Small Businesses Benefit From Offering 401(k) Plans
Have you been considering creating a 401(k) plan as part of your employee benefits package but aren’t sure if it’s the right move? Offering a 401(k) plan to employees can be a good idea for small businesses for several reasons: Attract and retain top talent: Offering...
Standard Mileage Rates Increase in 2023
Business owners will be able to deduct three cents more per mile in 2023 when operating vehicles for business use, according to the Internal Revenue Service (IRS). The IRS recently announced the 2023 optional standard mileage rates used to calculate the deductible...
Stitely & Karstetter Promotes Max Spracklin to Partner
Chantilly, Virginia-based accounting firm Stitely & Karstetter (S&K), PLLC, announced that Max Spracklin has been named a partner in the firm. Spracklin joined S&K in August 2016 after earning his BBA in Accounting from Radford University. As the Director...
Small Business Pension Plans: What is the Right Fit for Your Business?
Are you ready to offer a pension plan to your employees but not sure where to start? Join the team at Stitely & Karstetter January 19 at 3 p.m. at the Capital Grille in Fairfax for a free seminar: Small Business Pension Plans: What is the Right Fit for Your...
New Process For Claiming Electric Clean Vehicle Credit
[kc_row use_container="yes" _id="775554"][kc_column width="12/12" video_mute="no" _id="783055"][kc_column_text _id="430790"] In order to reduce carbon emissions and invest in the energy security of the United States, the Inflation Reduction Act of 2022, signed into...
Significant Tax Credit For Business Owners Who Purchase Electric Vehicles
Business owners who purchase electric vehicles will be able to take advantage of a new tax credit worth up to $40,000 next year. Last August, President Joe Biden signed The Inflation Reduction Act, which incentivizes purchasing electric cars, trucks, and other...
Client Appreciation Shred Event & Tailgate Saturday, November 5
Client Appreciation Shred Event & Tailgate Saturday, November 5 11 a.m.-2 p.m. Are boxes of old documents and sensitive materials cluttering up the corners of your home or office space? Need a place to dispose of them safely? Then Stitely and Karstetter’s...
Charity Golf Tournament Benefiting Paws of Honor Friday, October 28
Charity Golf Tournament Benefiting Paws of Honor Friday, October 28 9:30 a.m.-12:30 p.m. Please join Stitely & Karstetter for our Annual Charity Golf Tournament as we tee off in style in private full-service bays at Top Golf One Loudoun. This year, proceeds will...
New Virginia Tax Rebate: Are You Eligible?
If you are a Virginia resident, you may be eligible for a new Virginia tax rebate. According to Virginia Tax, an agency of the Commonwealth of Virginia, the 2022 Virginia General Assembly passed a law earlier this year giving taxpayers with a liability a rebate of up...
Stitely and Karstetter Sponsor Third Annual Charity Golf Tournament
On Friday, October 28, 2022, Stitely and Karstetter will sponsor their third annual charity golf tournament at TopGolf in Ashburn, VA. All proceeds raised will benefit the non-profit, “Paws of Honor,” which supports our nation’s retired military and law enforcement...
S&K’s New Tax Resolution Services Division Offers IRS Assistance
Are you in trouble with the IRS and don’t know where to turn? Even if you are not a current client, Stitely and Karstetter (S&K) can help! The firm recently announced the opening of its new Tax Resolution Services division in response to a growing need for...
Do You Qualify for Employer Retention Credits?
Do You Qualify for Employer Retention Credits? For a separate charge unrelated to your Total Accounting Care fee, the Stitely and Karstetter (S&K) team can meet with you to offer guidance on the requirements to qualify, as well as file your tax credit application....
Economic Injury Disaster Loan Repayments
[kc_row _id="984448"][kc_column _id="773033"][kc_column_text _id="871286"]Economic Injury Disaster Loan Repayments If your small business set up an Economic Injury Disaster Loan (EIDL), whether related to a natural disaster or COVID-19, it’s important that you set up...
Handling Foreign Assets
Handling Foreign Assets Do you hold foreign assets outside of the United States? Under the Foreign Account Tax Compliance Act (FATCA), US taxpayers holding financial assets outside the country must report those assets to the IRS using Form 8938, Statement of Specified...
IRS Announces Mid-year Increases in Mileage Rates
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="334586"][kc_column width="12/12" video_mute="no" _id="329218"][kc_column_text _id="824931"] If you deduct mileage on your taxes, you will want to be aware of a recent increase in...
Tax Planning for Wage Earners
This time of year, people often ask me, “Frank, it seems like I pay a lot in taxes. What can I do to pay less?” Mostly, they are really asking me, “How can I save on taxes by moving some numbers around on paper?” To save on taxes, our elected representatives strike a...
Special Tax Rules for Rehiring Staff
If you find yourself short-staffed, one quick fix may be calling a former employee who has retired. You won't jeopardize your pension plan's tax status if you rehire retirees, nor is it a problem if you permit distributions of retirement benefits to employees who hit...
Thanks For Helping Us Help You This Tax Season
Tax season has come and gone, and we are finally able to take a breath. We would like to extend our deepest gratitude to all our clients for working so quickly and efficiently with us during the 2022 tax season. By thoroughly reading our emails and blog posts,...
Thanks For Helping Us Help You This Tax Season
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="799321"][kc_column width="12/12" video_mute="no" _id="146334"][kc_column_text] Tax season has come and gone, and we are finally able to take a breath. We would like to extend our deepest...
Filing the Final Tax Return as an Executor
As a survivor, executor or administrator of an estate, you are obligated to file an income tax return reporting all the deceased's income up to his or her date of death. You will need to be aware of all the credits and deductions the deceased is allowed, as if that...
