For the second half of 2022, the standard mileage rate for business travel will increase by 4 cents per mile, from 58.5 to 62.5 cents, according to IRS Announcement 2002-13. The rate for deductible medical or moving expenses will likewise increase by 4 cents per mile...
Retirement plans and financial planners may be facing many questions when it comes to the economic outlook for 2022. After two years of uncertainty due to the COVID-19 pandemic, wild economic swings and political divisions, 2022 is shaping up to have its own set of...
You’re in luck. DHW Principal, Tim Reynolds, and Tax Manager, Matt McKinney, recently presented a webinar for the Small Business Center Network at the North Carolina Community College System. The hour-long webinar discussed a basic overview of common questions many...
A common issue we see taxpayers face is their ability to properly distinguish between a subcontractor and employee. Generally, employers must withhold income, Social Security, Medicare, and unemployment taxes on wages paid to an employee. However, if the individual is...
The North Carolina Department of Revenue has announced that expenses that were funded with forgiven PPP loans are now deductible. This means that all recipients, both corporate and individual, that paid income tax on the loan in tax year 2020 are able to file an...
At the Hickory City Council meeting on Tuesday, November 2, 2021, DHW was named one of The City of Hickory's 2021 Business. Well Crafted. Award winners. For more information and the full list of award recipients, please visit:...
The AICPA’s Statement on Accounting Standards No. 136 (SAS 136) will meaningfully change the audit process for defined contribution plan sponsors. The AICPA issued SAS 136 in July 2019 with the goal of giving readers of the audit report a better understanding of the...
There is nothing like the excitement of starting your own business and being your own boss. Branching out on your own can be extremely rewarding however, it can also bring many challenges from a financial and operational perspective. In fact, according to data from...
One of the most devastating issues that a company can face is internal fraud. I’ve seen this impact the smallest and the biggest of companies. Either way, the emotional, operational, and financial disruption that follows these incidents can be a challenge for...
Tim Reynolds recently joined the team of the Entrepreneur Exchange podcast to discuss common accounting mistakes small businesses make and how to avoid them. To listen to his tips and tricks, tune in to...