Blog2022-08-08T15:34:58-06:00

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Carefully Track Nondeductible IRA Contributions

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully

January 27th, 2020|

Benchmarking Financial Performance

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that

January 27th, 2020|

Does Your Employee Benefit Plan Need an Audit?

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA

January 21st, 2020|

Cost Management for Businesses

If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions

January 21st, 2020|

Tax Savings for Adopting a Child

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child.

January 21st, 2020|

DWC CPAs Earn Exclusive Employee Benefit Plan Audit Expert Credentials

Dalby, Wendland & Co., P.C., is pleased to announce local CPAs Brian J. Hollingsworth and Kelsa D. Tinsley have attained certifications in Employee Benefit Plans Audit (EBP) from the Association of International Certified Professional Accountants. Brian obtained the Intermediate Employee Benefit Plans Audit Certificate and Kelsa obtained the Advanced Employee

January 14th, 2020|

FAQs of Prepaid Expenses

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here

January 7th, 2020|
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