Posted by Administrator Account on 10/22/2014 9:10 AM

Melissa Hoaglund, CPA

As the need for a college degree has increased, the cost of going to college has also increased.  According to the College Board, for the 2013 - 2014 academic year, the average annual in-state tuition and fees at a public four-year college is $8,893, and the average out-of-state tuition and fees is $22,203.  The average annual tuition and fees at a private nonprofit college is $30,094.  These costs do not include room and board, books or supplies.  Because of this, parents should seriously consider saving towards these costs while their children are young.  Parents may choose from an array of tax-favored savings options.  Here is a rundown of what is available...

Melissa Hoaglund, CPA
Grand Junction Office
Posted by Administrator Account on 10/16/2014 9:02 AM

early retirment tax consequencesThe rules for retirement plans can be complex. Withdrawing money too early from your retirement plan may trigger additional taxes.  Consider these points before you decide to take money prior to reaching to age 59½:

  • If you make a withdrawal, you must report the amount you withdrew to the IRS. You may have to pay income tax as well as an additional 10 percent tax on the amount you withdrew.
  • The additional 10 percent tax does not apply to nontaxable withdrawals. Nontaxable withdrawals include withdrawals of your cost to participate in the plan. Your cost includes contributions that you paid tax on before you put them into the plan.
    • A rollover is a type of nontaxable withdrawal and is a distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan. You usually have 60 days to complete a rollover to make it tax-free.
    • There are exceptions to the additional 10 percent tax. Some of the exceptions for retirement plans are different from the rules for IRAS.
  • If you make an early withdrawal, you may need to file additional tax forms with your federal return.

Because everyone’s situation is unique, consult your local DWC tax professional about your tax exposure when looking to retire and withdrawing income from your retirement plan or investments. A certified tax professional can help you plan for the least amount of tax exposure. DWC professionals can also assist with estate and gift tax planning to help protect your assets.

Posted by Administrator Account on 9/30/2014 8:12 AM

medical and dental deductionsIf you plan to claim a deduction for your medical expenses, there are some rules that may affect your tax return. Here’s what you should know:

1. AGI threshold.  The amount of allowable medical expenses you must exceed before you can claim a deduction is 10 percent of your adjusted gross income.

2. Exception for age 65.  The AGI threshold is still 7.5 percent of your AGI if you or your spouse is age 65 or older. This exception will apply through Dec. 31, 2016.                                                                   


Posted by Administrator Account on 9/23/2014 9:13 AM

IRS Form 1099 classDalby, Wendland & Co., P.C. (DWC) is pleased to be a part of an upcoming educational opportunity, IRS Form 1099 Reporting: What You Need to Know, hosted by Lorman Education Services. This continuing education event will take place on Wednesday, October 22nd at the Grand Vista Hotel in Grand Junction. A portion of the agenda will be taught by DWC professional Terri Gallegos, CPA.

This seminar aims to provide attendees with the latest information on best practices and processes in complying with 1099 filing requirements, forms, and IRS reporting guidelines. Attendees can also obtain CPE credits by attending.

A 50% discount is available to DWC clients. Please contact our Grand Junction office at 970-243-1921 to receive the registration discount code.

Space is limited! To learn more, or to sign up, visit https://www.lorman.com/training/393567.

Posted by Administrator Account on 9/23/2014 9:05 AM

Colorado Department of Labor and EmploymentThe Colorado Department of Labor and Employment (CDLE) is requiring all employers to complete a new mandatory Affirmation of Legal Work Status Form for all new hires working in Colorado starting on or after October 1, 2014.

The form should be completed within 20 calendar days of hiring the employee and it should be kept with the hiring documentation/employment documents of that employee for the duration of their employment with that employer.

The CDLE is allowing employers to start using the form as early as September 1, 2014, however, it is required for all employers to start using on October 1, 2014.

For more information or to access the new Mandatory Affirmation Form visit the CDLE website, https://www.colorado.gov/cdle/evr.

Posted by Administrator Account on 9/16/2014 8:17 AM

DWC recruiters Kevin Hettler, Brittany Dreher, and Sonya Foster visited the Fort Lewis College Beta Alpha Psi accounting club last week. The students got to hear about accounting as a career, some recent hot topics, and got to know a little more about the DWC family. Thank you to the professors, students, and career center for having us – you inspire us and we are excited that so many bright students are interested in making accounting their career of choice!

Kevin Hettler, Brittany Dreher Fort Lewis College

Fort Lewis Beta Alpha Psi Accounting Club 

Posted by Administrator Account on 9/10/2014 7:45 AM

Lisa Thon-Kollar, CPAOwning commercial or residential rental real estate is a common investment for many Americans.  Most rental properties will produce net positive cash flow.  However, even with net positive cash flow a loss can occur, but in some cases this loss can not be deducted.   

This is because in general a rental activity falls into the category of a "passive" activity. This means that rental losses you incur in a tax year can only be deducted against passive income and not deducted against nonpassive income, such as your wages or investment income.

Continue reading to learn about active participation and its benefits...


Lisa Thon-Kollar, CPA
Grand Junction Office

Posted by Administrator Account on 9/4/2014 8:55 AM

2012 Tax SOI Report Key Points

 

The IRS recently released the 2012 Statistics of Income (SOI) for Individual Income Tax Returns report. The Report provides evidence of an improving national economy.

Key points for the 2012 tax year include:

      • Adjusted gross income (AGI)reported on individual returns increased by $726 billion to  $8.4 trillion—an 8.7% increase over 2011
      • U.S. taxpayers filed 145.9 million individual income tax returns for the 2012 tax year, a decrease of 0.4 million (down 0.3%) from 2011
  • The total tax liability increased $1.3 trillion (up 13%)
  • A few components of AGI showed decreases from 2011 and 2012:
    • Unemployment compensation (down 22.9%)
    • Cancellation of debt (down 9.9%)
    • Taxable interest (down 6.9%)
  • On the other hand, several components showed large increases for 2012:
    • Net capital gain s were up 65.4%
    • Ordinary dividends were up 33.8%
    • Rents, royalties, partnerships, estates, trusts, etc. were up 26.2%

For details and the full report, visit www.irs.gov/pub/irs-soi/12inalcr.pdf.

 
Posted by Administrator Account on 9/2/2014 1:45 PM

Roaring Fork Women's Triathlon Team

DWC would like to congratulate the Roaring Fork Women’s Triathlon Team(RFWTT) for another successful year in helping and supporting women athletes. This year RFWTT had 62 members on the team and every single member crossed the finish line at the Tri for the Cure in Denver in early August. DWC is proud to support these amazing women! For more information about RFWTT, visit online at www.roaringforktriteam.com.

Posted by Administrator Account on 8/13/2014 7:25 AM

fake irs scam alertFake IRS scams are on the upswing again and are being reported across Colorado and the nation. Fraudsters are either calling or emailing individuals and businesses and will either threaten the person/business saying they owe taxes, or they tell the potential victim they are due a tax refund.

Phone scammers are calling with a toll-free number that appears to be from the IRS. They are threatening people with deportation, arrest, having their utilities shut off, or having their driver’s license revoked. The caller is oftentimes insulting or hostile to scare their victims into giving them personal information, including credit/debit/prepaid card numbers. They use fake names, IRS badge numbers, and may even be able to recite the last four digits of a victim’s Social Security number.  

Likewise, legitimate-looking emails are being sent stating individuals or businesses can get a tax refund on their credit/debit/prepaid card. The email asks you to follow a link to solicit personal information and credit card information. DO NOT open any link or attachments as they may contain malicious code that will infect your computer.

The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts. You should forward the email to phishing@irs.gov.

If you are unsure as to whether you owe taxes, have tax payment issues, or want to determine if the IRS is trying to contact you regarding a refund, call the IRS direct at 1-800-829-1040. You can also find more information at http://www.irs.gov/uac/Tax-Scams-Consumer-Alerts.

Posted by Administrator Account on 8/12/2014 12:51 PM

home office tax deductions

If you work from home, you should learn the rules for how to claim the home office deduction. This year, the IRS provided a new, simpler option to figure the deduction for business use of your home.

Here are six facts from the IRS about the home office deduction:

Posted by Administrator Account on 8/5/2014 10:17 AM

Foreign Income Reporting, Tax FormsIf you live or work outside of the U.S. or receive income from foreign sources and you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad.

Here are five IRS tips that U.S. taxpayers with foreign income should know:

Posted by Administrator Account on 7/29/2014 7:35 AM

Dalby, Wendland & Co., P.C. is pleased to announce the following staff promotions. We congratulate these exemplary professionals as they represent our core values of trust, respect, and responsibility in client, employee, and community relationships.

Steve D. Hovland, CPA, Certified Forensic AccountantSteve D. Hovland, CPA, Certified Forensic Accountant
Steve Hovland, a certified public and forensic accountant, is promoted to principal. He brings 13 years of experience in audit and accounting services as well as forensic investigations, litigation support, and single audits. He specializes in several industries including construction, financial institutions, government, non-profit organizations, and employee benefit plans. Steve is a member of the Colorado Society of CPAs, American Institute of CPAs, Financial Managers Society, Healthcare Financial Management Association, and American College of Forensic Examiners Institute. He also serves as treasurer on the boards of Grand Junction Business Incubator and River Technology Corporation, and the finance committee of First Presbyterian Church. He holds a bachelor’s degree from Colorado Mesa University.

Cont'd...

 

Posted by Administrator Account on 7/23/2014 10:19 AM

house sale taxesTo pay or not to pay taxes on capital gains from your home sale can be confusing. If you are selling your home this year, keep these facts in mind come tax time.

  • If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the five years before the date of sale.
  • There are exceptions to the ownership and use rules. Some exceptions apply to persons with a disability, certain members of the military, and certain government and Peace Corps workers.
  • The most gain you can exclude is $250,000. This limit is $500,000 for joint returns. The Net Investment Income Tax will not apply to the excluded gain.
  • If the gain is not taxable, you may not need to report the sale to the IRS on your tax return.
  • You must report the sale on your tax return if you can’t exclude all or part of the gain. And you must report the sale if you choose not to claim the exclusion. That’s also true if you get Form 1099-S, Proceeds From Real Estate Transactions. If you report the sale you should review the Questions and Answers on the Net Investment Income Tax page on IRS.gov.
  • Generally, you can exclude the gain from the sale of your main home only once every two years.
  • If you own more than one home, you may only exclude the gain on the sale of your main home. Your main home usually is the home that you live in most of the time.
  • If you claimed the first-time homebuyer credit when you bought the home, special rules apply to the sale.
  • If you sell your main home at a loss, you can’t deduct it.

Always consult your tax advisor if you have questions or are unsure as to how your home sale may affect your tax situation.

