Insights

Due Date Extension Alert

April 14, 2020

As you may be aware, the IRS extended the federal income tax filing due date from April 15, 2020 to July 15, 2020. This relief was recently expanded to include all taxpayers that had an annual return due between April 15th and July 15th, providing additional time for some fiscal-year filers, trusts, estates, and non-profit…

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Retirement Plan Distributions Relief Available Under the CARES Act

April 9, 2020

To aid individuals during this time of economic uncertainty, the CARES Act has a few provisions that change some of the rules for retirement plan distribution rules, allowing qualified individuals access to their retirement funds. Below we have summarized what you need to know about retirement plan relief under the CARES Act.   To qualify…

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covid

COVID-19 Summary Update: Benefits that Affect Businesses

April 6, 2020

As we navigate this unprecedented new world we are living, Suttle & Stalnaker continues to monitor and stay abreast of legislative changes in regards to COVID-19 Coronavirus for those benefits that affect businesses.  Below is a list of what you should be paying attention to for your business: Payroll Protection Program This has been in…

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COVID-19 Summary Update

March 24, 2020

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

March 20, 2020

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

March 16, 2020

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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Coronavirus Testing

IRS Eliminates Barriers to Coronavirus Testing and Treatment for HSA Benefits

March 13, 2020

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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401k checkup

Give your 401(k) plan a checkup at least once a year

March 6, 2020

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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Child tax credits

Tax credits may help with the cost of raising children

March 3, 2020

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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married couple

Reasons why married couples might want to file separate tax returns

February 27, 2020

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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