Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both […]
Accrual-Basis Accounting and Cutoffs
As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S. Generally Accepted Accounting Principles (GAAP). Strict observance of these rules is generally the safest game plan. The Basics Companies that follow GAAP must use the accrual […]
2020-2021 Online Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2020, check out our Online Tax Planning Guide. It features some of […]
Finding Relief: Tax Strategies to Generate Cash Flow
During these challenging times, companies must have access to cash to help offset unforeseen costs, whether for buying personal protective equipment (PPE) for on-site employees or investing in the technology needed to keep a remote workforce safely and efficiently connected. The tax function can be instrumental to identify and execute cash flow opportunities and to […]
IRS Releases Additional Guidance on PPP Loan Forgiveness
The IRS has released new guidance on various aspects of PPP loan forgiveness. Below are summaries of the key provisions. Revenue Procedure 2020-51 provides a safe harbor for certain Paycheck Protection Program loan participants, whose loan forgiveness has been partially or fully denied, or who decide to forego requesting loan forgiveness, to claim a deduction […]
Tax Responsibilities When Closing a Business
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for […]
Preparing for the Possibility of a Remote Audit
The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s what might change as auditors work on your company’s 2020 year-end financial statements. Eye on Technology Fortunately, when the pandemic hit, many accounting firms already […]
Divorce and Taxes – 4 Issues to Consider
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are […]
PPP Loans of $2 Million or More Will be Audited
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount might receive a Loan Necessity Questionnaire from their lender soon after they apply for loan forgiveness. Even though the […]
DWC Makes Top 200 Private Colorado Companies List
Dalby, Wendland & Co., P.C. (DWC) was recently named a Top 200 Private Company in Colorado by ColoradoBiz. DWC moved up in rank to 54 this year (from 80 in 2019). In serving Colorado for 72 years, it is the sixth oldest business featured on the list. Companies must be headquartered in Colorado and are […]