Insights
2023 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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…
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3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.
Read MoreNew Protections for Pregnant and Nursing Workers in 2023
As part of the federal omnibus spending bill, President Joe Biden recently signed into law the Pregnant Workers Fairness Act (PWFA) and the Providing Urgent Maternal Protections for Nursing Mothers Act (PUMP Act), expanding federal protections for both pregnant and nursing workers. Pregnant Workers Fairness Act The PWFA creates a legal obligation for employers to…
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Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or noncash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by…
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Do you run a business from home? You may be able to deduct home office expenses
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your…
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Portability and What is it?
Portability is the term used for the Deceased Spouse Unused Exclusion (DSUE). This election allows for any unused lifetime estate and gift exclusion to be transferred over to the surviving spouse. The lifetime estate and gift exclusion allows for gifts and estates to be transferred to another party tax free. The lifetime exclusion is…
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Answers to your questions about 2023 limits on individual taxes
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).
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Everyone should check their withholding
By: Saundra Uy Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a close look at…
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West Virginia Governor Justice Signs Tax Package into Law
On March 7, 2023, Governor Justice signed a historic tax bill into law for West Virginia. 1987 was the last time any significant change was made to the WV personal income tax rules. Suttle & Stalnaker recaps the changes for you below, along with the dates they become effective. (Effective retroactively for tax years beginning…
Read MoreIRS Raises Health Plans’ PCORI Fees Payable in 2023
The IRS is raising the fee that insurance issuers or sponsors of self-insured health plans pay annually to fund the federal Patient-Centered Outcomes Research Institute (PCORI) trust fund. The fee applies to health plans for the preceding calendar year, and for plan years ending in 2022, PCORI fees are due by July 31, 2023. According to…
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