Insights
Contingency Funding Plans: What to Expect from Examiners
With liquidity remaining a regulatory hot button, many examiners are taking a harder look at the areas of Contingency Funding Plans (CFPs) and the stress testing of those plans. This article discusses the key elements that go into developing an effective CFP along with some of the more common exam findings in this area. The…
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4 new law changes that may affect your retirement plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions is…
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Why You Need to Know the Value of Your Business
According to The Exit Planning Institute (EPI), a national educator for those who specialize in helping business owners sell or transition their businesses, an estimated 4.5 million businesses representing more than $10 trillion in value will transition over the next decade or so. Of those 4.5 million businesses, only 20% to 30% of them that…
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New law helps businesses make their employees’ retirement secure
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed…
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Your home office expenses may be tax deductible
Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must…
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Cost management: A budget’s best friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are we operating…
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It’s time to review your online sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a good idea…
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Do you have a side gig? Make sure you understand your tax obligations.
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income…
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Important Update to WV Local Sales and Use Tax
In WV, local sales tax applies to retail sales made and taxable services provided within the local taxing area (it is destination-based). The tax applies to the same items to which the West Virginia sales and use tax applies. Currently forty-four West Virginia municipalities impose a local sales tax and that number is growing every year.…
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3 last-minute tips that may help trim your tax bill
If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest…
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