Insights

AICPA Announces Natalie Luppold as 2022 ‘Standing Ovation’ Award Recipient

June 9, 2022

Las Vegas, Nev. – The American Institute of CPAs (AICPA) recognized Natalie Luppold, CPA, CITP, CISA, CRCM, a member of our Charleston Office, as a recipient of the 2022 AICPA Technology Advisory Standing Ovation Recognition at the AICPA & CIMA ENGAGE 2022 in Las Vegas earlier today. The honor is awarded to those with specialty credentials…

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CECL is Finally Here – What to Know as We Approach Implementation

June 1, 2022

  By Kelly Shafer, CPA The effective date for the current expected credit loss (CECL) standard is fast approaching for all financial institutions that have not yet implemented. While most of us have been holding out hope for yet another extension, in November the Financial Accounting Standards Board (FASB) all but guaranteed that CECL will…

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Documents That Should Be Part of Your Estate Plan

May 25, 2022

People believe that having an estate plan is simply having a will or your assets in a trust. However, there is much more to an estate plan to ensure that your assets are transferred to your heirs upon your death. There are specific estate planning documents that every estate plan should have, and there are…

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Suttle & Stalnaker Staff Grab Top Awards at WVSCPA Committee Day

May 23, 2022

Charleston, W.Va. — Suttle & Stalnaker, PLLC, a public accounting firm with offices located in Charleston, Morgantown, and Parkersburg, is pleased to announce that at the recent West Virginia Society of CPAs (WVSCPA) Annual Committee Day, Suttle & Stalnaker’s own Jason Prince and Sean Woody received two of the top awards presented at Committee Day.…

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Caring for an elderly relative? You may be eligible for tax breaks

May 17, 2022

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you…

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Tighten Up Billing and Collections to Mitigate Economic Uncertainties

May 11, 2022

While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…

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Want to turn a hobby into a business? Watch out for the tax rules

May 3, 2022

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses…

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The Tax Mechanics Involved in the Sale of Trade or Business Property

April 26, 2022

There are many rules that can potentially apply to the sale of business property. Thus, to simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held…

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Thinking about converting your home into a rental property?

April 20, 2022

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a…

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Once You File Your Tax Return, Consider These Three Issues

April 14, 2022

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…

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