., from their personal residence) and to work in the employer’s office as needed. Employers are asking whether the expenses incurred by the remote employee
Dalby, Wendland & Co., P.C., (DWC) is pleased to announce the following promotions: Rachel M. Schlepp, CPA, to Principal Rachel’s career in public accounting spans over 19 years. She joined Dalby Wendland’s Glenwood Springs office as a tax manager in 2015. During her time as a public accountant, she has
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt
