Insights
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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Re-evaluate your company’s competitiveness in a changed economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have…
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2020 Tax Deadline Updates
The 2020 tax filing season has been like no other, with the IRS taking “unprecedented and drastic” actions in response to the COVID-19 pandemic. While Taxpayers aim to get their tax returns in the mail on time, the COVID-19 pandemic may result in returns sitting in mail facilities for days. The IRS has announced taxpayers…
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What qualifies as “coronavirus-related distributions” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what are coronavirus-related distributions? Early distribution basics In general, if you withdraw money from an IRA or eligible…
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Webinar: PPP Loan Forgiveness Application
Thank you for joining us for our June 2nd PPP Webinar. Please find accompanying materials below: Slideshow: PPP Webinar Presentation_6_2_2020 Q&A: PPP webinar Q&A_Final For more information or questions, contact your local Suttle & Stalnaker office.
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Navigating Loan Modifications in Response to COVID-19
By Kelly Shafer, Member During this unprecedented time, financial institutions may be faced with a growing number of borrowers requiring modifications to their loan terms. With many customers feeling the economic impacts of COVID-19 and struggling to make payments institutions will inevitably experience an increase in the number of troubled debt restructurings (TDRs). The good…
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New COVID-19 law makes favorable changes to “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…
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FSA and Section 125 Changes
On May 12, 2020, the IRS released Notice 2020-29 and Notice 2020-33. Notice 2020-29 provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during the 2020 calendar year, allowing employers to respond to changes in employees’ needs as a result of the COVID-19 pandemic. The major changes allowed are: Make a…
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Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…
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