Updated Lease Standard Deadline Quickly Approaching for Private Companies

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first

2021-09-21T11:27:44-06:00September 21st, 2021|

Annual Exclusion for Gifts

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits,

2021-09-21T11:09:35-06:00September 21st, 2021|

Dalby Wendland Now Providing Wealth Management Services

Chris West, CEO Dalby Wendland is pleased to announce the addition of wealth management services to its suite of client offerings. DWC Wealth Advisors provides comprehensive wealth management services that will help integrate tax, wealth, retirement, and estate planning services for clients. DWC Wealth Advisors has engaged independent

2021-08-31T11:39:38-06:00August 31st, 2021|

Attain Tax Deductions by Retroactively Adopting a Workplace Retirement Plan

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

2021-08-03T12:26:58-06:00August 3rd, 2021|

How Business Start-up Expenses are Handled on Your Tax Return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification

2021-07-26T15:28:35-06:00July 26th, 2021|

Accounting Method Choices for Private Small and Medium-Sized Businesses

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right

2021-07-26T15:08:23-06:00July 26th, 2021|
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