Blog
DWC Professionals Earn the CPA Designation
DWC CPAs and Advisors is pleased to announce that Vennessa M. Distel and Angela C. Heuman have recently attained their Certified Public Accountant (CPA) designations 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
New Form 1099-NEC Threshold Provides Simplicity and Relief
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation.
No Tax on Car Loan Interest Under the New Law? Not Exactly.
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another
Expensing Implementation Costs for Cloud-Based Services
Today, many organizations rely on cloud-based tools to store and manage data. However, the costs to set up cloud computing services can be significant, and many business owners are unsure whether the implementation costs must be immediately expensed or capitalized. Changes made in recent years provide some much-needed clarity to
Income Taxes Can Negatively Impact Your Estate Plan
As the federal gift and estate tax exemption increases, the number of families affected by gift and estate tax liability decreases. With the passage of the One, Big, Beautiful Bill Act (OBBBA), wealthy families now have greater certainty that the exemption amount will remain high and continue to increase in
Beware of Misleading Information Regarding Pooled Employer Retirement Plans
Employers offering company-sponsored retirement plans often rely on third-party advisors for expert guidance on plan provisions, investment choices, and overall plan governance to ensure the plan aligns with the best interests of both the company and its employees. However, issues can arise when these advisors fail to provide recommendations tailored
What Families Need to Know About the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex. Below is an overview of the key changes. Adoption Credit Enhanced Parents who adopt may
A Tax Guide to Choosing the Right Business Entity
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications.
OBBBA Makes QBI Deduction More Accessible and Beneficial
What is the QBI Deduction? The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up
Use a Letter of Instruction to Help Communicate Your Estate Plan Wishes
Including a letter of instruction in your estate plan is a simple yet powerful way to communicate your personal wishes to your family and executor outside of formal legal documents. While not legally binding, the letter can serve as a road map to help those managing your estate carry out