Posted by Administrator Account on 7/17/2014 7:52 AM

Sarah Fischer, CPA

When an employer advances or reimburses an employee for business expenses, there must be appropriate documentation to support the deduction as a business expense. Otherwise, these types of payments are considered additional wage paid to the employee and thus subject to payroll and income taxes.

The savings from properly structured reimbursement arrangements can have a valuable impact on businesses and their employees. Read on for details of "accountable plans"...

 

Sarah J. Fischer, CPA
Grand Junction Office

Posted by Administrator Account on 7/7/2014 9:55 AM

got investments

Last year, some taxpayers became subject to the Net Investment Income Tax (NIIT) - a new tax for those that have investment income and total yearly income exceeding certain limits. If you have investment income, or are planning future investments, keep these four things in mind...

 

Posted by Administrator Account on 7/3/2014 9:25 AM

RFOV group photo

DWC’s Glenwood Springs office took a group volunteer day to give back to the community. Participants spent a day with Roaring Fork Outdoor Volunteers (RFOV) to build split-rail fences and widen existing trails on the Doc Holliday trail. RFOV promotes stewardship of our public lands by engaging the community in volunteer trail and restoration projects.

Volunteers included Kevin and Caryn Hettler, Brittany Dreher, Duane and Tina Antes, James Heelan, Brooke Mulchin, Leah Thomas, Caitlin Miner, Tiffanie and Carson Miller, Katy Alvarez, and Greg Ward.

For more information, or get involved, visit rfov.org.

Posted by Administrator Account on 7/1/2014 7:39 AM

PCORI fee deadlineDoes your company maintain a self-insured health plan? If you answered “yes,” you may be required to pay the Affordable Care Act PCORI fee.

Under the Affordable Care Act, insurers of specific health insurance policies and plan sponsors of applicable self-insured health plans are due an annual fee. The fee, which helps fund the Patient-Centered Outcomes Research Institute (PCORI) is required to be reported annually on the second quarter Form 720. Fees due must be paid by July 31st.

Contact your tax advisor for questions, or to see if your self-insured health plan qualifies, how to calculate the fee, and how to report/pay it, visit the PCORI fee page at IRS.gov.

Posted by Administrator Account on 6/25/2014 8:33 AM

is bartering taxableBartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services.

If you barter, you should know that the value of products or services from bartering is taxable income.

1. Barter exchanges.  A barter exchange is an organized marketplace where members barter products or services. Some exchanges operate out of an office and others over the Internet. All barter exchanges are required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. The exchange must give a copy of the form to its members who barter and file a copy with the IRS.

2. Bartering income.  Barter and trade dollars are the same as real dollars for tax purposes and must be reported on a tax return. Both parties must report as income the fair market value of the product or service they get.

3. Tax implications.  Bartering is taxable in the year it occurs. The tax rules may vary based on the type of bartering that takes place. Barterers may owe income taxes, self-employment taxes, employment taxes or excise taxes on their bartering income.

4. Reporting rules.  How you report bartering on a tax return varies. If you are in a trade or business, you normally report it on Form 1040, Schedule C, Profit or Loss from Business.

The IRS provides information in their Bartering Tax Center in the business section on IRS.gov.

Posted by Administrator Account on 6/19/2014 8:18 AM

Denise Distel, QuickBooks ProAdvisorThe security breach like the one that occurred with Target in December 2013 is another reminder that we are all vulnerable to thieves who will do anything they can to steal your personal information.  The Federal Trade Commission reported that nearly 15 million Americans have been victims of identity theft, and on average, it costs a victim $1,173 and 175 man-hours to get their credit report straightened out.

I recently attended an identity theft webinar presented by Frank Abagnale. You may remember him – he is the real life imposter the best-selling book and movie Catch Me If You Can is based on. A clever fraudster in his younger years, Mr. Abagnale is now one of the world’s most respected authorities on forgery, embezzlement, and secure documents.

As a QuickBooks ProAdvisor working with financials, I found Mr. Abagnale’s presentation very informative. Read on for a few of his recommendations...

 

 

Denise Distel, QuickBooks ProAdvisor
Montrose office

 

Posted by Administrator Account on 6/17/2014 8:44 AM

DWC Relay For Life 2014

Dalby, Wendland’s tax and audit office in Grand Junction participated in the American Cancer Society’s Relay For Life event on Friday and Saturday, June 13th and 14th. The event, held at Long Family Memorial Park, hosted over 40 teams and hundreds of walkers. This year’s theme was Disney’s “Wish Upon a Cure” and the DWC team chose the ever-popular movie, Finding Nemo.

A special thank you to these DWC team members/supporters and their families: Lisa Thon Kollar, Pat Steele, Nikki Hanks, Ray Buttermore, Janel Boudreaux, Sabrina Hoyt, Loren Hofer, and Sonya Foster.

 

(L-R, back row: Steve Kollar, Lisa Thon Kollar, Sonya Foster, Billy Foster; middle row: Sabrina Hoyt, Pat Steele, Jeff Steele, Nikki Hanks, Kylie Hanks; front row: Grayde Hoyt, Rylie Hoyt, and DWC friends, Sandra Legg and Olivia Thurston)

 

 

Sabrina HoytDalby, Wendland & Co.

Posted by Administrator Account on 6/11/2014 9:31 AM

tip incomeVarious industries today allow their employees to collect tips. If you have tip income, the IRS expects you to report it for taxes. Here are some reminders:

  • Tips are taxable.  You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax.
  • Include all tips on your return.  You must include the total of all tips you received during the year on your income tax return. This includes tips directly from customers, tips added to credit cards and your share of tips received under a tip-splitting agreement with other employees.
  • Report tips to your employer.  If you receive $20 or more in tips in any one month, from any one job, you must report your tips for that month to your employer. The report should only include cash, check, debit and credit card tips you receive. Your employer is required to withhold federal income, Social Security and Medicare taxes on the reported tips. Do not report the value of any noncash tips to your employer. 
  • Keep a daily log of tips.  If you prefer not to keep a hand-written log via notebook, there are various  free smartphone apps available for Android and iPhone users.
Posted by Administrator Account on 6/5/2014 7:45 AM

no dumping employees

Some employers are opting to reimburse employees for the premiums they pay for health insurance—i.e., health insurance through a qualified health plan in the health insurance exchange or outside the exchange —rather than establishing a health insurance plan for its own employees. Known as “dumping,” this strategy has been proposed as an inexpensive way to shift the expense of providing employee health care away from the employer, requiring only that the employer provide its employees with what was assumed would be tax free cash contribution to their employees towards paying their health insurance premiums. While under such arrangements an employee may have an after-tax amount applied toward health coverage or take that amount in cash compensation, these arrangements are considered to be group health plans subject to the market reforms provisions under the Affordable Care Act (ACA) and the penalty for failure to meet those provisions.

Read on to learn more about the rules and consequences of this issue... 

Posted by Administrator Account on 6/4/2014 10:41 AM

Colorado River Valley Little League

DWC is proud to sponsor the Huskers – a Colorado River Valley Little League (CRVLL) team! Glenwood Springs staffer Jennifer Street’s son, Kade, plays for the Huskers. CRVLL is a nonprofit organization developed to teach fundamental life values; emphasizing respect, sportsmanship, effort, attitude, teamwork, and determination to student athletes. To support CRVLL, or to find teams and game schedules, visit www.crvbaseball.com.

Posted by Administrator Account on 6/3/2014 2:49 PM

Colorado FlagIf you have employees, please keep in mind that it is critical to make sure you have all proper employee forms on file.  The Colorado Department of Labor is issuing notices of random audit for compliance with the Colorado Employment Verification Law (§ 8-2-122, C.R.S.).  The notice requests copies of Colorado affirmation forms on file for all current employees as well as copies of forms of identification.  Penalties due for violation of the law may result in fines up to $5,000 for a first offense.

Colorado employers are required to complete an affirmation form for all employees hired on or after January 1, 2007. For additional information on the Colorado Employment Verification Law and for copies of the affirmation form, please visit www.colorado.gov/cdle/evr.

Posted by Administrator Account on 5/13/2014 8:52 AM

home energy tax creditsCertain energy-efficient home improvements may benefit your tax and utility bills. The federal government provides energy tax credits for some improvements.

While the Non-Business Energy Property Credit expired at the end of 2013, you can still utilize the Residential Energy Efficient Property Credit… for now.

Here are the details:

  • This tax credit is 30 percent of the cost of alternative energy equipment installed on or in your home.
  • Qualified equipment includes solar hot water heaters, solar electric equipment and wind turbines.
  • There is no dollar limit on the credit for most types of property. If your credit is more than the tax you owe, you can carry forward the unused portion of this credit to next year’s tax return.
  • The home must be in the U.S. It does not have to be your main home.
  • This credit is available through 2016.
  • You must file a special form (Form 5695) to claim the credit.

As always, contact your tax professional for questions, including if you can receive state tax credits.

 


Posted by Administrator Account on 5/8/2014 2:29 PM

Mark PlantzCongratulations to Dalby, Wendland & Co. staffer Mark Plantz for his recent election to the Montrose Recreation District Board of Directors.

The Montrose Recreation District’s (MRD) purpose is to provide, manage, and maintain quality recreational facilities, programs, and services, which will enhance the learning, leisure, and recreation opportunities that promote a healthy community. In addition to evaluating the needs of district residents and constructing new facilities, the MRD provides recreation programming year-round.

Mark’s goal as a director is to help uphold the mission of the MRD by assisting the public in their decision to encourage a healthy community. He says, “I will apply a standard of ethics directly to my position within the board, striving to respect opinions of both board members and Montrose residents. I aim to focus mainly on being responsible with the funds that have been allocated and economic benefits of the recent law changes. As a new Montrose resident and employee for a local accounting firm, I want to give back to residents while being a positive influence on this community as it drastically changes and grows.”

Mark joined Dalby Wendland in 2013 after moving to Montrose from Durango. He is a graduate of Colorado Mountain College and Fort Lewis College where he attained a bachelor of science degree in accounting. Mark is an avid outdoorsman and enjoys hiking, mountain biking, camping, and snowboarding.


Posted by Administrator Account on 5/8/2014 7:44 AM

Sarah Menge, CPA

In today’s modern business environment, technology is a critical tool for production, marketing, accounting, and financial reporting; and the ability to anticipate and react to changing technology needs is essential. Upgrading or changing software can be a time consuming and expensive investment, but there are some ways to ease the transition period and make sure that you select the right product for your business. When upgrading or changing accounting software it’s important to consider the business’ current and expected future needs for financial reporting and the testing and timing of implementing changes. Read on for more details...

