BWTP P.C. offers services outside of the general accounting and attestation services people usually consider when talking about an accounting firm. We like to emphasize that we are a full-service accounting firm, but we also go a step beyond that to help our clients as much as possible. We’d like to spotlight one of those extra services that we offer this week and that is our BWTP Transition Solutions. BWTP Transition Solutions is another service we offer to help with dental practice transitions. Whet
Did you realize that some companies actually utilize two sets of books? Companies often have a set of books for income taxes and one to comply with Generally Accepted Accounting Principles (GAAP). There are numerous differences that exist between accounting for income taxes and GAAP. Examples of items that create differences between taxable income and net income (GAAP) are: Accelerated depreciation for income taxes, particularly using bonus depreciation, Section 179, or Modified Accelerated Cost Recovery Sy
Qualified retirement plans are intended to provide income to participants when they reach retirement age. Required minimum distributions (RMDs) are the distributions that must be made from the retirement plan in order to meet regulations and avoid significant penalties. The IRS requires that participants who have attained age 70 1/2 and also own more than 5% of the company stock must begin to receive annual minimum distributions (RMD) from the retirement plan in the year in which he or she turns age 70 1/2.
As a business, you are required to keep documents for a period of time. These records can take up a lot of storage; whether that be in your office or on your computer hard drive. The general rule of for record retention is seven years, with some exceptions. Below are some recommended lengths of time to retain business records for all types of businesses: Retain records for 7 years: Bank statements and reconciliations Payroll tax records Inventory records Sales records Travel and Entertainment documents &nbs
Being a parent can be stressful, both on you and your wallet. Managing parenthood and work can be quite a challenge. While the various expenses may be troublesome to balance, you can thank the IRS for the Child and Dependent Care Tax Credit, and plan to make the most out of it. Here are some facts you might want to know about the Child Care and Dependent Tax Credit: Child care payments made to your child, who is older than 19 or any other relative who is not claimed as a dependent by you or your spouse, can