Insights
Answers to your questions about 2023 limits on individual taxes
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).
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Everyone should check their withholding
By: Saundra Uy Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a close look at…
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West Virginia Governor Justice Signs Tax Package into Law
On March 7, 2023, Governor Justice signed a historic tax bill into law for West Virginia. 1987 was the last time any significant change was made to the WV personal income tax rules. Suttle & Stalnaker recaps the changes for you below, along with the dates they become effective. (Effective retroactively for tax years beginning…
Read MoreIRS Raises Health Plans’ PCORI Fees Payable in 2023
The IRS is raising the fee that insurance issuers or sponsors of self-insured health plans pay annually to fund the federal Patient-Centered Outcomes Research Institute (PCORI) trust fund. The fee applies to health plans for the preceding calendar year, and for plan years ending in 2022, PCORI fees are due by July 31, 2023. According to…
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CECL Model Validation
By: Kelly Shafer, CPA The implementation of the new expected credit loss (CECL) standard on 1/1/23 has raised questions from regulators about the need for model validation. CECL replaces the incurred loss model and affects the calculation of the allowance for credit losses (ACL). Given the complexity of this calculation, many Financial Institutions (FIs) use…
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What Gifts Are Subject to the Gift Tax
By: Layne Blasingim The gift tax is an area of taxation that many taxpayers may not be aware of including the related filing requirements. Though there is an annual exclusion, gift splitting and a large lifetime exclusion, taxpayers should be aware of the possible gifts that could cause filing requirements and possible tax liabilities. …
Read MorePermanent Extension for Providing Forms 1095-B & 1095-C to Employees Finalized
In final regulations released on December 12, 2022, the Department of the Treasury and the Internal Revenue Service (IRS) formally adopted and permanently extended the automatic 30-day extension for employers and other reporting entities to provide Forms 1095-B and 1095-C (collectively, “the Forms”) to employees. Our HR Consulting team has the knowledge and expertise to…
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Are You Using KPIs to Monitor the Health and Well-Being of Your Business?
By: Matt Lane When managing a business, it is essential to have benchmarking standards to evaluate the overall health and condition of the operation. The most common method of tracking benchmarks is establishing key performance indicators, also known as KPIs. KPIs are specific and quantifiable representations of benchmarks presented over a period of time. Simply…
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Child Tax Credit: The Rules Keep Changing but it’s Still Valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible…
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Suttle & Stalnaker, PLLC is Proud to Announce Our Newest Partner – Ryan Mink, CPA
CHARLESTON, WV – Suttle and Stalnaker, PLLC, West Virginia’s largest locally owned CPA firm with offices in Charleston, Morgantown, and Parkersburg, is proud to announce the addition of Ryan Mink, CPA as a new Partner in the Morgantown office. Ryan Mink, a seasoned professional in the field of public accounting, has been with Suttle and…
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