Insights
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the…
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Probate and How to Avoid it
By: Layne Blasingim, CPA & Elaine Daugherty, CPA What is it? Probate is the formal legal process that recognizes a will (if one exists) and appoints a representative/administrator/executor to distribute assets to all intended beneficiaries and creditors. Some states require a “formal” probate where an estate is settled under the supervision of a court. “Formal”…
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Inuit Announces Phishing Attacks for QuickBooks Customers
Tax software vendor Intuit has warned that QuickBooks customers are being targeted in ongoing phishing attacks impersonating the company. The phishing attacks are attempting to lure users with fake account suspension warnings. Today’s alert from Intuit comes after multiple users reported receiving phishing emails notifying them that their QuickBooks accounts were suspended following a failed…
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Employer tax benefits of student loan repayment programs
The sheer amount of student loan debt individuals are graduating from higher education with has been increasingly covered in the news. While the government has been working to forgive student loan debt for certain people, there is something employers can do to help take the burden off employees and their tax liability. In addition to…
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Three tax breaks for small businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or…
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I Bonds Can Help You Tackle Inflation, But You Must Know the Rules
With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz. Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns.…
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Suttle Subjects – Cryptocurrency Ep. 001
Ryan Mink, CPA Hi everyone! Welcome to the very first episode of Suttle Subjects. My name is Ryan Mink. I’m a CPA and a Senior Manager with Suttle & Stalnaker. I want to preface this episode by reminding everyone that regulation is still forming for the cryptocurrency and digital asset space,…
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Interested in an EV? How to qualify for a powerful tax credit
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for a federal tax break. The tax…
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Estate Planning with Minor Dependents
By Elaine Dougherty, CPA Married and unmarried couples with minor children need to think about their plans for their children’s care if the unthinkable happens. An estate plan can help map out your wishes if one or both guardians pass away. Having the proper legal documents will ensure that your wishes are followed. These documents…
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Construction Leases: New Reporting Requirements are Here
By Kristin Moody, CPA, CFE In February 2016, the Financial Accounting Standards Board issued an accounting standards update codified under section 842, Leases. And now, after several delays and amendments, the new reporting requirements for leases under GAAP are finally here. The standard and applicable amendments are applicable for fiscal years beginning after December 15,…
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