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Significant Changes to Information Reporting Go Into Effect For The 2026 Tax Year
If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and Overtime Income For 2025 through 2028, the OBBBA creates new deductions for employees
Address Your Elderly Parents In Your Estate Plan In 5 Steps
When creating or updating your estate plan, it’s important to address your elderly parents with both clarity and sensitivity. If you provide financial support, share housing or anticipate future caregiving responsibilities, your plan should reflect these realities. Clearly documenting any ongoing assistance, loans or shared assets can help prevent misunderstandings
DWC CPAs and Advisors Announce Firm Promotions
DWC CPAs and Advisors is pleased to announce the following promotions Matt Leach, PAFM to Chief Operating Officer Matt joined DWC in 2020. He brings more than a decade of experience in the accounting industry, including time as a financial statement auditor before becoming the Firm Administrator and Client Accounting
Making Health Care Decisions While You’re Still Healthy Benefits You and Your Family
Integrating health care decisions into your estate plan is important because it ensures they are thoughtful, informed and reflective of your values. When you make decisions in advance, you can clearly outline preferences for medical treatment, end-of-life care and quality-of-life considerations without the pressures of an illness or crisis. As
Tax Filing FAQs For Individuals
The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some
Is Your Business Ready For The Tax Deadline That’s on Groundhog Day This Year?
Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for Employees By February
DWC Professional Earns CPA Designation
DWC CPAs and Advisors is pleased to announce that Zane L. Haas has recently earned his Certified Public Accountant (CPA) designation and obtained Colorado licensure after successfully passing the Uniform CPA Examination. Established by the American Institute of Certified Public Accountants (AICPA), the Uniform CPA Examination protects the public interest
Pairing a Living Trust With a Pour-Over Will Can Help Cover All Your Assets
A living trust is one of the most versatile estate planning tools available. It offers a streamlined way to manage and transfer assets while maintaining privacy and control. Unlike a traditional will, a living trust allows your assets to pass directly to your beneficiaries without going through probate. By placing
What You Need to Know About Deducting Business Gifts
Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly. Unfortunately, the IRS limits most business gift deductions to $25 per person per year, a cap that hasn’t changed since 1962. Still, with careful planning and good
New Law Eases The Limitation On Business Interest Expense Deductions For 2025 and Beyond
Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation basics The deduction for business interest expense for a particular tax year is