KWC is proud to announce that Mike Wicks and Howard Kramer, Principals with the firm, have been named among the top financial advisers in the area by Northern Virginia  magazine (in the Income Tax Planning category) in their 2017 ranking. Howard was also named to this list in 2015 and 2016. (more…)

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.

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…)

At the end of June, the U.S. Supreme Court adjourned for its summer recess. Here are five recent cases from its 2016 term that may be of interest to business owners and managers. (more…)

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…)

The U.S. Tax Court recently ruled that federal law doesn’t prohibit an employer looking to reduce its tax liability on misclassified workers from receiving information on whether the workers paid tax on the income. (more…)

The U.S. Tax Court recently ruled that federal law doesn’t prohibit an employer looking to reduce its tax liability on misclassified workers from receiving information on whether the workers paid tax on the income. (more…)

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…)

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…)

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…)