More than 20 states now allow pass‐through entities (PTEs) to elect to be taxed at the entity level to help their residents avoid the $10,000 limit on federal itemized deductions for state and local taxes, also known as the “SALT cap.” For PTEs electing into a state PTE tax regime,
Dalby, Wendland & Co., P.C. (DWC) was recently recognized as a Top Colorado Accounting Firm by ColoradoBiz Magazine. Firms are ranked by number of Colorado employees. Dalby Wendland is the only public accounting firm listed that is headquartered in western Colorado. In appreciation of the acknowledgement, DWC CEO Chris West
Are you ready to file your tax return? Here are some important considerations before filing. Do you have all your documentation? Being organized helps your tax preparer. You should wait to file until you have all your supporting documents, which may include: Forms W-2 from employer(s) Forms 1099 from banks,
The 2021 tax landscape was filled with headlines about new, possible, and pending legislation. When the year ended, taxpayers were left with many questions about what taxes would look like in 2022. For now, the Build Back Better Act is on hold, and many provisions of the Tax Cuts and
Business owners need to make choices on their 2021 taxes regarding the Paycheck Protection Program and the Employee Retention Credit. Both were enacted to help businesses stay in operation during the lockdowns caused by the COVID-19 pandemic. The PPP provided forgivable loans to businesses, and the ERC was intended to
January 1 signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, Venmo, and Zelle. The new rule, which will not
Cryptocurrency, a type of digital currency that uses cryptography for security and anti-counterfeiting measures and is not controlled by any bank or government, is becoming more mainstream as more companies and individuals use it. Now, new ways to regulate and tax it are on the table, including the proposed Infrastructure
The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families
Seth Knighton, Senior Tax Accountant Grand Junction Every year, the IRS releases the "Dirty Dozen," a list of tax scams and schemes on which the agency chooses to focus. In the crosshairs this year is the abuse of business tax credits. The IRS explains, "improper claims for the
Employers who could use a federal income tax deduction for 2020 can consider retroactively adopting a broad-based, tax-qualified retirement plan, such as a discretionary profit-sharing plan, cash balance plan or traditional pension plan and making employer contributions before the extended due date of their 2020 income tax return. An employer
