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Should You File a Joint or Separate Tax Return Upon Death of Spouse?
Surviving spouses are faced with many financial and tax-related decisions. One critical issue to consider is whether to file a joint or separate tax return for the year of the spouse’s death. Timing of the Final Tax Return When a person dies, his or her personal representative (called an executor
Time for Year-End Tax Planning for Businesses
If you haven't talked with your tax advisor yet, it's time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of
DWC CPAs and Advisors Makes Top 200 Private Colorado Companies List
Christopher L. West, CPA, PFS DWC CPAs and Advisors has once again earned a place among Colorado’s Top 200 Private Companies, as recognized by ColoradoBiz. This year’s honor marks the eleventh consecutive year DWC has appeared on the list, which ranks companies headquartered in Colorado by annual revenue.
Options for Funding Long-Term Care Expenses
Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or an assisted living facility stay — at some point in their lives. And the cost of this care is steep.
Taxes on Real Estate Gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam
Did you choose the wrong successor?
For many business owners, choosing a successor is the most difficult task related to succession planning. Owners of family-owned businesses, who may have multiple children or other relatives to consider, particularly tend to struggle with this tough choice. What’s worse, many business owners’ initial picks for successor don’t work out.
The Financial and Nonfinancial Skills CFOs Should Have
Is your company planning to hire a new CFO? A recent survey found that hiring managers look for more than financial acumen when vetting CFO candidates. In fact, only 38.5% of CFOs at Fortune 500 and S&P 500 companies were licensed CPAs in 2023, according to executive recruiting firm Crist
New Final IRS Regulations for Inherited IRAs
A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there’s been confusion surrounding inherited IRAs and the so called “10-year rule” for required minimum distributions (RMDs). That
Remember Foreign Assets in Your Estate Plan
Failing to address any foreign assets you possess in your estate plan can cause unexpected outcomes. The good news is that with the help of an experienced estate planning advisor, you can structure the ownership of your foreign assets according to the laws of the U.S. and the country where
Bookkeeping 101 – Understanding Debits and Credits
Bookkeeping fundamentals are essential to accurate financial reporting. Using software solutions — such as QuickBooks® — can simplify double-entry accounting. However, knowing how the process works can provide reassurance that your business is properly tracking its financial transactions. Explanation of Debit and Credits Assets are items of value that your