You’re no doubt aware of the risk of generating unrelated business taxable income (UBTI). But you might not realize that the terms of your relationship with an outside publisher for your membership magazine or journal can trigger the tax on UBTI by creating an agency relationship. Some recent guidance from the IRS sheds light on […]
WW&D ranked as a Best of the Best CPA Firm two consecutive years by INSIDE Public Accounting
Wheeler Wolfenden and Dwares, CPAs (WW&D) has been named to the INSIDE Public Accounting (IPA) 2019 Best of the Best CPA Firms list. The firm also earned this prestigious industry recognition in 2018, which ranks WW&D in the top 10% of the 550 firms that participate in the annual IPA Survey and Analysis of Firms. “We […]
When to consider builder’s risk insurance
In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]
Attesting to your nonprofit’s ability to survive
Are you certain that your organization is financially stable enough to be operating in a year? U.S. Generally Accepted Accounting Principles (GAAP) give your nonprofit a reason to evaluate that proposition. Evaluating your organization Accounting Standards Codification (ASC) 205-40 requires management to perform a going-concern evaluation each time annual or interim financial statements are issued. […]
Get ready: New lease rules for GAAP-compliant companies
Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]
New overtime rules could inflate payroll expenses
A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer […]
You are patient zero: How to diagnose and cure your bidding maladies
Many people outside construction think the hardest part of the job is the labor required to build or renovate structures and infrastructure. But insiders know the toughest part is often bidding on the project itself. No matter how strong your body of work might be historically when it comes to winning bids, any system can […]
WW&D’s Mani Rodriguez passes CPA exam
We are pleased to announce that Mani Rodriguez has passed the Uniform Certified Public Accountant (CPA) Examination and earned the CPA credential, a symbol of trust and professionalism in the accounting profession. Rodriguez joined the staff of Wheeler Wolfenden and Dwares, CPAs in 2017. He is a graduate of Rowan University with a bachelor’s degree in […]
The operating reserve is your nonprofit’s financial safety net
An operating reserve is an unrestricted and relatively liquid portion of a nonprofit organization’s net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival. Long-term effort Building an adequate operating reserve takes time and should be regarded as a continuous […]
TCJA could inspire you to change your business structure
Since its passage in late 2017, the Tax Cuts and Jobs Act (TCJA) has given business owners and their tax advisors plenty to think about. One ongoing item of interest to contractors is whether their chosen business structure still makes sense in light of tax law reform. What’s the deal? The TCJA slashed federal corporate […]