Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal —
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the
Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important information about end of period accounting “cutoffs” as companies start to adopt the new revenue recognition standard. Cutoff games How closely does your company follow the cutoff rules? The end
Estate planning typically focuses on what happens to your assets when you die. But it’s equally important (some might say more important) to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. That’s where the power of attorney (POA) comes in.
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed
Dalby, Wendland & Co., P.C., is pleased to announce the following staff promotions: Michael B. West, CPA, to Principal Originally from Montrose, Mike graduated summa cum laude from Western State College in Gunnison. Since joining Dalby Wendland’s Glenwood Springs office in 2004, he has developed expertise in business and individual
In some cases, individuals reach a point where deferring taxes to the max is counter-productive. There Are Several Reasons Why this Happens For one thing, while deferring taxes is a good idea when personal tax rates are going down or staying the same, it's likely that federal income tax rates
From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may be doing itself more
Dalby, Wendland & Co., P.C., is pleased to announce Matthew R. Martinez recently attained the Certified Public Accountant (CPA) designation after passing the Unified Certified Public Accountant Examination. The exam is set by the American Institute of Certified Public Accountants and protects the public interest by helping to ensure that
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax
