DHW Certified Public Accountants and Strategic Advisors

09/26/2025

If you’ve received a legal settlement or award, it’s important to grasp the tax implications. While compensation for physical injuries is typically tax-free, awards for lost wages, emotional distress and punitive damages are usually taxable. Even if your attorney is paid directly from the settlement, you may be taxed on the full amount. The way a settlement is structured can significantly affect your tax liability, making professional guidance essential. We can help you understand the rules, ensure proper reporting and potentially reduce your tax burden. Contact us to discuss how a court award or out-of-court settlement may affect your taxes.

09/25/2025

Tim Reynolds, Tax Partner and trusted advisor to restaurant owners, is excited to speak with the BDO Alliance Restaurant Group about how Key Performance Indicators (KPIs) can help restaurant leaders make smarter, more strategic business decisions.

With a deep background in tax strategy, operations consulting, and industry-specific advising, Tim brings real-world insights into how restaurants can use KPIs to boost profitability, streamline operations, and plan for growth.

09/19/2025

President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law on July 4. Here are some of the favorable changes that may affect you and your family. Starting in 2025, the child tax credit rises to $2,200 per qualifying child under 17 (up from $2,000). The deduction limit for state and local taxes (SALT) for 2025 is increased to $40,000. For 2026, the deduction limit rises to $40,400 and increases by one percent over the previous year’s amount in 2027–2029. The SALT deduction limit will return to $10,000 in 2030. The deduction is reduced (but not below $10,000) for higher-income taxpayers. These are just a couple provisions in the massive new law. Contact us if you have questions about your situation.

09/17/2025

DHW's Tim Reynolds explores the effects of the OBBBA on restaurants. Read more about it here.

The restaurant industry is no stranger to volatility. From razor-thin margins to labor shortages and inflationary pressures, operators must constantly adapt to survive. The One Big Beautiful Bill Act (OBBBA), passed in July 2025, offers a rare opportunity: a comprehensive tax overhaul that directly....

09/12/2025

If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Probate is a court-supervised procedure that ensures a deceased individual’s assets are distributed appropriately. However, it often involves complex legal steps, additional costs and public disclosure of your financial matters. A living trust can help you avoid these issues. From a federal income tax standpoint, a living trust is disregarded while you’re alive. The IRS treats the assets in the trust as if they’re still owned by you personally, meaning you must continue to report any income or deductions from those assets on your individual tax return. Contact us to learn more.

09/09/2025

The One, Big, Beautiful Bill Act (OBBBA) has introduced tax changes that could affect families. For example, parents who adopt may be eligible for more generous tax relief. Under current law, a tax credit of up to $17,280 is available for eligible costs of adoption in 2025. The credit begins to phase out in 2025 for taxpayers with modified adjusted gross income of $259,190. Beginning in 2025, the OBBBA makes the adoption tax credit partially refundable up to $5,000. This means that eligible families can receive this portion as a refund even if they owe no federal income tax. Previously, the credit was nonrefundable. Contact us if you have questions about how the new law affects your family.

09/03/2025

DHW's Tim Reynolds shares his knowledge of operational warning signs in restaurant finance. Learn more here.

Throughout my career, I have had the opportunity to work with a diverse range of restaurants, assisting them with tax, accounting, and operational challenges. While many restaurant owners demonstrate a solid grasp of their financials, others encounter recurring issues that can hinder long-term succe...

09/01/2025

Today, we honor the hard work, dedication, and resilience of the American workforce. Our offices will be closed today as we take time to celebrate with our families and reflect on the value of hard work. Wishing you all a safe and relaxing Labor Day!

08/28/2025

They say age is just a number. But it’s much more than that in tax law. That’s because different tax rules kick in at specific ages. For example, the kiddie tax can potentially apply to an individual until age 24. After age 59½, you can receive distributions from tax-favored retirement accounts without being socked with the 10% early distribution penalty tax. And after reaching 73, you generally must begin taking annual required minimum distributions (RMDs) from tax-favored retirement accounts (traditional IRAs, SEPs, 401(k)s and SIMPLEs) and pay the resulting income tax. If you don’t withdraw at least the RMD amount for the year, you can be assessed a penalty tax. Contact us with questions.

08/26/2025

DHW's Tim Reynolds provides an overview of a new era of tax strategy for manufacturers ushered in by the OBBBA.

The manufacturing sector has long operated under a tax framework shaped by the 2017 Tax Cuts and Jobs Act (TCJA). With many of those provisions set to expire in 2025, uncertainty loomed. Enter the One Big Beautiful Bill Act (OBBBA)—a sweeping tax reform package signed into law on July 4,…

08/21/2025

Learn more here about Rules & Best Practices for Employee Benefit Plan Sponsors from DHW Partner, Melissa Shronce. https://bit.ly/46W8KQH

08/19/2025

If your not-for-profit’s inexperienced staff attempts to handle accounting and financial tasks, mistakes are likely to result, with potentially serious repercussions. Be particularly vigilant about common errors such as data entry mistakes and poor organization. Your nonprofit also should follow formal, documented procedures for bookkeeping and accounting and write at least a basic budget. Better yet, outsource tasks such as payroll, accounts payable/receivable, financial statements and tax compliance to reputable companies. Contact us for help or more information.