Blog
Should you convert your traditional IRA to a Roth IRA?
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower
Business Interruption Insurance Expectations
A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend
Why Normalizing Adjustments are Essential to Benchmarking
Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you conduct a benchmarking study, however, it’s important to make normalizing adjustments
Expenses Paid with Forgiven PPP Loan Proceeds are NOT Tax Deductible
In Notice 2020-32, IRS recently provided guidance on the deductibility of expenses paid with proceeds from the Paycheck Protection Program loan for federal income tax purposes. The notice states that no deduction is allowed under the federal code for an expense that is otherwise deductible if the payment of the
Properly Classify Independent Contractors
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of
COVID-19: Extended Employee Benefit Plan Deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before
Going Concern Assessments and COVID-19
The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions to their supply chains and customers. These negative impacts have brought
Adjusting Financial Statements for COVID-19 Tax Relief Measures
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP)
Colorado Safer at Home and DWC Business Continuity
Dear Clients, We are thankful to hear Colorado Governor Polis issued guidelines to start allowing businesses and local economies to proceed in phased public opening. We are seeing first hand how so many of you and our communities have been disrupted. Safety of our employees, families, clients, and community is
Charitable Giving Can Reduce Your Taxable Estate and Fulfill Your Legacy
The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. If