Insights
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…
Read More
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.…
Read More
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…
Read More
The tax implications if your business engages in environmental cleanup
If your company faces the need to “re-mediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup…
Read More
What lenders look for in a succession plan
Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down,…
Read More
Year Ending 2019 ACA Reporting Reminder
The Affordable Care Act (ACA) is the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010. The ACA requires certain employers report to the IRS annually regarding the health care coverage they offer to full-time employees. While the Individual Mandate was effectively repealed as of January…
Read More
FASB Delays Effective Date for Accounting Standards
In July 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. Included in these proposed changes is Accounting Standards Update (ASU) No. 2016-02, Leases, 2016-13 Credit Losses and 2017-12 Hedging. FASB began considering the delays in response to…
Read More
Fraud in the Construction Industry
Do you consider your construction company too small to being susceptible to fraud? According to the Association of Certified Fraud Examiners (ACFE) Report to the Nations, 2018 Global Study on Occupational Fraud and Abuse, the median loss per fraud scheme in the construction industry was $227,000. For most companies, a loss of this size can be…
Read More
Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the…
Read MoreSUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.