Insights
CARES Act: Changes to Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about…
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More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal nanny tax obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who aren’t independent contractors. If you employ someone…
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Is Your Scholarship Tax-free?
Despite the drastic changes COVID-19 has brought to our schools and colleges, one thing remains the same: tuition bills. If you or your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high…
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Surviving the Downturn: Cutting Costs
Suttle & Stalnaker, PLLC is pleased to publish this four-part series providing guidance to the energy sector as we navigate the COVID-19 pandemic and beyond. Chris Deweese, CPA, CGMA Member, Suttle & Stalnaker, PLLC If you are in the energy market, you already know what recent market conditions and COVID-19 have done to the…
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The possible PPP tax implications
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential PPP tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial…
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Recruiting in Today’s Environment
Important Elements to Keep in Mind During Crisis Recruiting and Hiring By Chris Lambert, CPA, CGMA, CCIFP Originally published in the May/June edition of “West Virginia Construction News” by CAWV Business owners know that from time to time, a crisis will present itself in some form. You can’t really be operational and not have various…
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Is it time for a paycheck withholding checkup?
Were you surprised to discover you owed money on your 2019 tax return? You might want to change your paycheck withholding so that this doesn’t happen next year. If you received a large refund, you also might want to review your withholdings. Receiving a tax refund essentially means you gave the government an interest-free loan.…
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Re-evaluate your company’s competitiveness in a changed economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have…
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3 items to consider after filing your taxes
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown…
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2020 Tax Deadline Updates
The 2020 tax filing season has been like no other, with the IRS taking “unprecedented and drastic” actions in response to the COVID-19 pandemic. While Taxpayers aim to get their tax returns in the mail on time, the COVID-19 pandemic may result in returns sitting in mail facilities for days. The IRS has announced taxpayers…
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