 

Sarah L. Menge
Grand Junction Audit Office

Posted by Administrator Account on 4/24/2014 7:43 AM

Loren Hofer, CPA, Amber Elsberry, CPADalby, Wendland & Co., P.C. would like to thank Amber Elsberry, CPA (Grand Junction office) for her seven years of service on the board of the Western Slope Chapter of Colorado Society of Certified Public Accountants. Amber was secretary/treasurer for the last two years of her involvement.

Dalby Wendland’s Loren Hofer, CPA (Grand Junction office) is resuming Amber’s role as secretary/treasurer.

The Colorado Society of CPAs (COCPA) is a state-wide, not-for-profit, professional association that represents Colorado CPAs at the state and national levels of government, works on the CPA profession’s behalf with the Colorado State Board of Accountancy, provides continuing professional education to Colorado CPAs, and offers a wide variety of services to COCPA members. Its mission is to support its members in providing quality professional services to serve the public interest.

Thank you to both professionals for your service and support to the accounting industry!

(L-R: Loren Hofer, CPA; Amber Elsberry, CPA)

Posted by Administrator Account on 4/22/2014 8:32 AM

Spring clean your finances

 

As you declutter and organize your home this spring, consider doing the same for your personal financial statement and important documents.  Doing so can make tax return prep, estate planning, calculating your net worth, and applying for a loan much easier.  Here are some recommendations:

Posted by Administrator Account on 4/15/2014 7:57 AM

tax deadline

TODAY is the deadline to file your taxes, or an extension!  If you are just now finishing up your taxes, make sure to avoid these common errors:

            • Take a close look at the tax tables to be sure you are using the correct column for filing status
            • Review your figures – it is easy to transpose numbers or make math errors
            • Review your forms to be sure you completed all of the appropriate boxes
            • Remember to attach all required forms (i.e., W-2s, etc.) to the front of your return (if filing by paper)
            • Sign and date your forms
            • Double check the routing and account numbers on your form for direct deposit of refunds
  • If you are not e-filing, check IRS.gov or your form instructions to mail your paper return to the correct address
  • Keep a copy of your signed form and all records pertaining to them

For additional information, visit IRS.gov.

Posted by Administrator Account on 4/8/2014 10:40 AM

Colorado Mesa UniversityDalby, Wendland & Co., P.C. is pleased to announce a new scholarship for accounting students attending Colorado Mesa University (CMU) in Grand Junction, Colo.

The scholarship, administered through the CMU Foundation, will be awarded to a junior or senior business major seeking a degree in accounting with a minimum 3.0 GPA. The amount of the award is $1,000 per semester ($2,000 annual). Qualifying students should contact the CMU Office of Financial Aid for eligibility requirements, application, and additional information; www.ColoradoMesa.edu.

Dalby Wendland is proud to help further the education of accounting students and support the progression of the accounting profession.

Posted by Administrator Account on 4/2/2014 8:00 AM

investment income for childrenTypically, it is required that you pay income tax on investment income, and the same is true for a child who must file a federal tax return (parents/guardian is responsible to file for child if child cannot do themselves). There are special tax rules for certain children with investment income that may affect the tax rate and the way you report the income.

Here are four facts from the IRS that you should know about your child’s investment income:

Posted by Administrator Account on 3/17/2014 12:14 PM

Top Accounting Firms 2014Dalby, Wendland & Co., P.C., CEO Steve Carver announced today that the Firm was recognized by Accounting Today as one of the Top Firms of 2014. Dalby Wendland frequently receives the honor for the Mountain States Region, which encompasses Colorado, Idaho, Montana, Utah, and Wyoming. Only 10 firms for this region were recognized. Of those, five firms were headquartered in Denver, two in Montana, one in Utah, and one in Wyoming.  Dalby Wendland is the only firm headquartered in western Colorado to attain the award.

“Our firm founders, Walt Dalby and Wes Wendland, set the bar early on for the best client service, ethical standards, and highest of technical expertise,” says Carver. “We continue to push the bar to help make our clients and communities successful. It is an honor to be recognized as a Top Firm. We are proud of our communities, our clients, and our team members.”

Posted by Administrator Account on 3/11/2014 9:30 AM

Chris West, CPAThe IRS and taxpayers have always battled over whether the purchase of tangible property is currently deductible or must be capitalized and recovered through depreciation over time.  The struggle over this often-encountered matter has existed since the inception of the Internal Revenue Code.  The distinction between deductible repairs and capital improvements has been determined largely through case law and is based on facts and circumstances.  The U.S. Supreme Court has even weighed in on the matter.

The IRS has issued final regulations on the matter.  Read on to see how it may affect your business...

 

Christopher L. West, CPA
Grand Junction office

CWest@DalbyCPA.com

Posted by Administrator Account on 3/4/2014 8:52 AM

2014 HSA Maximum Contributions

 

While the true impact and effects of the Affordable Care Act is yet to be seen, more people are turning to a Health Savings Account (HSA) to help offset high-deductible health plan costs. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic care and premiums for long-term-care insurance.

Participating employers can also contribute to accounts, on behalf of their employees.

 

Here are the 2014 limits for individual and family coverage:

 

  • Self-only coverage annual minimum deductible  $ 1,250
  • Self-only coverage maximum out-of-pocket expenses (deductibles, co-payments, and other amounts,
    but not premiums)  $ 6,350        
  • Self-only coverage maximum HSA contribution  $ 3,300 
  • Family coverage annual minimum deductible (family coverage can include a spouse and any
    dependents)  $ 2,500 
  • Family coverage maximum out-of-pocket expenses (deductibles, co-payments, and other amounts,
    but not premiums)  $12,700 
  • Family coverage maximum HSA contribution$ 6,550

For more than 65 years, Dalby, Wendland & Co, P.C. (DWC) has been a leader in the public accounting and business
consulting profession. With Firm offices in Aspen, Glenwood Springs, Grand Junction, Montrose, Rifle, and Telluride,
DWC is the largest public accounting firm headquartered in Western Colorado.

 

Posted by Administrator Account on 2/26/2014 12:39 PM

April 15 tax deadlineThe Personal Exemption is up slightly this year due to inflation adjustments.  The exemption is available for taxpayers and the dependents they claim on their tax returns, and helps to reduce taxable income and the resulting tax bill.

In addition to the Personal Exemption, taxpayers also have available a Standard Deduction.  Taxpayers can claim the Standard Deduction when it is greater than the total of their itemized deductions, such as mortgage interest and property taxes. Here are the standard deductions for 2013 tax filings:

  • Single or Married Filing Separately – $6,100 (up $150)
  • Head of Household – $8,950 (up $250)
  • Married Filing Joint and Qualifying Widow/Widower – $12,200 (up $300)
  • Qualifying Dependent –$1,000 (up $50) OR $350 plus dependent’s earned income up to $6,100  (whichever is greater)

Also new this year, legally married, same-sex couples can benefit by claiming Married Filing Joint status for federal tax purposes, whether or not the couple lives in a jurisdiction that recognizes same-sex marriage.  These couples can also claim Married Filing Joint status for prior years by filing amended returns for years 2010, 2011, and 2012. Due to certain complexities with this new law (sorting out withholdings, pre- and after-tax benefits, refund opportunities, etc.), it is recommended couples seek professional guidance on state and federal tax return preparation.

Some final things to be aware of this filing season… the IRS has guidelines for qualifying children and qualifying relatives who may be claimed as dependents, so dependents who are claimed by another taxpayer are not eligible for a personal exemption. You may, however, qualify for additional tax credits related to your qualified dependents, such as the child and dependent care tax credit.

Posted by Administrator Account on 2/19/2014 3:18 PM
American Care Act

 

With a one-year delay until 2015 in the employer pay-or-play penalty, the availability of small business "SHOP" plans, and the higher standards for health insurance benefits in the individual market, all this might lead business owners and individuals to believe not much change will actually be felt in 2014. Be assured, this is a false notion.

Here is a summary of what key provisions are now in effect...

Posted by Administrator Account on 2/17/2014 11:11 AM

Dalby, Wendland & Co., P.C. is always looking for bright accountants to join our team!  If you are looking for an exciting career in public accounting, we invite you to watch our video and learn more about what we can offer you!

http://youtu.be/DmdHcLHDkNU

Accountant Recruitment Video Image
Posted by Administrator Account on 2/6/2014 8:36 AM

Sales & Use TaxOnline shopping may provide convenience and cost savings at times, however it generally doesn't allow you to avoid paying sales tax. Paying taxes on online purchases is the law in most jurisdictions -- whether it's collected at the time of purchase or later.

It's true that five states (Alaska, Delaware, Montana, New Hampshire and Oregon) don't charge sales or use taxes. This tax-free status applies to in-store and online purchase.

Purchases in the remaining 45 states and the District of Columbia incur combined state and local sales tax rates that generally range from 6 to 10 percent. If you don't pay sales tax at the time of purchase, you're supposed to track your sales-tax-free purchases and pay use tax on those purchases along with your state income tax return.

Use tax applies to businesses and individuals, but many buyers are unaware of (or ignore) it. Some states are reinforcing their collection efforts, however. If you make large, tax-free purchases online, it's increasingly possible that state taxing authorities could find out, audit you and impose back taxes and penalties. 

Posted by Administrator Account on 1/21/2014 8:34 AM

The following table provides some important federal tax information for 2014, as compared with 2013. Some of the dollar amounts change due to inflation. Other amounts are changing due to legislation.


 

Posted by Administrator Account on 1/8/2014 9:50 AM

2014 Small Business Resolutions

Like many individuals, you might want to make resolutions for your business for the New Year. Here are some considerations:

Inventory fixed assets. Physically tag and record identification numbers for all fixed assets. Missing or damaged items may be revealed when you compare your physical inventory to your computerized fixed asset ledger from your accounting records.

Write off uncollectible accounts and obsolete equipment. Your balance sheet may contain assets that are unlikely to be converted into cash. Write these items off now - you'll have a cleaner balance sheet going forward.

Perform a physical inventory count. This is part of a CPA's required audit procedures. You can do this in-house, hire an outside firm to oversee your inventory counting procedures, or you can ask your CPA to perform its own independent count.   

Evaluate business insurance coverage. The types of coverage that worked last year may be insufficient today.

Obtain a business appraisal. Knowing what your business is worth can guide short- and long-term business strategy decisions, such as accepting a purchase offer, buying out minority shareholders, modifying insurance coverage, filing for bankruptcy or requesting credit lines.

Plan an exit strategy. Every business eventually sells (or liquidates). Exit strategies outline how owners will someday get cash out of the business.

Consult with professional advisers. Accountants and lawyers know the latest developments that affect your local market and industry niche. They can customize a more comprehensive list of administrative tasks to whip your company into shape in 2014 and beyond.

