Insights
West Virginia Division of Highways Revises Contractor Prequalification Application
The WVDOH is revising its Contractor Prequalification Application as of January 1, 2022. If you were prequalified in 2021, you should have received a letter identifying the items/categories of work you were qualified to perform from the WVDOH. Your 2021 pre-qual will be effective for 2 years and then you will need to complete the…
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Remember to use up your flexible spending accounts
Do you have tax-saving flexible spending accounts (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. This…
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2021 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 to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an…
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Capital Gains in the Construction Industry
By Bart Scott, CPA, CVA, MBA Tax Director and Construction Practice Member There has been so much discussion in the media about capital gains lately, we thought it would be good to revisit some of the basic concepts. Congress is currently in the process of drafting proposals for changes to the tax code. The most…
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The tax score of winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that lottery tax consequences go along with your good fortune. Review the tax rules Whether you…
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OSHA Issues COVID-19 Workplace Vaccine and Testing Mandate Guidance
On November 6, 2021, a U.S. federal appeals court issued a stay temporarily blocking the president’s new COVID-19 vaccination-or-testing policy, citing “grave statutory and constitutional” issues with the rule. The Occupational Safety and Health Administration (OSHA) has issued an Emergency Temporary Standard (ETS) regarding the COVID-19 workplace vaccine mandate that is expected to be published…
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Gift tax annual exclusion: plan ahead for year-end gifts
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the gift tax annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any…
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Thinking about participating in your employer’s 401(k) plan? Here’s how it works
Employers offer 401(k) plans for many reasons, including attracting and retaining talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain…
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Employers: The Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed…
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M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.…
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