Dalby, Wendland & Co. News

5 Ways to Help Your Accounts Receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as

2021-07-26T15:17:20-06:00July 26th, 2021|

Accounting Method Choices for Private Small and Medium-Sized Businesses

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right

2021-07-26T15:08:23-06:00July 26th, 2021|

DWC Announces 2021 Promotions

Congratulations to the following professionals for their recent promotion. Loren Hofer, CPA, to Tax Manager Loren grew up in Jakarta, Indonesia. She moved to Grand Junction in 2001 and became a U.S. Citizen in 2008. Loren graduated from Colorado Mesa University with a B.S. in accounting and computer information systems.

2021-07-26T10:56:36-06:00July 26th, 2021|

What is the Pass-Through Deduction?

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations.

2021-07-20T12:02:27-06:00July 20th, 2021|

Tax Rules When Inheriting Property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The Current Rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal

2021-07-20T11:52:06-06:00July 20th, 2021|

Auditing Work in Progress

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S.

2021-07-20T11:40:12-06:00July 20th, 2021|
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