Insights
FFRCA Employer Paid Leave Requirements
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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Surviving the Downturn: Addressing Debts
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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COVID-19 Tax Implications: Working from Home and Collecting Unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from Home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at home,…
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Pending Paycheck Protection Program Items
Suttle & Stalnaker, PLLC is committed to helping our clients manage the ever-emerging Paycheck Protection Program provisions related to the COVID-19 pandemic. As banks begin to send out more communications, we would like to update you on the issues as we see them. Issues being monitored: Forgiveness Applications: Banks are beginning to send out their…
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CARES Act: Changes to Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about…
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More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal nanny tax obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who aren’t independent contractors. If you employ someone…
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Is Your Scholarship Tax-free?
Despite the drastic changes COVID-19 has brought to our schools and colleges, one thing remains the same: tuition bills. If you or your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high…
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Surviving the Downturn: Cutting Costs
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. Chris Deweese, CPA, CGMA Member, Suttle & Stalnaker, PLLC If you are in the energy market, you already know what recent market conditions and COVID-19 have done to the…
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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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