Insights
Pass-Through Entity Tax-What Does It Mean For Me?
By: Trey Suttle, CPA The Tax Cuts and Jobs Act of 2017 (“TCJA”) made a major change to the amount of state and local taxes paid that could be deducted on an individual’s income tax return. Prior to the legislation, there was no cap on the amount of state and local taxes paid that could…
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Managing Inventory during a Supply Chain Shortage
By: Anthony Cornell, CPA Construction inventory management involves overseeing the materials, equipment, and supplies required for a construction project and is crucial for businesses to ensure smooth operations and prevent disruptions. Effectively managing inventory during a supply chain shortage requires strategic planning, proactive measures, and flexibility. Supply chain shortages can have significant impacts on businesses,…
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New Employer WV Unemployment Reporting Requirements Coming in 2024
By: Saundra Uy, CPA, CVA, CGMA Did you know that employers must report Standard Occupation Classification (SOC) codes, job titles and county worked to WorkForce West Virginia beginning in the first quarter of 2024? In June of 2022, West Virginia State passed SB 548 requiring employers to report this new information in their quarterly reports…
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The Nanny-Tax: Here’s How It Might Impact You
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.…
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Guide to Job Costing for Construction Contractors
By: Sarah Murphy As a construction contractor, mastering the art of job costing is essential for the success and profitability of your projects. Accurate job costing allows you to understand the proper expenses associated with each project, make informed decisions, and optimize resource allocation. Below are three crucial aspects of job costing: committed costs, work-in-progress…
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2023 Affordable Care Act (ACA) Reporting Deadlines and Potential Penalties
By: Drema Foster, PAFM As we’re closing in on 2024, employers must be aware of the most recent changes to Affordable Care Act (ACA) reporting. Since 2015, employers have been able to file their Forms 1094-C and 1095-C by paper rather than electronically if they were filing less than 250 returns. However, beginning in 2024,…
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Escheatment 2023: What You Need to Know
By: Randy Cole With recent changes to unclaimed property laws in West Virginia, now is a good time for a refresher on the escheatment laws currently in place to ensure your bank is in compliance. Notable changes to laws over the last few years include reduced dormancy periods for certain property types and guidelines on…
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2023 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2023 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
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The tax implications of renting out a vacation home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many…
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2023 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:…
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