Blog
Keep Good Records for Tax Deductions and IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you
What qualifies as a “coronavirus-related distribution” from a retirement plan?
The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify for a coronavirus-related distribution? The Early Distribution Basics In general, if you withdraw money from an IRA or eligible retirement plan
Estate Planning When Time is Short
Most of us go through life thinking we have time to plan for things that will happen in our later years. Unfortunately, we and those we love may receive unexpected news of a terminal illness and a shortened life expectancy. For those whose life expectancies are short, estate planning can
What Landlords Should Know About Taxes
Rental properties can be a great way to receive extra income. However, landlords have many responsibilities and one is ensuring you are recording and reporting your rental income and expenses correctly. Here are a few tips:
Do you have an emergency succession plan?
For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. Unfortunately, things don't always work
Happy Work Anniversary to Duane Antes!
DWC wishes to congratulate and thank Duane Antes for 35-years of serving our clients! Duane is a principal and shareholder in our Glenwood Springs office. We truly appreciate the fun and laughs he brings to our team. There's never a dull moment with Duane, especially during "kid" season (Duane and
SBA Releases New and Revised PPP Loan Forgiveness Applications
The SBA just released a revised PPP Loan Forgiveness Application and a new EZ Loan Forgiveness Application for borrowers. The revised form includes the changes from the Paycheck Protection Program Flexibility Act of 2020 that was signed into law on June 5th. The new EZ form has fewer calculation requirements
Streamline Your Month-End Close
Many companies struggle to close the books at the end of the month. It requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — many of
New OSHA Guidance on Tracking COVID-19 at Work
Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while
Business Meal and Entertainment Deductions
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with