Insights: Client Accounting Services
New E-Filing Requirement for W-2s and 1099s
By: Alexandra Tennant The IRS has issued a new e-filing requirement that businesses may not be aware of starting in 2023. Businesses – including self-employed taxpayers – will now be required to e-file their information returns if they total ten or more. For example, if a business has five employees (five W-2s) and six 1099s…
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New Employer WV Unemployment Reporting Requirements Coming in 2024
By: Saundra Uy, CPA, CVA, CGMA Did you know that employers must report Standard Occupation Classification (SOC) codes, job titles and county worked to WorkForce West Virginia beginning in the first quarter of 2024? In June of 2022, West Virginia State passed SB 548 requiring employers to report this new information in their quarterly reports…
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2023 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2023 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
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2023 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:…
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Business automobiles: How the tax depreciation rules work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.…
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What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general…
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Managing your Finances as a Small Business Owner
By: Steve Morgan, CPA, MBA Sometimes financial tasks can be daunting to a small business owner. However, managing the financial aspects of a small business is crucial for its success. Below is a financial checklist that can help small businesses stay organized and compliant: Register your business: Ensure you have correctly registered your business with…
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Solo business owner? There’s a 401(k) for that
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to…
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Leveraging Common AI Tools to Boost Small Business Success
By: Saundra Uy, CPA, CVA, CGMA In today’s rapidly evolving business landscape, small businesses face numerous challenges to stay competitive and thrive. However, technological advancements, specifically in artificial intelligence (AI), have opened new possibilities for small business owners. AI tools have become more accessible, affordable, and user-friendly, providing small businesses with powerful resources to streamline…
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Starting a business? How expenses will be treated on your tax return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re…
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