Insights
New Version of I-9 Form Released Along with New Verification Procedures for E-Verify Employers
By: Drema Foster, PAFM United States Citizenship and Immigration Services (USCIS) announced on July 21, 2023, a new Form I-9—which has been streamlined and shortened—that employers should use beginning August 1, 2023. The new form can be found here: https://www.uscis.gov/sites/default/files/document/forms/i-9.pdf Employers may continue to use the older Form I-9 (Rev. 10/21/19) through October 31, 2023.…
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Can you deduct student loan interest on your tax return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your…
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Estate Planning for Digital Assets
By: Layne Blasingim, CPA Are you a cryptocurrency investor or an NFT collector? Have you considered how your digital assets, such as Bitcoin, Ethereum, and NFTs, will be managed and/or transferred in the event of your passing? Thinking of cryptocurrency and digital assets is an essential step in estate planning for the 21st century. Here’s…
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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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The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might…
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Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death…
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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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A tax-smart way to develop and sell appreciated land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including…
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West Virginia Security for Public Deposits Program
By: Josh Sharp, CPA For better or worse, State and Federal laws are constantly changing regarding the banking environment. Occasionally, some changes will go under the radar. In this article we recap WV Senate Bill 438 changes and what you can expect. Senate Bill 438 is an act to amend and reenact §12-1-5 of the Code…
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WV Update – Personal Property Tax
By: Tricia Clark, CPA As you might remember, West Virginia passed a law this past legislative session to allow a state refundable income tax credit for WV personal property taxes on automobiles. Effective for taxes paid in 2024 and claimed on your 2024 WV income tax return. Last Thursday, WV State Revenue Secretary, Dave Hardy,…
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