The simplest way to provide financial assistance to a child or other family member is to get out your checkbook and make a gift. But if you’re concerned about gift taxes, a loan may be preferable. Intrafamily loans must be structured and managed carefully to ensure that the IRS will
Once acquired, a not-for-profit’s tax-exempt status isn’t permanent. Your organization’s activities, the ways it generates revenue and how it uses that revenue can lead to the IRS reviewing and even revoking your status. Rules vary Most charities are classified as Section 501(c)(3) organizations. These groups: • Are organized and operated
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts?
A principal consideration for any new or existing business is choosing an appropriate legal entity. Available options in most states include C corporations, S corporations, general and limited partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs) and sole proprietorships. Tax implications Each entity type has advantages and disadvantages. It’s
With the gift and estate tax exemption at $5.45 million in 2016, you may be less concerned about these taxes. But if you don’t take advantage of making tax-free direct payments of tuition and medical expenses, you’re missing a valuable opportunity to reduce your potential gift and estate tax exposure
Dalby, Wendland & Co., P.C. is pleased to announce the following staff promotions: Nathan A. Fyock, CPA, to Associate Principal Nathan “Nate” Fyock is a certified public accountant (CPA) with Dalby, Wendland & Co., P.C.’s, audit office in Grand Junction. Originally from Center, a town located in the San Luis
Real estate owners holding real estate within their business or for investment often times find themselves holding a significantly appreciated asset. This is a good thing? However, when facing the opportunity to sell such real estate the owner may be surprised to learn about the tax bill resulting from the
Grand Junction, CO (July 26, 2016) — The Board of Directors of Dalby, Wendland & Co., P.C., is pleased to announce the election of Greg A. Keller, CPA, PFS, as the Firm’s new president and chairman of the board. Greg began his new role on July 1, 2016. “We are
Charitable giving through donor-advised funds (DAFs) has grown in popularity in recent years. Generally, creating a DAF requires no more than completing a short application and making an initial contribution as low as $10,000 to a sponsoring organization, such as a community foundation. You recommend which charities should receive gifts,
Congratulations to DWC accountant, Mark W. Plantz, CPA, on his recent election as secretary of the Montrose Recreation District. The Montrose Recreation District’s purpose is to provide, manage, and maintain quality recreational facilities, programs, and services, which will enhance the learning, leisure, and recreation opportunities that promote a healthy community.
