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Top dwcadvisors.com News

Tips Reporting Property, Plant, and Equipment (PPE) Assets - DWC CPAs and Advisors
PPE · United States

Tips Reporting Property, Plant, and Equipment (PPE) Assets - DWC CPAs and Advisors

Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful lives. While that sounds easy enough, subtle nuances may trip up small businesses. Here are some tips to help get it right. How do I report PPE? PPE is reported on the balance sheet at historical cost. You should…Read Article

Estimating Fair Value - DWC CPAs and Advisors

Many balance sheet items are reported at historical cost. However, current accounting standards require organizations that follow U.S. Generally Accepted Accounting Principles (GAAP) to report certain assets and liabilities at “fair value.” This shift aims to enhance transparency and reflect an entity’s current financial position more accurately. However, estimating fair value can involve significant judgment and subjectivity, especially when ob…United States · United StatesRead Article

Beware of the 100% Penalty - DWC CPAs and Advisors

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the 100% penalty because the entire unpaid federal income and payroll tax amounts can be assessed personally as a penalty against a responsib…United States · United StatesRead Article

Understanding the “Step-up in Basis” when Inheriting Assets - WCS - Tax Accountant in Bel Air MD

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is generally what the owner paid for an asset, adjusted for improvements, depreciation, return of capital, etc. Capital gain (or loss) e…Taxes · United StatesSee the Story

“Reasonable Compensation” Rules for C Corps and S Corps: What Business Owners Need to Know - DWC CPAs and Advisors

Setting reasonable compensation is one of the most important — and often overlooked — compliance issues for C corporation and S corporation owners. Getting it wrong can lead to IRS audits, reclassified income, back taxes, penalties, and a major headache. Whether you’re paying yourself too much or too little, the IRS may scrutinize your compensation strategy. Fortunately, with proper planning, documentation, and market research, you can significa…Los Angeles, California · Los AngelesRead Article

Why do Businesses Use QuickBooks for Bookkeeping? - DWC CPAs and Advisors

Accurate financial records are essential for managing cash flow, meeting tax obligations, and supporting strategic planning. A solid bookkeeping software provides the foundation for sound business decisions and long-term growth. There is a large number of bookkeeping software for businesses on the market today but QuickBooks® still remains the one most small and midsize businesses rely on, including accounting firms. QuickBooks provides a compre…United States · United StatesRead Article

Congrats 2025 Graduates! - DWC CPAs and Advisors

Congratulations 2025 graduates and a special shoutout to those close to our people and teams! Your hard work, dedication, and resilience have paid off. Cheers to chasing dreams, embracing challenges, and building a bright future! The post Congrats 2025 Graduates! appeared first on DWC CPAs and Advisors.Read Article

Six Tax Issues to Consider if You're Getting a Divorce - DWC CPAs and Advisors

Divorce brings personal challenges, but addressing tax concerns is crucial to minimize taxes and make informed decisions. Here are six key tax issues to consider. Personal Residence Sale In a divorce, couples can avoid tax on up to $500,000 of gain from selling their home if it was their principal residence for two of the past five years. If one spouse moves out but remains an owner, they can each exclude up to $250,000 of gain on a future sale,…TaxesRead Article

DWC CEO Chris West Named to Forbes’ 2025 List of America’s Best-in-State CPAs - DWC CPAs and Advisors

DWC CPAs and Advisors is proud to announce that CEO Chris West, CPA, PFS, has been named to Forbes’ 2025 list of Best-in-State CPAs, a prestigious honor recognizing top accounting professionals who demonstrate exceptional expertise, client impact, and leadership within their states. Forbes launched this inaugural ranking to spotlight Certified Public Accountants going above and beyond, making meaningful contributions to their clients and communi…Colorado · ColoradoRead Article

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