KWC’s Mike Wicks Named President of the Rotary Club of Alexandria, VA

KWC is proud to announce that our very own Mike Wicks has been named President of the Rotary Club of Alexandria, Virginia. Mike has served in other board positions and committees in the past and will lead the organization during its 90th anniversary year.

The full roster of 2017-2018 Rotary Officers and Directors is as follows:

President – Michael Wicks
President-Elect/Group A Club Administrative – Paul V. Anderson II
Vice President/Group B Club Service – Sharon Meisel
Secretary – Donna Wilson
Treasurer – Leon A. Duncan, Sr.
Past President – Thomas Roberts, Jr.
Sergeant-at-Arms – Peter Knetemann
Group C Club Membership – John Moorman
Group D Public Image – Ru Toyama
Group E Service Projects: Community – Danielle Everly
Group F Service Projects: International – Shahnaz Ahmed
Group G Foundation – Richard Morrison
ADN&CH Foundation – John Woods

To learn more about the Rotary Club of Alexandria, VA visit their website by clicking here.

Reclassifying Business Expenses as Constructive Dividends

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that’s helpful and appropriate for your business.

The IRS sometimes challenges deductions claimed for certain types of business expenses. In doing so, an examiner might claim that payments made by a corporation to a shareholder for personal items or that are above or below fair market value constitute “constructive dividends.” Reclassifying business expenses as dividends has adverse tax consequences, as a recent case demonstrates. (more…)

Why Partnership Tax Status May Sometimes Be Unwanted

Many business entities are set up as partnerships. Although there are legitimate reasons for some businesses to choose this structure, partnership status may be undesirable for certain activities involving more than one co-owner. (more…)

Generous Health Plan May Not Preclude HSA Contribution

If you’re covered by a qualifying high-deductible health plan, you can generally make annual deductible contributions to a tax-saving Health Savings Account. However, things can get tricky if you are married and your spouse has more generous coverage through his or her job. (more…)

Establishing Residency for State Tax Purposes

Have you been contemplating moving to another state with lower taxes? Your move could lower your state tax bill, but you want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes. Otherwise, the old state could come after you for taxes after you’ve moved. In the worst-case scenario, your new state could expect to get paid, too. Here’s what you need to do to establish residency in the new state — and why moving your pet could be a deciding factor. (more…)

Maintain Adequate Records for Charitable Contribution Deductions

The IRS rules for substantiating deductions for charitable contributions are strict. But for those who adhere to those rules, donations to eligible causes may be rewarded at tax time. As year end approaches, along with the opportunity to reduce your tax bill, you may be feeling even more generous than usual. Before you follow your charitable inclinations, know what proof you’ll need to support your donations and secure your tax benefits. (more…)