If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased person can’t exceed the property’s fair market value (FMV) as
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the
Chris West, CPA and CEO of Dalby, Wendland & Co. The single greatest advantage any company can achieve is organizational health. Yes, it is ignored by most leaders even though it is simple, free, and available to anyone who wants it. I am always a fan of Patrick
Construction contractors, professional service firms, specialty manufacturers and other companies that work on large projects often struggle with job costing. Full cost allocations are essential to gauging whether you’re making money on each job. But some companies simply lump indirect job costs into overhead or fail to use meaningful cost
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement
Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. Your early years If you’ve recently embarked on a career, gotten married or both, now is the time to
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020
Understandably, your 2019 tax bill may have you more concerned right now than your 2020 tax situation. However, you should also be thinking about tax changes that will affect your 2020 taxes. For example, the amount of money you can put into a 401(k) plan has increased and you may
Dalby Wendland was pleased to co-host a client seminar on Tuesday, January 28, 2020, with Autopaychecks regarding the upcoming Colorado wage-and-hour-law changes - Colorado Overtime & Minimum Pay Standards Order (COMPS) and the Equal Pay Act. These rules will apply to most employers with some of the proposals going into
If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully
