by KWC CPAs | Feb 26, 2025 | Accounting
529 Plan Overview A 529 plan, also known as a Qualified Tuition Program (QTP), is a tax-advantaged savings plan designed to encourage saving for future education costs. Those plans typically offers tax free growth, and sometimes the contribution can be deducted for...
by KWC CPAs | Feb 20, 2025 | Accounting
Current deadline to file BOI report: Businesses formed prior to 1/1/2024: 3/21/2025 Businesses formed after 1/1/2024: 30 days after formation The beneficial ownership information (BOI) filing was mandated by the Corporate Transparency Act (CTA) and impacts millions...
by KWC CPAs | Feb 13, 2025 | Accounting
Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets....
by KWC CPAs | Jan 17, 2025 | Accounting
KWC is proud to announce that the firm was named as one of the 2025 Best Places to Work in Virginia. The firm is a repeat winner of the award, based on satisfaction surveys completed by our employees. The annual list of the Best Places to Work in Virginia was created...
by KWC CPAs | Dec 6, 2024 | Accounting
The “kiddie tax” prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of 1986. Before this law, high-income parents and other family members could...
