About Sonya Foster

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So far Sonya Foster has created 801 blog entries.

What is the Pass-Through Deduction?

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations.

2021-07-20T12:02:27-06:00July 20th, 2021|

Tax Rules When Inheriting Property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The Current Rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal

2021-07-20T11:52:06-06:00July 20th, 2021|

Auditing Work in Progress

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S.

2021-07-20T11:40:12-06:00July 20th, 2021|

DWC’s Firm Administrator, Matt Leach, Receives PAFM Designation

Dalby, Wendland & Co., P.C., (DWC) is pleased to announce Matt Leach, PAFM, Firm Administrator, has been awarded the Association-designation Public Accounting Firm Manager (PAFM) by the CPA Firm Management Association (CPAFMA). This prominent designation recognizes Leach’s knowledge and professional experience in accounting practice management. The CPAFMA’s voluntary Public Accounting

2021-06-23T11:34:10-06:00June 23rd, 2021|

The Importance of a Succession Plan

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything

2021-06-22T10:30:05-06:00June 22nd, 2021|

Is your working capital on target?

Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. The optimal (or “target”) amount of working capital depends on the nature of operations and the industry. Inefficient working capital management can hinder growth and performance.

2021-06-22T10:14:48-06:00June 22nd, 2021|
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