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Minimizing Taxes on Inherited Assets: How the Step-Up in Basis Works
When someone passes away and leaves assets to heirs, the recipients often receive a valuable but sometimes misunderstood tax benefit known as the step-up in basis. This rule can significantly reduce capital gains taxes for the beneficiary and is also an important consideration in estate planning. What Is Basis? Basis
“Reasonable Compensation” Rules for C Corps and S Corps: What Business Owners Need to Know
Setting reasonable compensation is one of the most important — and often overlooked — compliance issues for C corporation and S corporation owners. Getting it wrong can lead to IRS audits, reclassified income, back taxes, penalties, and a major headache. Whether you’re paying yourself too much or too little, the
Why do Businesses Use QuickBooks for Bookkeeping?
Accurate financial records are essential for managing cash flow, meeting tax obligations, and supporting strategic planning. A solid bookkeeping software provides the foundation for sound business decisions and long-term growth. There is a large number of bookkeeping software for businesses on the market today but QuickBooks® still remains the one
Congrats 2025 Graduates!
Congratulations 2025 graduates and a special shoutout to those close to our people and teams! Your hard work, dedication, and resilience have paid off. Cheers to chasing dreams, embracing challenges, and building a bright future!
Six Tax Issues to Consider if You’re Getting a Divorce
Divorce brings personal challenges, but addressing tax concerns is crucial to minimize taxes and make informed decisions. Here are six key tax issues to consider. Personal Residence Sale In a divorce, couples can avoid tax on up to $500,000 of gain from selling their home if it was their principal
DWC CEO Chris West Named to Forbes’ 2025 List of America’s Best-in-State CPAs
DWC CPAs and Advisors is proud to announce that CEO Chris West, CPA, PFS, has been named to Forbes’ 2025 list of Best-in-State CPAs, a prestigious honor recognizing top accounting professionals who demonstrate exceptional expertise, client impact, and leadership within their states. Forbes launched this inaugural ranking to spotlight Certified
Are you a tax-favored real estate professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties,
Financial Ratios to Help You Benchmark Your Business
Financial statements tell a powerful story about your business. However, they can seem like an overwhelming collection of figures without proper analysis. Financial benchmarking studies can help you identify historical trends, pinpoint areas for improvement and forecast future performance with greater confidence. Gauging Profitability Profitability ratios help evaluate how effectively
DWC Professional Brian Berger Earns CPA Designation
DWC CPAs and Advisors is pleased to announce that Brian D. Berger 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
What is “head of household” filing status?
When preparing your tax return, you or your tax preparer will check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Each status requires eligibility and only some are eligible to file a return as a head of household. But