Insights
COVID-19 Summary Update
Suttle & Stalnaker continues to monitor the legislative changes in regards to COVID-19 Coronavirus for those benefits that affect businesses. Below is a list of what we know so far: Unemployment Compensation: WV has broadened access to benefits. Businesses that have had to reduce, furlough or lay off their staff are encouraged to have their…
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Families First Coronavirus Response Act
The U.S. Senate approved the Families First Coronavirus Response Act in a 90-8 vote on March 18, and President Donald Trump signed it into law a few hours later. The bill will provide free screening, paid leave and enhanced unemployment insurance benefits for people affected by COVID-19, the respiratory disease caused by the coronavirus. The Families First…
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Labor Department Issues Guidance for States on Unemployment Eligibility of Individuals Affected by COVID-19
The U.S. Department of Labor (DOL) has issued guidance to states regarding unemployment compensation (UC) eligibility for individuals affected by the coronavirus (COVID-19) [DOL Unemployment Program Letter No. 10-20, 3/12/20]. The DOL has said that the unemployment Insurance program requires individuals to be able and available for work and to actively seek work. However, states…
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IRS Eliminates Barriers to Coronavirus Testing and Treatment for HSA Benefits
The IRS has issued guidance that eliminates barriers for testing and treatment of COVID-19 (coronavirus) for health savings account (HSA) participants under a high deductible health plan (HDHP) due to the current public health emergency. Notice 2020-15 states that individuals covered by an HDHP that provides testing and treatment of COVID-19 prior to the satisfaction…
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Give your 401(k) plan a checkup at least once a year
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes…
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Tax credits may help with the cost of raising children
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities, and education. Fortunately, there are child tax credits available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes…
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Reasons why married couples might want to file separate tax returns
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for…
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Look closely at your company’s concentration risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But concentration risks have an alternate meaning in a business context as well — and a distinctly negative one at that. Learn more about why you need…
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Getting help with a business interruption insurance claim
To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on the scope of…
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Do you want to go into business for yourself?
Many people who launch small businesses start as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is…
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