 

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Posted by Administrator Account on 12/31/2013 11:23 AM

Happy New Year

As we look back on another year fulfilled, we reflect upon the things we're most grateful for.  Our treasured relationships with our clients and colleagues are among the things we value most, and we thank you for choosing Dalby, Wendland & Co. as your trusted business advisors.

Welcoming a brand new year, we look forward to the opportunity to provide you with the excellent service you deserve.

Posted by Administrator Account on 12/24/2013 9:00 AM

Merry Christmas from our family to yours!

 

Posted by Administrator Account on 11/27/2013 9:34 AM

May the good things in life be yours in abundance not only at Thanksgiving,
but throughout the coming year.

Happy Thanksgiving from our family to yours!

Posted by Administrator Account on 11/21/2013 8:33 AM

Tax Updates

 

Many Dalby Wendland clients will be receiving our annual year-end tax update letters in the mail in the next couple of weeks.  As a preface to the more in-depth information in the letters, here is a “hit list” of new developments the letters will cover that may affect you:

Posted by Administrator Account on 11/5/2013 8:24 AM

Erin Duckworth, CPAAudited financial statements are needed by companies and organizations for various reasons. An audit of a company’s financial statements may be required by an external third-party such as a regulator, lender, or potential investor, or requested internally from either the board of directors or management.

An auditor is engaged to give an opinion as to whether the stated financial position and results of the operations are fairly stated and free from any material misstatement. In addition to the audit opinion there are many other benefits of an audit. 

Read on for tips and benefits of having a financial statement audit.

 

Erin L. Duckworth, CPA
Grand Junction Audit Office

Posted by Administrator Account on 10/30/2013 8:47 AM

Grand Junction Chamber Business Showcase

DWC booth staffers - pictured L-R: Jessica Miracle, Chris West, Sarah Fischer, Chris Allen, Donna Hardy, Kat Fraser, Sarah Menge

 

The GJ office hosted a booth last night at this year's GJ Chamber Business Showcase.  Over 85 businesses attended to enjoy networking and the festivities.  This year's theme was "circus" and many visitors stopped by the DWC booth for a picture, posing as our "strongman"/"strongwoman" (see all pictures on our Facebook page).  Thanks to all who attended - it was truly a fun evening spent with clients, businesses, and the community.

Posted by Administrator Account on 10/24/2013 7:07 AM

ColoradoBiz Top 250 CompaniesColoradoBiz recently announced their Top 250 Private Companies in Colorado with Dalby, Wendland & Co., P.C. in the top 100 as #77 on the list. 

Companies must be headquartered in Colorado and are ranked each year by gross revenues.  The published list also highlights industry type, years in business, and number of employees.

Dalby Wendland President and Firm Principal Steve Carver said, “We are honored to be among so many of Colorado’s greatest.  As we celebrate 65-years in Western Colorado, our Firm’s founders Walt Dalby and Wes Wendland would be proud of the legacy they started - one client at a time.“

A complete list of the Top Companies can be found at: www.cobizmag.com/uploads/Top250PrivateCos_Oct13.pdf

Posted by Administrator Account on 10/22/2013 7:33 AM

Denise DistelDenise Distel, a QuickBooks Pro Advisor with Dalby, Wendland & Co., P.C., is spearheading a fundraiser to purchase new furniture for Hilltop’s Tri-County Resources (TCR) women’s shelter in Montrose.

Denise and other members of the Dalby, Wendland & Co. Montrose office will be running (or walking) laps for pledges and donations on Saturday, November 30th from 11 am - 2 pm at the Montrose High School Track. To help with the cost, Budgetline Furniture and A & Y Gallery have offered to provide the furniture and décor at a discount.

Denise says, “Leaving an abuser is a terrifying experience. You feel as if your world has totally turned upside down. It is a big help if you can go to a facility that is safe and cozy. My goal is to have the new furniture in place by Christmas.”

Aimee Quadri-Chavez, TCR Program Coordinator, says, “Our program is primarily grant funded and we have very little in our budget for things like furniture and objects that make a place feel like home. Most of the women and children that come to our facility have been through recent crisis and trauma, and it’s important to us that they are comfortable for their stay. Tri-County Resources is very fortunate to have the support of local businesses like Dalby, Wendland & Co. that make it a priority to give back to the community. This furniture fundraiser will make a difference for many of our clients, just in time for the holidays.”

HOW TO HELP: Supporters can email Denise with pledges at ShelterShuffle@DalbyCPA.com. Checks can also be mailed to, or dropped by the Dalby, Wendland & Co. Montrose office at 501 E. Main Street. Please make checks payable to Tri-County Resources.

Last year, 70 women and 55 children took shelter at TCR (for a total of 1,707 shelter nights). In addition, over 1,500 calls came in on the three crisis lines staffed by TCR on a 24-hour basis. As with most other nonprofits in our community, there is a constant need for TCR’s services while program grants and funding has decreased.

For more information, or to pledge your support, please email Denise at ShelterShuffle@DalbyCPA.com.

Posted by Administrator Account on 10/14/2013 9:25 AM
Mike WestYouthZone’s Kiss ‘n Squeal Fundraiser wrapped up on Saturday, October 12th with over $146,000 raised by the six candidates. Dalby Wendland’s Mike West was the Reserve Champion, raising $35,625.

Mike extends his appreciation and gratitude,
“A special thank you to my campaign team, co-workers, clients, business associates, family, and friends for your help and support! YouthZone is a community asset and I am grateful to help them continue their mission of serving youth in our community. This experience has been positive for DWC and myself with our community benefitting from our efforts.”

Dalby, Wendland & Co. congratulates all candidates on a job well done! 

Posted by Administrator Account on 10/9/2013 8:19 AM

Mike WestThe YouthZone Kiss ‘n Squeal campaign is wrapping up on Saturday, October 12th! Dalby Wendland’s own candidate, Mike West, is among the top fundraisers. The candidate who raises the most money gets to kiss a real live pig at Saturday’s finale! One dollar equals one “vote”. If you have not had the opportunity to vote, here’s how you can help:

Eat for a good cause: The Glenwood Springs Brewpub is donating $1 for every house-smoked, pulled pork sandwich sold.

Buy a raffle ticket: $10 per ticket; First Prize is $1,000 and Second Prize is $500. PURCHASE TICKETS

Attend the finale: Saturday, October 12th from 4-7 pm at Tybar Ranch in Carbondale. Enjoy a BBQ cook-off, games for the kids, raffle drawing, and see which candidate gets to kiss the pig! Tickets are $20/adult, $10/youth 12 years and under. PURCHASE TICKETS

Posted by Administrator Account on 10/8/2013 11:06 AM

Dalby Wendland Walk 4 Life

Over 60 Dalby Wendland employees and family members from the Grand Junction offices signed up to walk in support of breast cancer awareness, education, and detection during this year’s Walk 4 Life event. Approximately 300 supporters participated on Saturday, October 5th. Junior Service League of Grand Junction hosts the event annually and 100% of the proceeds stay local to help fund breast cancer education, programs, and support in Mesa County.

October is National Breast Cancer Awareness Month. To help support awareness and education of breast cancer, we invite you to learn more online at the Susan G. Komen Foundation, or the American Cancer Society.

Posted by Administrator Account on 10/1/2013 8:35 AM

 

St. Mary's Ball, Lisa Thon-Kollar, Jessica Miracle, Sonya Foster, Chris Allen

 

Dalby Wendland wishes to congratulate Drs. Gary L. Snyder, Jeffrey M. Nakano, and Perry L. Rashleigh, and ANB Bank as this year’s St. Mary’s Hospital Foundation Community Heroes. Professionals from Dalby Wendland were present to help recognize each at St. Mary’s Ball on Saturday, September 28th.

Dr. Snyder received the Saccomanno Lifetime Acheivement award, Dr. Nakano received the Physician of the Year award, and Dr. Rashleigh received the Philanthropist of the Year award. ANB Bank was recognized as Corporate Citizen of the Year.

A heartfelt thank you to each for making our community a better place!

Picture:  DWC professionals attended the gala (L-R): Lisa and Steve Kollar, Sonya and Billy Foster, Heidi and Chris Allen, Jessica and Zebulon Miracle; (not pictured, Lauren Van Roekel and Casey Termentozzi)

Posted by Administrator Account on 9/24/2013 7:53 AM

Jay T. Sanfield, CPA

When people hear the term accounting, there tends to be an involuntary reaction of the brain to shut down, and the sleep mode is activated.  This is unfortunate because accounting, especially to a small business owner, can actually be very interesting.  It is one of the primary tools by which business owners and other interested parties can gauge the success of their business, as well as identify areas that require attention and need improvement.  To understand accounting, business owners need to have a basic understanding of how the process works (debits and credits) and its results (financial statements).  Read on for what to look for in a good accounting system.

 

Jay T. Stanfield, CPA
Grand Junction Audit office

Posted by Administrator Account on 9/16/2013 12:58 PM

 

GJ Chamber Business Expansion Award The Grand Junction Audit office was recognized at the Grand Junction Chamber's Quarterly Luncheon for a business expansion award.  The Audit team was housed on half of the second floor, and recently relocated to the entire fifth floor at 464 Main Street.  The building's owner and property manager, HR Enterprises, remodeled the new space.  The capital improvements made and room for additional staff enabled DWC to receive a Business Expansion Award.

 

Luncheon sponsor Vance Wagner  (ANB Bank) and Michael Burke (GJ Chamber Chairman) congratulate September Business Expansion Award Recipients: Rob Jones - Comfort Keepers, Chris Allen -  Dalby, Wendland & Co and John Tierney - All Seasons Hotsy

Posted by Administrator Account on 9/5/2013 11:10 AM

oil and gas wellIf you own land that contains valuable natural resources and you arrange for the development of the resources by means of a lease, there are tax consequences. Being in Western Colorado, we see many clients needing this type of tax guidance. Landowners may enter into complex financial agreements to receive royalty, bonus, or other income in exchange for granting access to the resources on their land, such as natural gas and oil.

Here are some important facts regarding these transactions.

Posted by Administrator Account on 8/22/2013 9:28 AM

business trip tax rulesTaking a business trip outside the U.S.? Learn the tax loopholes to add a bit of personal R & R to your trip.

If your business travels often take you abroad, you may want to add a few extra days to a trip for relaxing and sightseeing.  Keep in mind, however, business travel deductions for foreign travel are different from those for domestic. 

The general rule says you must allocate all your travel expenses –- including transportation costs -- between business and personal days.  Yet, there are two loopholes you may be able to take advantage of that may allow you to deduct all of your foreign transportation expenses.

