Blog
FASB Gives More Time for Updated Revenue Recognition and Leases
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to
Spousal Lifetime Access Trust Can Provide Financial Backup Plan
Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other words, you’re effectively removing those assets from your taxable estate. But what if you’re uncomfortable placing
2021 Health Savings Account Contribution Amounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). The Basics of an HSA An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of
Can you deduct student loan interest on your tax return?
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows
Covid-19: DWC Offices Update & Serving You
Dear Clients & Friends, To coincide with Colorado and individual counties reopening with varying coronavirus safety requirements, our offices continue to integrate more staff into our work spaces while following health monitoring and sanitizing measures for maintained protection of employees, families, clients, and community. At this time, our offices will
IRA Contributions Deadline for 2019 is July 15
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can
Some Common COVID-19 Tax Q&A’s for Individuals
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules
DWC Accountant Megan Loberg Attains CPA Designation
Dalby, Wendland & Co., P.C., is pleased to announce Megan S. Loberg recently attained the Certified Public Accountant (CPA) designation after passing the Uniform Certified Public Accountant Examination, which is set by the American Institute of Certified Public Accountants. The Uniform CPA Examination protects the public interest by helping to
Be Careful of Online Tools for Wills
The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one should
CARES Act & Business Charitable Contribution Rule Changes
As many humanitarian nonprofits see increased need in services provided during the COVID-19 pandemic, many businesses are helping out and donating to charity. To help incentivize charitable giving, the CARES Act relaxed some of the rules governing charitable deductions. Here are two changes that affect businesses: 1. The limit on