Insights
Construction Fraud in a Post-Pandemic World
Kristin Moody, CPA, CFE As restrictions put in place to limit the spread of COVID-19 have been lifted, many business owners and members of organizational management have been faced with decisions related to nearly every aspect of their organizations’ functions in a post-pandemic world. Over the past year and a half, shifts related to the…
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4 red flags of an unreliable budget
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year-end, here are four red flags…
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Factor in taxes if you’re retiring to another state
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing…
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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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