Insights

Employee Retention Credit Changes in the Consolidated Appropriations Act, 2021

January 4, 2021

CARES Act As part of the CARES Act passed in March of 2020, Congress created two mutually exclusive incentives that would provide funds to business owners designed to allow them to keep employees on staff throughout the pandemic: Paycheck Protection Program (PPP) Employee Retention Credit (ERC) The ERC is a refundable payroll tax credit that…

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Flexible Savings Account modifications

December 29, 2020

Increased Carryover for 2020 – Plan Year 2020 Dependent Care FSAs and Health Care FSAs may be amended to allow a carryover of all unused contributions into the 2021 plan year. Increased Carryover for 2021 – Plan Year 2021 Dependent Care FSAs and Health Care FSAs with a plan year ending in 2021 may be…

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Small Businesses: Cash in on depreciation tax savers

December 3, 2020

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate…

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2020 ACA Reporting Reminder

October 30, 2020

2020 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…

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inventory

The Importance of Inventory Management

October 25, 2020

Inventory management is especially important this year. As year-end draws near, many businesses will be not only be generating their fourth-quarter financial statements but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed…

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Social Security Wage Base Increases For 2021

October 20, 2020

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and…

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New PPP Forgiveness Guidance

October 20, 2020

The October 8, 2020 guidance released by the SBA and Treasury dept. deals with several anticipated PPP updates to simplify the forgiveness processes for PPP loans of $50,000 or less, and clarify lender responsibilities of the review of borrower documentation of eligible costs for forgiveness in excess of a borrower’s PPP loan amount. Changes for…

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Business website costs: How to handle them for tax purposes

October 8, 2020

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to…

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FFRCA Employer Paid Leave Requirements

October 1, 2020

As county and state officials decide how and when to bring students back into the classrooms, employers should familiarize themselves with new paid family leave legislation and tax credits. Under FFRCA legislation, private sector employers with fewer than 500 employees and certain public sector employers are required to provide paid leave to eligible employees affected…

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Addressing Debts

Surviving the Downturn: Addressing Debts

September 29, 2020

Suttle & Stalnaker, PLLC is pleased to publish this four-part series providing guidance to the energy sector as we navigate the COVID-19 pandemic and beyond. Tricia Clark, CPA Energy Group Member Here at Suttle & Stalnaker, we know what the recent market conditions and COVID-19 have done to your business operations. All sectors of the…

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