Here's what you need to know...

 

Posted by Administrator Account on 8/6/2013 7:48 AM

 

Dalby, Wendland & Co., P.C. is pleased to announce its newly elected directors and officers of the board:

 

 Steve Carver, CPA/PFS (Glenwood Springs) – President

Greg Keller, CPA/CFF/PFS/CITP (Glenwood Springs) – Secretary

Chris West, CPA (Grand Junction) – Treasurer

Chris Allen, CPA (Grand Junction) – Vice President

Lisa Cunningham, CPA (Glenwood Springs) – Vice President

Buck Miller, CPA/CVA (Montrose) – Vice President

Rob Sachs (Grand Junction) – Chief Operating Officer

Posted by Administrator Account on 7/26/2013 9:24 AM

Lisa Thon-KollarHigher education costs are rising fast.  You may be able to turn part of these expenses that you pay for yourself, your spouse, or your dependents into tax savings. You can do this by claiming the American Opportunity tax credit or the Lifetime Learning credit for tuition and related expenses.

The maximum American Opportunity tax credit you can claim is $2,500 per student for the first four years of undergraduate education at an eligible educational institution (The credit is 100% of the first $2,000 of qualifying expenses and 25% of the next $2,000, so the maximum credit of $2,500 is reached when a student has qualifying expenses of $4,000 or more).  Since the limit is per student and not per taxpayer, if you incur qualifying expenses for yourself and two children your credit may be as high as $7,500 ($2,500 × 3).

Lisa Thon-Kollar, CPA

Posted by Administrator Account on 7/26/2013 7:16 AM

Tax CourtIn the first part of our casualty and theft tax court lesson, we outlined a true case of one homeowner’s plight to recoup some of their money given to a general contractor for their home construction project. 

We left the story with the IRS disallowing the homeowner’s reported loss due to the IRS stating the general contractor’s actions were not “theft” as defined under Illinois State Law, and the deductions were not timely.  Let’s pick up with how the Tax Court ruled.

Posted by Administrator Account on 7/24/2013 12:34 PM

tax courtWhen casualty or theft strikes, the law allows businesses and individuals to claim a tax deduction for the resulting loss. For individuals, you can generally deduct the amount of your unreimbursed loss to the extent the loss exceeds 10 percent of your adjusted gross income for the year. Before applying the 10 percent limit, you must subtract $100 for each casualty or theft occurrence.

It is common for the IRS to challenge such deductions, particularly for individuals, on the grounds a theft or casualty has not occurred -- or that it was claimed in the wrong year. This was illustrated in a recent Tax Court case...
Posted by Administrator Account on 7/18/2013 3:20 PM

Congratulations to the following professionals on their recent promotions!

Nathan A. Fyock, CPANathan A. Fyock, CPA
Nathan, a Certified Public Accountant, is promoted to manager. He provides auditing and accounting services to a variety of clients and industries including nonprofit organizations, institutions of higher learning, governmental entities, and employee benefit plans. In addition, other businesses Nathan serves include insurance, construction, manufacturing, third party health plan administration, trucking and logistics, and information technology companies. Nathan is a member of the Colorado Society of CPAs and the American Institute of CPAs. He holds a bachelor’s degree from Adams State University.

Posted by Administrator Account on 7/12/2013 9:07 AM

In case you missed it, we’ve relocated to the Grand River Plaza One building across from Grand River Hospital (796 Megan Ave., #200).

Thank you to the Rifle Chamber of Commerce for our official ribbon cutting! Rifle Chamber ribbon cutting

Posted by Administrator Account on 7/11/2013 12:01 PM

Jeremy R. Lederer, CPA, CVADalby, Wendland & Co., P.C. is pleased to announce Certified Public Accountant (CPA) Jeremy R. Lederer has successfully completed the certification process with the National Association of Certified Valuators and Analysts (NACVA) to earn his designation of Certified Valuation Analyst (CVA).

In his announcement of Jeremy’s certification, NACVA Chief Executive Officer, Parnell Black, MBA, CPA, CVA, noted, “The designation is an indication to the professional community that Mr. Lederer has met the Associations’ rigorous standards of professionalism, expertise, objectivity, and integrity in the field of business valuation, litigation support, and related consulting disciplines.  He can be proud of the fact that NACVA’s CVA designation is the only valuation credential accredited by the National Commission for Certifying Agencies (NCCA).”

Posted by Administrator Account on 7/9/2013 7:34 AM

wedding rings, DOMA tax Per the Supreme Court's recent decision, same-sex couples who are married and reside in states that recognize same-sex marriages are to be treated as married for federal tax purposes. In some cases, filing amended returns for previous years may result in federal tax refunds.

Tax results of being married are mostly favorable to filing as individuals, with one big exception. Here are the ways that the individual tax situations of some same-sex couples will change in the wake of the Supreme Court rulings.

Posted by Administrator Account on 7/3/2013 10:35 AM

 

We wish you a happy and safe 4th of July holiday!American flag

Our offices will be closed on July 4th and 5th in observance.

Posted by Administrator Account on 6/25/2013 8:17 AM

caution IRS tax scamsn 2013The IRS issued its list of the most common tax scams.  Be wary of these common schemes that can happen at any time of the year.

Identity Theft:  ID theft marks the top of the list for 2013.  Oftentimes an ID thief uses a legitimate taxpayer’s identity to fraudulently file a tax return and claim a refund

Phishing:  Here, scammers send unsolicited email or a fake website to lure you into providing valuable personal and financial information.  The IRS does not initiate contact with taxpayers by email to request personal or financial information.  If you receive a suspicious email that appears to be from the IRS, report it by sending it to phishing@irs.gov

 

Posted by Administrator Account on 6/21/2013 7:29 AM

Katherine Fraser, CPAIf you are considering starting a business or wonder if the current structure of your business is the most advantageous for you and/or your company, consider the following: the business structure you choose will have legal and tax implications.  There are a variety of business structures to consider when determining which structure would best suit your business. 

Read on to learn which structure may benefit you the most and how best to support it with proper management.

Katherine Fraser, CPA
Grand Junction Audit

Posted by Administrator Account on 6/14/2013 9:58 AM

DWC and HFHRFV volunteersEmployees of Dalby, Wendland & Co., P.C. traded in their adding machines on Thursday, May 30th for hammers and saws to participate in a team-build to help Habitat for Humanity Roaring Fork Valley (RFV) construct its newest family home.  The duplex home, located in Silt, was in its early stages of build.  The DWC team learned some valuable framing skills and the day proved to be very productive.

 

Pictured L-R:  Sonya Foster, James Heelan, Duane Antes,  Marianne Peterson, Patrice Onofrio, Kelly Ward, Katie Layman, Jennifer Bullock, Lynn Kleager, Larry Barnet (HFH), Michael Salazar (HFH); not pictured, Janet Lee with DWC.

Posted by Administrator Account on 5/28/2013 2:28 PM

 

Attention businesses!  Stay ahead of monthly federal tax and reporting deadlines via our at-a-glance online calendar. Visit our Resources page, then click on the Federal Tax Calendar link.

Posted by Administrator Account on 5/17/2013 12:13 PM

IRS data book,, IRS audit statsThe IRS has released its annual data book providing statistical data on its fiscal year (FY) 2012 and enforcement activities.  The data provides a map of what the IRS is focusing their resources on. 

We’ve pulled some interesting facts for individual, business, and other enforcement activities. Here we look at other interesting facts relating to IRS filing and enforcement activities:

Posted by Administrator Account on 5/15/2013 8:31 AM

IRS audit flagsThe IRS has released its annual data book providing statistical data on its fiscal year (FY) 2012 and enforcement activities.  The data provides a map of what the IRS is focusing their resources on. 

In our 3-part series, we’ve pulled some interesting facts for individual, business, and other enforcement activities. Part 2 looks at where the IRS is focusing its resources on business returns and they compare to the prior year:

Posted by Administrator Account on 5/7/2013 11:31 AM

Sarah Menge, CPAAn employer sponsored 401(k) plan is a great tool to help employees save for the future, but it is important to understand your plan, and play an active role in monitoring your benefits to make sure you achieve your retirement goals.

The first step towards utilizing your 401(k) plan is understanding the key provisions of the plan and how it is managed. Once you have enrolled in the plan, your employer is required to provide you a copy of the Summary Plan Description (SPD), within 90 days. You should read through the SPD to gain an understanding of the main provisions of the plan. If you are unsure about any of the features in your plan, ask your plan manager right away.

Sarah Menge, CPA
Audit, Grand Junction Office

    

 

Posted by Administrator Account on 4/25/2013 10:40 AM

glenwood chamber award, philanthropic business of the yearDalby, Wendland & Co. would like to thank the Glenwood Springs Chamber Resort Association and its members for honoring us as the 2013 Philanthropic Business of the Year.  Partners Greg Keller, Steve Carver, Lisa Cunningham, Kevin Gibson, and Lynne Kleager attended the Roaring '20s themed event on Saturday, April 20th.

Glenwood Springs' managing partner Lisa Cunningham notes, "We are honored to be recognized among such extraordinary members of our community.  We congratulate the award recipients on their achievements."

The distinguished honorees were: Citizen of the Year - Marilee Rippy; ATHENA Leadership Award - Lorie Beattie Courier; ATHENA Young Professional - Jennifer Smith; DECA Entrepreneur of the Year - Jim Nieslanik; Chamber Ambassador of the Year - Jerry Pradier; Bosco Tourism Business of the Year - Glenwood Adventure Company.

Pictured L-R: Greg Keller, Steve Carver, Chamber President and CEO Marianne Virgili, Lisa Cunningham, Kevin Gibson, Lynn Kleager

Posted by Administrator Account on 4/8/2013 8:54 AM

Chris West, CPASo, the deadline for filing your 2012 tax return is fast approaching and you are beginning to feel overwhelmed with the pile of tax documents and receipts sitting on the dining room table. You start to wonder if you will even meet the April 15th deadline. The good news is you are not alone. The IRS says between 25% and 30% of all U.S. taxpayers wait until the last two weeks before the deadline to file their personal income tax returns (or file for an extension). Here are several last minute tax tips that will hopefully make your tax preparation experience much more enjoyable: 

Chris West, CPA
Grand Junction Office

 

Posted by Administrator Account on 4/2/2013 11:00 AM
employees vs contractorsBusinesses have for years attempted to save on payroll taxes by classifying employees as independent contractors.  However, the IRS is aware of this and has recently rolled out a new initiative to identify and correct misclassification of employees.  In those instances where the IRS is successful in “reclassifying” independent contractors as employees, the bill for the employer is substantial: employers have to pay both the employer and employee payroll taxes as well as penalties and interest.

