Insights
What qualifies as “coronavirus-related distributions” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what are coronavirus-related distributions? Early distribution basics In general, if you withdraw money from an IRA or eligible…
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Good financial records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep financial records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure…
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A Nonworking Spouse Can Still Have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”…
Read MoreHorace Emery Appointed to AICPA Auditing Standards Board
Suttle & Stalnaker is proud to announce Audit and Consulting Member Horace Emery’s appointment to the AICPA Auditing Standards Board. Horace has been in public accounting since 1979 and continues to provide technical assistance on accounting and auditing engagements. Horace has specialized in financial and compliance audits in the not-for-profit and governmental sectors for more…
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Webinar: PPP Loan Forgiveness Application
Thank you for joining us for our June 2nd PPP Webinar. Please find accompanying materials below: Slideshow: PPP Webinar Presentation_6_2_2020 Q&A: PPP webinar Q&A_Final For more information or questions, contact your local Suttle & Stalnaker office.
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Navigating Loan Modifications in Response to COVID-19
By Kelly Shafer, Member During this unprecedented time, financial institutions may be faced with a growing number of borrowers requiring modifications to their loan terms. With many customers feeling the economic impacts of COVID-19 and struggling to make payments institutions will inevitably experience an increase in the number of troubled debt restructurings (TDRs). The good…
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IRS releases 2021 amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a…
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New COVID-19 law makes favorable changes to “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…
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FSA and Section 125 Changes
On May 12, 2020, the IRS released Notice 2020-29 and Notice 2020-33. Notice 2020-29 provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during the 2020 calendar year, allowing employers to respond to changes in employees’ needs as a result of the COVID-19 pandemic. The major changes allowed are: Make a…
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Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…
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