Firm News & Updates

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 divert some...

KWC Certified Public Accountants (KWC) announced Millikan CPAs will be joining the firm’s Richmond, Virginia office.   “We are excited to welcome Marian Millikan and her staff to our Richmond office,” said Connie Hammell, Managing Principal at KWC.   “Their combined...

Starting in 2024, U.S. and foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented...

In recent years, the residential real estate markets in many areas have surged. That means there are more seniors with highly appreciated homes than ever before. If you're facing this situation, you might be rightfully concerned about the potential tax hit on the...

 Under tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5% of adjusted gross income (AGI). But it can be difficult to actually claim a deduction for many people because of the...

The IRS has just released final regulations on required minimum distributions (RMDs) from qualified plans and traditional IRAs. The much-anticipated final regs provide guidance on tax law changes made by the Setting Every Community Up for Retirement Enhancement...

Prices in many residential real estate markets have surged over the last few years. As a result, you may be sitting on a significant unrealized gain, especially if you've owned your principal residence for a while. That's good news if you're ready to sell, but will...

No one likes to contemplate his or her own mortality, but ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven't started the process, don't delay any longer. However, for your estate plan to achieve your...

We are pleased to announce the promotion of Kristen Baietti to Principal with the firm. “I am pleased to introduce Kristen as a principal with the firm,” said Connie Hammell, Managing Principal of KWC. “She has developed close relationships with her clients over the...

In April 2024, the U.S. Department of Labor (DOL) issued a new final rule that's slated to expand the number of workers who are eligible for overtime pay under the federal Fair Labor Standards Act (FLSA). It's expected to affect four million workers. The rule, which...