 

The IRS estimates that one in seven U.S. employers is guilty of misclassifying some of its employees, resulting in a loss of more than $4.1 billion a year in tax revenues. 

Posted by Administrator Account on 3/29/2013 9:40 AM

2013 taxes, tax deadineHere we wrap up our three-part series of important information for those just now contemplating 2013 taxes:

Some Things Stay the Same: These Breaks Were Restored

The tax breaks listed below expired at the end of 2011, but the fiscal cliff legislation retroactively restored them for 2012 tax returns (filed in 2013):

Deduction for Higher Education Tuition - This write-off can be as much as $4,000 or $2,000 for higher-income folks.

Option to Deduct State and Local Sales Taxes - If you paid little or no state income tax in 2012, you have the option of instead claiming an itemized deduction for general state and local sales taxes. The deduction is claimed on Schedule A of Form 1040.

 

Posted by Administrator Account on 3/27/2013 7:25 AM

Just starting your taxes?  Read on for Part 2 in our series of important information that may affect your filing outcomes:

 

Special Drill If You Did a 2010 Roth Conversion:

If you were among the many who converted a traditional IRA into a Roth account in 2010, the conversion was treated as a taxable liquidation of your traditional IRA followed by a contribution to the Roth account.

Posted by Administrator Account on 3/25/2013 7:54 AM

tax deadlineThis week we are focusing on those who are just now starting this year's taxes.  In our series of three parts, we highlight some important information you may need to know.

Part 1

The Due Date:

Monday April 15 is the filing deadline for your 2012 Form 1040. Last year, the deadline was Tuesday April 17 because April 15 was a Sunday and Monday April 16 was Emancipation Day, a District of Columbia holiday that postponed the filing deadline for the whole nation.

 

It's okay if your return won't be ready by April 15. You can extend the filing deadline all the way out to October 15 by submitting an extension request to the IRS, using Form 4868, on or before April 15. Your request will be automatically approved.

 

Remember: An extension to file is not an extension to pay. You should pay whatever remaining federal income tax you owe for 2012 with the extension request.

Posted by Administrator Account on 3/20/2013 8:11 AM

IRS, Form 1099-KIn an effort to help close the "tax gap," the IRS has launched a new compliance program targeting the underreporting of income by business taxpayers that receive Form 1099-K information returns from credit card companies and third-party transaction networks.

The IRS will notify certain taxpayers who may have underreported their gross receipts be sending letters and notices. If your business receives a Form 1099-K because it accepts payment cards from customers, you may receive one of these letters.

Posted by Administrator Account on 3/14/2013 2:31 PM
The IRS has extended the time employers who want to claim the work opportunity tax credit (WOTC) have to file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit (Notice 2013-14).

Under the extension, employers who hire a member of a targeted group on or after January 1, 2012, and up to March 31, 2013, will be considered to have timely filed Form 8850 if it is filed with the designated local agency (a state employment security agency established under 29 U.S.C. §§49-49n) by April 29, 2013.

For additional information, contact your local Dalby Wendland tax professional.



...
Posted by Administrator Account on 3/13/2013 1:43 PM

U.S. Citizenship and Immigration Services (USCIS) has issued a long-awaited revision of Form I-9, Employment Eligibility Verification.  This new form has grown from one to two pages, while the instructions have expanded from four to seven pages.  The form has a revision date of March 8, 2013, and an expiration date of March 31, 2016, and is available on the APA website at http://info.americanpayroll.org/pdfs/fpi/13c08-fi-9.pdf.


Posted by Administrator Account on 3/12/2013 2:11 PM

As an audit supervisor at Dalby, Wendland & Co., I have seen several instances where the importance and usefulness of accrual accounting in monitoring business performance and making business decisions is not fully understood.  We are all familiar with the old saying, “Hindsight is 20/20.”  This saying holds true when only monitoring your business on a cash basis of accounting since cash basis methods of accounting generally recognize transactions only when cash is exchanged, which tends to be at the end of the transaction cycle.  Read on for the benefits of accrual accounting.

 

Nate Fyock, CPA

Posted by Administrator Account on 3/6/2013 9:02 AM

Recently our tax professionals outlined some of the new health care legislation for this year, however, there is more to come with the following additional changes taking effect in the months and years after December 31, 2013.  Keep in mind these new requirements are a work in progress. For example, some of the rules in PPACA and HCERA have been repealed and the effective date of other rules has been modified (i.e., deferred, by IRS).

Posted by Administrator Account on 3/5/2013 11:10 AM

The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal and financial information. The criminals then use this information to commit identity theft or steal your money.

Continue reading for key information on what to do if you think you are being "phished" and resources in the case you fall victim to scammers.

Posted by Administrator Account on 3/1/2013 10:53 AM

In January of this year, the IRS reported 734 identity theft enforcement actions, including indictments, search warrants, complaints and arrests. This follows 2,400 enforcement actions against identity thieves in fiscal 2012.

 

Tax identity theft involves the use of a legitimate taxpayer's Social Security number to fraudulently file a tax return and claim a refund.  In this era of electronically filing tax returns, the thief can file the return, get the refund, and be gone before the victim or the IRS have any clue that the theft has occurred.

Posted by Administrator Account on 2/28/2013 12:08 PM
Congress has enacted legislation that overhauls the U.S. health care system and affects nearly all taxpayers, many employers, and many elements of the health care industry (The Patient Protection and Affordable Care Act (PPACA) P.L. 111-148, and the Health Care and Education Reconciliation Act of 2010 (HCERA) P.L. 111-152). Some go into effect this year, and still others will be in place in 2014 and 2018. 

Following is a synopsis of tax changes we’ve compiled for your advantage for years beginning after December 31, 2012, regarding health care legislation. Keep in mind these new requirements are a work in progress. For example, some of the rules in PPACA and HCERA have been repealed and the effective date of other rules has been modified (i.e., deferred, by IRS).

Surtax on unearned income of higher-income individuals. An unearned income Medicare contribution tax is imposed on individuals, estates, and trusts.  For an individual, the surtax is 3.8% of the lesser of either (1) net investment...
Posted by Administrator Account on 2/8/2013 10:39 AM
 

 

What an honor! Firm employees and partners gathered on Friday, January 25th to accept the Business of the Year award at the Grand Junction Chamber's Annual Banquet event.

Dalby's President Steve Carver graciously thanked the community for its 65-years of support and provided some words of wisdom from Dalby's founders, "Walter Dalby and Wes Wendland, the firm's cofounders, would encourage those in 2013 to 'enjoy your work, be your best and give back to your community.'"

We wish to sincerely thank the Grand Junction Chamber of Commerce and its members for recognizing Dalby, Wendland & Co. as the 2013 Business of the Year.  

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Posted by Administrator Account on 12/6/2012 10:40 AM

Last month, Dalby, Wendland & Company announced the three winners of their annual Spirit of Western Colorado Award®. Since 2004, DWC has proudly and publicly recognized individuals and businesses that create lasting legacies throughout western Colorado. The awards honor the pioneer spirit of the west, which embodies vision, skill, and a can-do attitude that contribute for the better in our communities.

This year’s winners — law firm Hoskin Farina & Kampf of Grand Junction, historic restoration and construction company The Floyd & Lavonne Diemoz Family of Glenwood Springs, and long-time now-retired DWC employee David L. Hamby of Grand Junction — join such previous deserving award winners as The Bacon Family, Hospice & Palliative Care of Western Colorado, Rocky Mountain Health Plans, and DWC founder Wes Wendland.

Posted by Administrator Account on 9/20/2012 9:16 AM
Recent changes to the estate tax end in 2012.

Federal estate tax rates are slated to change again in 2013, unless Congress decides otherwise. No one is exactly sure what will happen, or what Congress will do, so it is important to plan now rather than wait.

Dalby, Wendland will present a free seminar on the topic tonight at the Loft Meeting Room at the Hotel Denver from 5:30 – 7:00 p.m. Beer, wine, and appetizers from the Glenwood Canyon Brewing Company will be served from 5:30 – 6:00 p.m.



Call you DWC tax advisor for more information.

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Posted by Administrator Account on 9/14/2012 2:34 PM
Dalby, Wendland & CO announces Michelle Meagher and Denise Distel have passed Intuits’ QuickBooks ProAdvisor Advanced Certification coursework to become Advanced Certified QuickBooks ProAdvisors. The QuickBooks Advanced Certification Program expands the expertise of ProAdvisors who already have extensive knowledge in QuickBooks. The ProAdvisor certification accredits them as QuickBooks experts.



To gain access to the exam to become Advanced ProAdvisors, Meagher and Distel completed the three most current version years of QuickBooks Certification and will complete annual update courses to maintain ongoing knowledge in the latest version of QuickBooks.



Dalby, Wendland is a Diamond Level Member with Intuit Software, which enables the firm to pass along software discounts of 35% to clients.



Dalby, Wendland has QuickBooks ProAdvisors in all of the firm’s locations.  Tracy Barner, CPA, EA, Jennifer Bullock, Janna Burk, and Rita Coder are QuickBooks ProAdvisors in the Aspen,...
Posted by Administrator Account on 8/3/2012 10:15 AM
Habitat for Humanity operates 50 ReStores across the U.S. including one right here in the Roaring Fork Valley.

The stores receive contributions from contractors with excess supplies, lumberyards, demolition crews salvaging reusable materials, home improvement centers and individuals who are remodeling their homes.

Click here to read the article from the Dalby, Wendland newsletter or visit www.dalbycpa.com to sign up for the biweekly newsletter (sign up at the bottom right-hand side of the page). 

Dalby, Wendland & Co. is a proud sponsor of Habitat for Humanity and we are looking forward to a DWC work day this Tuesday at a Habitat House in Silt, Colorado.

Dalby, Wendland is a public accounting and business consulting firm that has provided audit, accounting, and tax services to a wide range of businesses, industries, and individuals since 1948. Recently Accounting Today ranked Dalby, Wendland a regional leader in the magazine's Top 100 Tax and Accounting Firms and Regional Leaders in the U.S.

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Posted by Administrator Account on 6/28/2012 4:01 PM
According to Reuters, the U.S. Supreme Court upheld President Barack Obama's healthcare law today in a 5-4 ruling. The nation's highest court preserved the law's "individual mandate" requiring that most Americans obtain health insurance by 2014 or pay a tax. The justices also preserved, with some changes, a provision of the law expanding the Medicaid health insurance program for the poor.

Go to www.dalbycpa.com to sign up for the Dalby, Wendland newsletter or sign up for our RSS blog feed to receive the latest news and information on how the healthcare law might affect taxpayers in the future.  

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Posted by Administrator Account on 6/8/2012 3:19 PM
Periodically, we spotlight local charities in our area and this week we invite you to join Alpine Bank’s nonprofit Facebook challenge!



