Firm News & Updates

In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look at 10 tax myths that, if left unchecked, may limit tax breaks and...

The Treasury Department announced on March 2, 2025, that it won’t enforce penalties or fines relating to Beneficial Ownership Information (“BOI”) reporting under existing regulatory requirements.  For US citizens or domestic reporting companies or their beneficial...

KWC is pleased to announce that Howard Kramer and Irene Walsh have been named as 2025 Top Financial Advisers (Tax Accountant category) in Washington, DC by Washingtonian Magazine. Howard Kramer is a Principal at KWC. Howard has more than 20 years of experience...

Although 2024 is in the review mirror, you may still be able to take actions in early 2025 to lower last year's federal income tax bill. Here are five ideas to consider. 1. Make a Deductible HSA Contribution If you had qualifying high-deductible health insurance...

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...

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...

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....

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...

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...