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DWC CPAs and Advisors Announces Recent Promotions
DWC CPAs and Advisors is pleased to announce the following promotions. We congratulate these exemplary professionals as they represent our core values of integrity, quality, and community investment and core purpose to help our clients, people, and communities to be better. Seth C. Knighton, EA, to Tax Manager Seth began
Get Started With Investing in 2025
Chris West, CPA, PFS You may be familiar with the Chinese proverb about the best time to plant a tree: "The best time to plant a tree was 20 years ago. The second best time is now." This same proverb can also be applied to investing. Time, not
The Benefits and Drawbacks of Operating as a C Corporation
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax Implications
Businesses Need to Stay on Top of Their BYOD Policies
In one way or another, most small to midsize businesses have addressed employees using personal devices for work. In 2022, online career platform Zippia reported that 83% of companies surveyed had a bring your own device (BYOD) policy “of some kind.” That percentage has likely increased as even more businesses have recognized
Businesses Should Implement New Crypto Assets Accounting Standard Now
The Financial Accounting Standards Board (FASB) made favorable changes to the accounting rules for crypto assets in December 2023. The updated guidance benefits reporting entities and external stakeholders alike. It’s effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Here’s what you should know —
Are Savings Bonds Taxed?
When considering the advantages of U.S. Treasury savings bonds, you may appreciate their relative safety, simplicity and government backing. However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. Deferred Interest Series EE Bonds dated May 2005 and after earn a fixed rate of
Tax Treatment of Intangible Assets
Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets? The term “intangibles” covers many
Does your business need to report employee health coverage?
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must
Start Saving for College Now With a 529 Plan
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of
Organize Your Chart of Accounts
A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make it difficult for management to evaluate financial performance and identify unmet customer needs — or