Alpine Bank has selected seven community nonprofits to compete for the most votes.

For every vote a nonprofit receives, Alpine Bank will donate $1 to that organization regardless of whether they win the challenge or not. The nonprofit with the most votes at the end of the challenge will receive an additional $500 donation from Alpine Bank.



Go to Alpine Bank's Facebook page and click on the 'Contest' app tab at the top of the page to vote for the nonprofit of your choice.



You can only vote once. The challenge will run through June 15 so vote today!



Here are the featured nonprofits:



*    Colorado Animal Rescue

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Posted by Administrator Account on 5/30/2012 12:41 PM
Do you know the potential perks of hiring a child to fill a summer job at your business?

This article in the Dalby, Wendland newsletter explains how, under the tax law, putting your kids to work in your business can be a win/win situation.

This is a good way for kids to gain experience, some extra cash and income, while you reduce your employment tax costs and income tax liability. There is even a way for your children to put some of their earnings away on a tax-favored basis for college or a first home.

Contact us to see if your business is qualified or sign up for our newsletter here.

 

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Posted by Administrator Account on 5/11/2012 11:12 AM
Did you know that you can renegotiate your lease and boost your company's bottom line in the process? Dalby, Wendland offers some quick ideas on how to generate extra income from your lease. Dalby, Wendland has accountants who are experienced in commercial real estate.
Posted by Administrator Account on 5/9/2012 10:53 AM
Ten Tips on Technology for Business Owners

What would you do if all of your data and essential information were gone or in the hands of someone who could do harm to you or your company?

Most companies do not answer this questions until it’s too late and they have had a security breach.

Think of the role technology plays in our personal and professional lives: it helps us engage with clients and colleagues; it can give businesses an edge on competition; it often provides new tools to run a business in an effective and efficient manner, and it allows us to create new ways of selling products and services.

Although technology is a prime concern for both small and large businesses, typically, small businesses have fewer defenses than big companies even though cyber criminals target smaller businesses just as often as they target larger companies.

Because one security breach could shut down your entire network and compromise important data, it is important to provide safeguards that...
Posted by Administrator Account on 5/9/2012 10:04 AM
What would you do if all of your data and essential information were gone or in the hands of someone who could do harm to you or your company?

Most companies do not answer this questions until it’s too late and they have had a security breach.

Think of the role technology plays in our personal and professional lives: it helps us engage with clients and colleagues; it can give businesses an edge on competition; it often provides new tools to run a business in an effective and efficient manner, and it allows us to create new ways of selling products and services.

Although technology is a prime concern for both small and large businesses, typically, small businesses have fewer defenses than big companies even though cyber criminals target smaller businesses just as often as they target larger companies.

Because one security breach could shut down your entire network and compromise important data, it is important to provide safeguards that will help protect you, your business information,...
Posted by Administrator Account on 4/9/2012 7:49 AM
 Although “giving away” money to reduce your taxable estate is a common strategy to reduce estate taxes, in order to be valid, the gifts must be "complete" by the time the donor dies, which means that checks must have already been written and paid by the bank.

When is a Gift “Complete?”

Click here to receive the DWC biweekly newsletter straight to your email in box.

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Posted by Administrator Account on 3/21/2012 1:07 PM
Tech Tips from a CPA: Uncertain times require secure technology.
Posted by Administrator Account on 1/9/2012 3:36 PM
Question: Dalby, Wendland has served companies of all sizes and in many industries for the past 64 years. The region has been through several “booms and busts” and a couple of recessions, so you have a unique angle on Western Colorado. From your perspective, what is the jobs outlook for 2012?

Answer: “In general, businesses and other organizations continue to be flat regarding growth.  Therefore, it seems adding jobs will remain flat for awhile.  We are not seeing too many businesses hiring and training for the short term, unless there is a longer term benefit to their investment. The result seems to be that everyone is working very hard with the resources they currently have and waiting for the next big opportunities to expand during this election year and what happens following."



Sign up for the Dalby, Wendland blog, or follow us on Facebook and Twitter to receive the latest news and perspectives on the business...
Posted by Administrator Account on 12/26/2011 9:51 AM
Dalby, Wendland is looking for an experienced tax accountant to join our team.

The candidate must have two to five years experience with a local or national firm along with an accounting degree. Must be a CPA candidate or have an active Colorado CPA license. A strong general accounting background is necessary along with solid technical skills and the ability to maintain client relationships. The right candidate will be able to manage multiple clients and have contact with a range of individuals and businesses in a variety of industries. 

Dalby, Wendland is a professional firm that offers excellent opportunities for professional career growth and advancement.



Email resume to HR@dalbycpa.com or visit www.DalbyCPA.com.

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Posted by Administrator Account on 12/20/2011 3:45 PM
We're looking for a Senior Tax Accountant with 2-5 years experience in public accounting who has been with a local or national firm for a few years and would you like to be part of an outstanding firm in Western Colorado. Our ideal candidate is a high energy CPA with a can-do attitude, solid technical accounting skills, and strong oral and written communication skills. Must be able to manage multiple clients and have contact with a range of individuals and businesses in a variety of industries. This is a professional firm that offers excellent opportunities for professional growth and career advancement. Requirements:

3-5 years experience with a mid-sized CPA firm Accounting degree and an active Colorado CPA license or be a CPA candidate Strong general accounting background Solid technical skills ...
Posted by Administrator Account on 12/16/2011 4:33 PM
Several of our Dalby, Wendland colleagues will be out in the community this weekend taking part in different events throughout the Roaring Fork Valley.

Dory Light and Jamin Heady-Smith will perform this weekend as part of Glenwood’s Alpine Master Chorale concerts. Dory is part of our administrative support team and Jamin-Heady Smith is a CPA who specializes in IRS tax and resolution matters.

Also, Mark L. Groves, CPA, who is one of our Glenwood Springs principals, will be singing and performing with the Mountain Madrigals this weekend.

Mountain Madrigal Singers is an adult volunteer choral group in Glenwood Springs who presents annual Christmas concerts, free to the public.

 

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Posted by Administrator Account on 12/5/2011 1:17 PM
We're looking for a Senior Accountant with 2-5 years experience in public accounting who has been with a local or national firm for a few years and would you like to be part of an outstanding firm in Western Colorado. Our ideal candidate is a high energy CPA with a can-do attitude, solid technical accounting skills, and strong oral and written communication skills. Must be able to manage multiple clients and have contact with a range of individuals and businesses in a variety of industries.  This is a professional office that offers excellent opportunities for professional growth and career advancement.

Requirements:

3-5 years experience with a mid-sized CPA firm; Accounting degree and an active Colorado CPA license or be a CPA candidate; Strong general accounting background; Solid technical skills Ability to maintain client relationships. Email resume to HR@dalbycpa.com. Visit www.DalbyCPA.com.

 

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Posted by Administrator Account on 7/27/2011 12:47 PM
Due to the flat home market, many homeowners will make more improvements on their homes instead of selling. Tax TipHome improvements can add to your basis and may reduce your taxes at the time of a future sale, but home repairs do not give the same tax benefits.

 

Call one of our experienced tax accountants for more information on how to benefit from home improvements.

 

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Posted by Administrator Account on 7/26/2011 7:20 AM

The Internal Revenue Service today announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests.

According to the IRS, they are making this change to improve the process to make it fairer for an important group of taxpayers. "Today’s change will help innocent spouses victimized in the past, present and the future," said IRS Commissioner Doug Shulman

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Posted by Administrator Account on 7/15/2011 1:46 PM
The Treasury Department and the Internal Revenue Service issued a notice yesterday announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA).

According to the IRS, “the new law targets noncompliance by U.S. taxpayers through foreign accounts. Under the notice’s phased implementation approach, foreign financial institutions (FFIs) and U.S. withholding agents are given adequate time to build the systems needed to fully comply with FATCA.”

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Posted by Administrator Account on 7/12/2011 9:49 AM
Dalby, Wendland Co., P.C. will offer three days of beginner, advanced, and payroll QuickBooks classes Monday, July 25 – July 27 at Dalby, Wendland & Co., P.C. at 201 Centennial Street in Glenwood Springs.  The fee is $115 for each class and $60 for the payroll class.

Dalby, Wendland & Co., P.C. is a certified QuickBooks ProAdvisor.  To register by phone or for class information call Kelly at 970-945-8575. To register by e-mail contact  KWard@DalbyCPA.com. Registration is required.

Dalby, Wendland also offers full-range bookkeeping services that can help reduce your operating expenditure and give you the confidence that your business is observing payroll rules and regulations.

Late payment of payroll taxes may result in severe penalties. The benefit of our bookkeeping...
Posted by Administrator Account on 7/11/2011 3:14 PM
Steven D. Hovland, CPA, Cr.FA, a manager at Dalby, Wendland & Co., P.C in Grand Junction, has achieved the prestigious designation, Certified Forensic Accountant, Cr.FA,® by the American College of Forensic Examiners Institute. (ACFEI).



A forensic accountant is a professional investigator who uses accounting, auditing, and research training to conduct financial examinations. Forensic accountants can uncover such crimes as fraud, embezzlement, and improper business practices and they are often called to testify in court about their findings.



The ACFEI is the world’s largest forensic science association, and an important part of its mission is to recognize experience and continuing educations of professionals who conduct forensic examinations. 



The designation Certified Forensic Accountant, Cr.,FA® identifies...
Posted by Administrator Account on 7/7/2011 7:55 AM


There are many reasons to create an estate plan that will benefit you and your family in future years. While estate planning can be a sensitive and complicated matter, it is wise to plan for the transfer of assets now with a team of Western Colorado accountants experienced in estate planning.



Due to legislative changes it is important to review your estate planning strategies.  We can help define your objectives and analyze the potential tax implications as well as offer alternatives aimed at minimizing future tax burdens.  Call one of our tax professionals today.  

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Posted by Administrator Account on 7/5/2011 3:28 PM
Investing in commercial real estate has its complexities and certainly isn’t for the faint of heart. Investors must perform financial analysis on various potential investment opportunities to determine the best possible performers and, hopefully, pick a winner. Here’s a brief overview of the financial analysis and key tax aspects involved in such investments.

One of the first steps in analyzing any real estate investment is the determination of the projected net operating income (NOI). NOI is calculated by subtracting operating expenses from the gross rental income from the property. Operating expenses include real estate taxes, maintenance, insurance, janitorial, accounting, management fees, etc. Many investors like to use projected NOI to calculate a “cap rate” on the prospective property. A cap rate is simply the NOI divided by the total purchase price of the property.  For example, if a potential real estate investment with a purchase price of $500,000 was projected to generate an NOI of $40,000, then...
Posted by Administrator Account on 7/1/2011 12:33 PM
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. According to the IRS, taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

On July 1, 2011, the rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.

