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IRS Announces New 2024 Business Per Diem Travel Rates Effective October 1, 2023
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per
Is a Health Savings Account Right for You?
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four
2023 Q4 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more
Percentage-of-Completion Method for Long-Term Projects
Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works. Completed Contract vs. Percentage-of-Completion Homebuilders, developers, creative agencies, engineering firms and others who
DSTs Can be a Strategic Tool for 1031 Exchanges
Christopher L. West, CPA, PFS Watching your investment or commercial property values increase can be satisfying; however, when it's time to sell, capital gains tax can be a hard pill to swallow. You have probably heard of a 1031 "like-kind" exchange, which may be useful if you wish
DWC’s Erin Darnell Earns CPA Designation
DWC CPAs and Advisors is pleased to announce Erin E. Darnell, Audit Supervisor, recently attained the Certified Public Accountant (CPA) designation and Colorado licensing after passing the Uniform Certified Public Accountant Examination. Set by the American Institute of Certified Public Accountants, the Uniform CPA Examination protects the public interest by
Tax Consequences for Divorcing Business Owners
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part
Tax Rules When Selling Your Home
Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price
Make Sure You Only Have One Original Signed Will
The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. In the case of the legendary “Queen of Soul” Aretha Franklin, she had more than one,
Guaranteeing a loan to your corporation? There may be tax implications.
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re