Insights
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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Tax-Wise Ways to Save for College
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college…
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Building Your Succession Plan – What to Consider
By: Chris S. Lambert CPA, CGMA, CCIFP The decision to sell your company is one of your most significant financial decisions you will make. You have likely spent years weighing the pros and cons, not to mention working through the emotions of letting go of your life’s work. Exiting a contracting business is extremely difficult.…
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OSHA 300A Posting Period (Feb 1-Apr 30)
Employers that are covered by the Occupational Safety and Health Administration’s (OSHA’s) record-keeping rule must post a summary of 2022 work-related injuries and illnesses in a noticeable place from Feb. 1 to April 30. Many employers with more than 10 employees—except for those in certain low-risk industries—must keep a record of serious work-related injuries and…
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Employers Should Be Wary Of ERC Claims That Are Too Good To Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020…
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The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car,…
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