According to the IRS, taxpayers may calculate the actual costs of using their vehicle rather than using the standard mileage rates.                                                                             ###

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Posted by Administrator Account on 6/17/2011 7:25 AM
Glenwood Springs, CO  – Dalby, Wendland Co., P.C. will offer three days of beginner, advanced, and payroll QuickBooks classes Mon., July 25 – Wed., July 27 at Dalby, Wendland & Co., P.C. located at 201 Centennial Street in Glenwood Springs.  The fee is $115 for each class and $60 for the payroll class.                 

Dalby, Wendland & Co., P.C. is a certified QuickBooks ProAdvisor. To register by phone or for class information call Kelly at 970-945-8575. To register by e-mail contact  KWard@DalbyCPA.com. Registration is required.  

Dalby, Wendland & Co., P.C., is a Western Colorado accounting firm that consistently ranks as one of the top professional accounting firms in the state. The firm opened it's doors in 1948 and now has offices in Aspen, Glenwood Springs, Rifle,...
Posted by Administrator Account on 6/16/2011 7:39 AM
The Colorado Department of Revenue will allow certain taxpayers to pay the full amount of overdue taxes, including one-half of any interest due, without being subject to any other civil or criminal penalties. The Colorado tax amnesty program will run from Oct. 1 through Nov. 15, 2011 and applies to taxes that were due on or before Dec. 31, 2010. The amnesty DOES NOT include 2010 Colorado income tax, which was due April 18, 2011.

Call Dalby, Wendland for other exclusions or for more information on the Colorado Tax Amnesty program.                                                                                                                                                                                                         ###

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Posted by Administrator Account on 6/14/2011 1:52 PM

The Spring 2011 Issue of the Statistics of Income Bulletin is now available on the IRS’ website at www.irs.gov. The issue features information on high-income individual income tax returns filed for tax year 2008.
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Posted by Administrator Account on 6/8/2011 3:56 PM
According to Colorado Governor John Hickenlooper’s office, some taxpayers will be allowed to pay certain overdue taxes, including one-half of any interest due, without being subject to any fine or civil or criminal penalty otherwise provided for by law.

Hickenlooper signed legislation on June 3, 2011 that approves a tax amnesty program that will run from October 1 through November 15, 2011. According to the legislation “the amnesty program applies to: corporate and personal income taxes; sales and use taxes and county or municipal sales taxes collected by the Department of Revenue; gasoline and special fuel taxes; cigarette and tobacco products taxes; severance taxes; certain local improvement district sales taxes; sales and use taxes imposed by the Regional Transportation District, the Denver Metropolitan Scientific and Cultural Facilities District, Metropolitan Football Stadium, and regional transportation authorities; and local marketing and promotion...
Posted by Administrator Account on 6/7/2011 3:14 PM

Some divorce cases may involve complex financial issues if there are businesses or family entities involved. For divorces that involve equitable division of various assets or debts, attorneys will often engage a CPA experienced in complex financial issues that surround divorce.

Dalby Wendland has several experienced CPAs who have served as expert witnesses in court cases. Several principal partners at Dalby, Wendland also have special designations from the American Institute of Certified Public Accountants that include forensics, technology, and business valuation. Experienced CPAs like Dalby, Wendland can be instrumental in researching and explaining tax ramifications in divorce settlements.

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Posted by Administrator Account on 6/6/2011 3:19 PM
Make sure your personal and business tax records will be protected in the event of a disaster. 1.    Create a backup set of records electronically. Scan them into electronic format or download them to a backup storage device such as an external hard drive or copy them to a CD. 2.    Keep another set of records in a safe place. The original and the back up should be stored in two separate locations. This should include bank statements, tax returns, insurance policies, and other important documents. If the federal government declares your area as a major disaster area, special tax law provisions may help taxpayers and businesses recover financially from the disaster.

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Posted by Administrator Account on 6/3/2011 3:51 PM
Businesses and family entities in the agricultural industry face new economic challenges that are forcing them to think of innovative ways to grow their business and protect their land.
Posted by Administrator Account on 6/2/2011 3:13 PM
We would like to share some insights on the critical role information technology (IT) plays in business. IT is a driving force in the success of business and companies that use it will see their operations continue to grow, even in slow economies.

In a complex, competitive and round-the-clock business environment, companies must be efficient, fast and safe. That’s where IT can help significantly enhance performance. With a boost in efficiency and mobility, comes security risks, however.

Like many businesses, certified public accounting firms have widened their scope of technology skills to remain current on the latest knowledge, but also to learn how to keep important and confidential data safe.

Some businesses have come to rely more on auditors and accountants in business advisory roles for their companies because of the oversight and understanding such firms have of the business environment. CPA firms can help organizations and businesses streamline their processes, maximize productivity...
Posted by Administrator Account on 6/1/2011 4:00 PM
Pursue your profession and live your adventure in Western Colorado.
Posted by Administrator Account on 5/10/2011 10:23 AM
Taxpayers who needed extra time to complete their federal income tax returns likely filed for an extension. The government allows an automatic, six-month extension of time to file your tax return, making it due Oct. 15.

The government allows only an extension of time to file, however, and not an extension of time to pay. Taxpayers are required to make a good faith estimate of the balance of any taxes due with their returns and pay that amount when they file for their extensions.

Those who underestimate the taxes owed on their extensions, likely will owe interest and penalties when they file their returns on or before Oct. 15. The balance must be paid on or before the extended deadline. Of course, those who’ve overpaid and expect a refund can’t get an “advance” when filing an extension. The actual tax return must be filed before any refund check will be issued.

Now that you’re beyond the regular tax deadline and ready to complete your extended tax return, consider a few of the following common,...
Posted by Administrator Account on 4/13/2011 8:57 AM
Taxpayers who are unable to complete and file their individual tax return by the April 18th deadline can request an extension of time to file, which automatically gives them until Oct. 17, 2011, to submit their federal form to the Internal Revenue Service.

An extension gives an additional six months to file your tax return but it is not an extension of time to pay. All outstanding balances are due on April 18, 2011.
Posted by Administrator Account on 4/7/2011 7:58 AM
IRS Commissioner Doug Shulman addressed the National Press Club on Wednesday and answered questions regarding the IRS’ preparations for a possible shutdown of the federal government, which could happen Friday, April 8, 2011. Although Shulman said that “the president has made very clear that his goal is not to have a shutdown,” he told the audience that the IRS has “been doing some contingency planning around this.”

Shulman also emphasized that “people should file their taxes” and “the due date will remain Monday, April 18.”

He said that processing of e-filed returns would continue as normal if the government shuts down, and he encouraged taxpayers, “whether there is a shutdown or not,” to file electronically.

Schulman said that the processing of paper returns would be delayed if the government shuts down and that there would probably be a delay in refunds for taxpayers who file on paper.

The federal government is currently operating under a continuing resolution and not a formal...
Posted by Administrator Account on 3/23/2011 7:56 AM
ColoradoBiz magazine’s ninth annual ranking of professional-service firms ranks Dalby, Wendland & Co., P.C. as a top professional firm whose services provide fundamental support to Colorado industries.The firm opened its doors in 1948 and is entering its 63rd tax season this year. Dalby, Wendland is the largest accounting, auditing and business advisory firm headquartered in Western Colorado with offices in Aspen, Glenwood Springs, Grand Junction, Montrose,   Telluride, Rifle, and the Vail Valley.                                                                                   #

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Posted by Administrator Account on 3/22/2011 3:33 PM

 

Our very own Chris West sat down for a quick TV interview with KJCT8 in Grand Junction recenlty to talk about how common tax deductions could save you money. Watch the clip here for a couple of other tax season money savers you might have missed.

Posted by Administrator Account on 3/7/2011 4:21 PM
Some small businesses might think about outsourcing their bookkeeping and payroll to professional accounting firms who have experienced bookkeepers and QuickBooks ProAdvisors on staff. State and federal authorities, in their search for additional funds are more actively assessing penalties for non-compliance and this is a big concern for small business owners. To ensure that everything is being done correctly, some are hiring professional firms to do the bookkeeping.  In some cases, local outsourcing can be a cost-effective alternative for small businesses.

We have experienced bookkeepers in all of our Western Colorado locations:

Bookkeeping and QuickBooks Services in Glenwood Springs...
Posted by Administrator Account on 3/4/2011 2:23 PM
As of Tuesday, March 1, 2011, all Homeowner Associations with the state of Colorado must have registered with the Colorado Division of Real Estate under House Bill 10-1278 which was passed last year. HOAs must also file corporate reports with the secretary of state’s office.

Dalby, Wendland provides Audit, Review and Compilation Services for HOAs as well as assistance with HOA owner billing, financial reporting, and filing the HOAs tax return, which is required by law.                                                                                                                     #

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Posted by Administrator Account on 3/3/2011 4:23 PM
This article from Greg Keller recently appeared in the Aspen Times and the Glenwood Springs Post Indepedent.
Posted by Administrator Account on 3/1/2011 12:37 PM
The Vail Daily recently spotlighted Dalby, Wendland CPAs Michelle A. Winstead and Jason A. Anderson in an article that spotlights the Edwards accounting firm. The Vail Valley CPAs talk about the critical need for taxpayers to hire experienced accountants as new laws and legislation will have an impact on the way taxpayers file their returns this year.

Jason Anderson, CPA, is a 1998 graduate of Bellevue University in Bellevue, Neb. He specializes in income tax preparation and planning for businesses and individuals, foreign individuals and the real estate industry. Jason is currently in the process of obtaining the Certified Financial Planner designation. Michelle Winstead, CPA, grew up in Eagle County and is a 2003 Colorado State University graduate with a master's degree....
Posted by Administrator Account on 2/9/2011 3:38 PM
On February 8, 2010 the Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011.

“As we continue to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing,” said IRS Commissioner Doug Shulman. “This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them.”

The IRS decision to open a second special disclosure initiative follows continuing interest from taxpayers with foreign accounts. The first special voluntary disclosure program closed with 15,000 voluntary disclosures on Oct. 15, 2009. Since that time, more than 3,000 taxpayers have come forward...
Posted by Administrator Account on 2/4/2011 10:30 AM
The new Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act includes important depreciation changes for 2011 and 2012 that will benefit both small and large businesses. Even better, the best change is retroactive to the last part of 2010. The depreciation changes made by the new law are layered on top of changes made by last September's Small Business Jobs Act. Call our team of experienced certified public accountants in any of our Western Colorado offices to find out how your business can benefit from new tax laws.                                                                                     ###...