Insights

West Virginia Security for Public Deposits Program

July 25, 2023

By: Josh Sharp, CPA For better or worse, State and Federal laws are constantly changing regarding the banking environment. Occasionally, some changes will go under the radar. In this article we recap WV Senate Bill 438 changes and what you can expect. Senate Bill 438 is an act to amend and reenact §12-1-5 of the Code…

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WV Update – Personal Property Tax

July 24, 2023

By: Tricia Clark, CPA As you might remember, West Virginia passed a law this past legislative session to allow a state refundable income tax credit for WV personal property taxes on automobiles. Effective for taxes paid in 2024 and claimed on your 2024 WV income tax return. Last Thursday, WV State Revenue Secretary, Dave Hardy,…

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Everyone Should Check Their Mid-Year Withholdings – Have You?

July 23, 2023

By: Saundra Uy, CPA, CVA, CGMA Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a…

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That email or text from the IRS: It’s a scam!

July 19, 2023

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, text…

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Depreciation Update – Changes to Bonus Election

July 18, 2023

By: Morgan Hunt, CPA Do you own a business that frequently purchases machinery, equipment, computers, or other assets? Are you contemplating purchasing such assets this year or next? Now may be the time to take advantage of the opportunity to maximize your tax savings! Beginning in 2023, there is an annual reduction in the bonus…

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Starting a business? How expenses will be treated on your tax return

July 17, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re…

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When can seniors deduct Medicare premiums on their tax returns?

July 7, 2023

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying…

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Strengthening Business Operations: The Importance of Internal Controls for Vendors, W-9 Tax Forms, and Issuing 1099s

July 6, 2023

Written By: Saudra Uy, CPA CVA CGMA Effective internal controls are the backbone of any well-managed business. They play a crucial role in safeguarding assets, ensuring accurate financial reporting, and mitigating the risk of fraud. When it comes to vendor management and tax compliance, implementing robust internal controls is vital. In this article, we will…

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Hiring family members can offer tax advantages (but be careful)

July 5, 2023

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse,…

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2023 Q3 tax calendar: Key deadlines for businesses and other employers

June 26, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…

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