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What Auditors Watch for When Interviewing Company Personnel
Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. What’s on your auditor’s radar?
Can you relocate your trust to a tax-friendlier state?
It’s not uncommon for people who live in states with high income taxes to relocate to states with more favorable tax climates. Did you know that you can use a similar strategy for certain trusts? Indeed, if a trust is subject to high state income tax, you may be able
Beneficial Tax Breaks and Strategies for College Savings
As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning
What are retained earnings and why do they matter?
Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of two pieces: capital contributions and retained earnings. The former represents the amounts owners have paid into the business and stock repurchases, but the latter may be less familiar. Here’s an
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