Insights
The possible PPP tax implications
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential PPP tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial…
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Recruiting in Today’s Environment
Important Elements to Keep in Mind During Crisis Recruiting and Hiring By Chris Lambert, CPA, CGMA, CCIFP Originally published in the May/June edition of “West Virginia Construction News” by CAWV Business owners know that from time to time, a crisis will present itself in some form. You can’t really be operational and not have various…
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Is it time for a paycheck withholding checkup?
Were you surprised to discover you owed money on your 2019 tax return? You might want to change your paycheck withholding so that this doesn’t happen next year. If you received a large refund, you also might want to review your withholdings. Receiving a tax refund essentially means you gave the government an interest-free loan.…
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Re-evaluate your company’s competitiveness in a changed economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have…
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3 items to consider after filing your taxes
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown…
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2020 Tax Deadline Updates
The 2020 tax filing season has been like no other, with the IRS taking “unprecedented and drastic” actions in response to the COVID-19 pandemic. While Taxpayers aim to get their tax returns in the mail on time, the COVID-19 pandemic may result in returns sitting in mail facilities for days. The IRS has announced taxpayers…
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What qualifies as “coronavirus-related distributions” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what are coronavirus-related distributions? Early distribution basics In general, if you withdraw money from an IRA or eligible…
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Good financial records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep financial records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure…
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A Nonworking Spouse Can Still Have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”…
Read MoreHorace Emery Appointed to AICPA Auditing Standards Board
Suttle & Stalnaker is proud to announce Audit and Consulting Member Horace Emery’s appointment to the AICPA Auditing Standards Board. Horace has been in public accounting since 1979 and continues to provide technical assistance on accounting and auditing engagements. Horace has specialized in financial and compliance audits in the not-for-profit and governmental sectors for more…
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