Blog
Restaurant Revitalization Fund Program Highlights
The SBA has posted program details on the Restaurant Revitalization Fund (RRF). While the date of accepting applications has not been released yet, SBA provides a sample application for applicants to review and prepare. Here are some highlights of the program: Application and application period: SBA is not requiring registration
IRS Issues Guidance for Employee Retention Credit for Q1 and Q2 of 2021
The IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in
Hiring Your Child at Your Small Business May Provide Tax Benefits
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting Business Earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to
What happens if your spouse fails to designate you as beneficiary of his or her IRA?
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72.
IRS Provides Additional Guidance on Food Deduction
The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages
Enhanced Child and Dependent Care Credit for Families
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note
COBRA Provisions Play Critical Role in ARPA COVID-19 Relief Law
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed
DWC Recognized as a Top Regional Accounting Firm
Chris West, CEO Dalby, Wendland & Co., P.C., was recognized as a Top Regional Firm in the Mountain States Region by Accounting Today. This is the eighth year Dalby Wendland has been named a Top Regional Firm in the Mountain States Region, ranked by revenue, by Accounting Today.
Consider Heavy SUV for a New Business Vehicle
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus Depreciation Under current law, 100% first-year bonus depreciation is available for qualified new
Statement of Cash Flows Provides Insight to Company’s Health
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net income on its income statements sometimes doesn’t have enough cash in the bank to