Keep These Important Tax Deadlines Top-of-Mind
Here at Top Level Accounting, we are continuing to work hard to prepare your tax returns. Please don’t forget about the following important deadlines: The deadline for personal tax documents to be sent to us, in order to avoid filing an extension, is March 20....
It’s Tax Season – Let’s Get Started
It's Tax Season ... Let's Get Started If you would like us to prepare a C-Corporation, S-Corporation or Partnership return, the best time frame to deliver your paperwork to our office or upload documents to the Client Center is ASAP. Our deadline for receiving...
Access Our Client Center for Tax Related Information
‘Tis the season…tax season, that is! In order to help you best prepare to file on time, we encourage you to frequently check our client center, as we continually will be posting information about taxes. We most recently uploaded engagement letters for 1099s, which...
TAC to Prepare 1099 Forms for All Clients in Early January
Clients Asked to Submit All W9’s to TAC, Via Client Center, by Saturday, 1/15 Happy Holidays from your friends at Total Accounting Care! Christmas is almost here, and soon we’ll be ushering in a brand new year. This means that TAC will...
S&K Sponsors Charity Golf Event, Raises $3,000 for Paws of Honor
On Thursday, October 21, Stitely and Karstetter CPA’s sponsored our second annual charity golf event. Held at Top Golf in Ashburn, Virginia – the event successfully raised nearly $3,000 for Paws of Honor, a local charity that provides free veterinary care and products...
Total Accounting Care Welcomes New Staff Accountant, Janisha Watkins
On October 18, Total Accounting Care proudly welcomed Janisha Watkins to our team. Janisha joins TAC as a staff accountant, after working in the accounts departments of several local non-profits. While she currently resides in Herndon,...
Total Accounting Care Welcomes Edd Dugbartey
Total Accounting Care is pleased to welcome a new member to our team - Edd Dugbartey, who joined our enterprise on October 18 as a staff accountant. Edd is currently in training, and will be assisting TAC clients with reconciling, bookkeeping and tax...
S&K Hosts Successful Shredding Event
On Saturday, October 16, Stitely and Karstetter hosted another successful shredding event at our offices for more than 50 attendees, including clients and friends of the company. Lunch was served, as well as beer and wine from local breweries and wineries. Hundreds of...
Stitely and Karstetter Sponsors Annual Golf Tournament on October 21 All proceeds raised will benefit “Paws of Honor” charity
On Thursday, October 21, Stitely and Karstetter will once again sponsor their annual charity golf tournament at TopGolf in Ashburn, VA. All proceeds raised will benefit “Paws of Honor,” which supports our nation’s retired military and law enforcement dogs. All...
TAC’s Parent Company, Stitely and Karstetter, to Sponsor Annual Golf Tournament on October 21
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="384176"][kc_column width="12/12" video_mute="no" _id="145236"][kc_column_text _id="226528"]On Thursday, October 21, Total Accounting Care’s parent company - Stitely and Karstetter – will...
Safely Dispose of Old Documents and Sensitive Materials at Total Accounting Care’s Shredding Event on October 16
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="144236"][kc_column width="12/12" video_mute="no" _id="207772"][kc_column_text css_custom="{`kc-css`:{}}" _id="282518"]Are boxes of old documents and sensitive materials cluttering up the...
Safely Dispose of Old Documents and Materials at Stitely and Karstetter’s October 16th Shredding Event
Are boxes of old documents and sensitive materials cluttering up the corners of your home or office space? Need a place to dispose of them safely? Then Stitely and Karstetter’s shredding event on Saturday, October 16 is just the solution you’ve been waiting for! Held...
TAC’s Parent Company Sponsors October Networking Event – “Life as an S Corp Owner” Registration is Now Open
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="569531" _collapse="1"][kc_column width="12/12" video_mute="no" _id="144880"][kc_column_text _id="14892"] Are you a business owner who is looking to learn more about becoming an S Corp?...
S&K Sponsors October Networking Event – “Life as an S Corp Owner” Registration is Now Open
Are you a business owner who is looking to learn more about becoming an S Corp? Then you won’t want to miss “Life as an S Corp Owner, ” an important networking event sponsored by Stitely & Karstetter. The event is FREE and will be held at The Capital Grill in...
Pension Plans 101 – What You Need to Know
A pension plan is a type of retirement plan where employers promise to pay a defined benefit to employees for life after they retire. This is different from a defined contribution plan, like a 401(k), where employees put their own money in an...
There is Still Time to Claim Your Employee Retention Tax Credit
Eligible Businesses Can File Retroactive Claims for Wages Paid in Prior Tax Quarters On Aug. 4, the IRS issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before Jan. 1, 2022, and...
Stitely & Karstetter Sponsors October Networking Event – “Life as an S Corp Owner”
Are you a business owner who is looking to learn more about becoming an S Corp? Then you won’t want to miss Stitely & Karstetter CPA’s upcoming networking event : “Life as an S Corp Owner. ” The event is FREE and will be held at The Capital Grill in Fairfax,...
CPA Q&A: Child Tax Credit
Now that July is here, many of our S&K clients who are full-time parents or caregivers to school-aged children, have begun receiving their Advance Child Tax Credit payments from the IRS. Most families will receive the first half of the credit in advance monthly...
Child Tax Credit Payments – How to Opt Out
On July 15, many of our TAC clients who are full-time parents or caregivers to school-aged children, began receiving their Advance Child Tax Credit payments from the IRS. The expanded child tax credit is part of the American Rescue Plan, signed by President Joe Biden...
Foreign Bank and Financial Account Holders Have Until October 15 to file FBAR Report
Any U.S. citizen, resident or domestic legal entity who missed the April 15 deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) will receive an automatic extension until October 15, 2021 – and an extension need not be requested. Who must...
Employee Spotlight: Sanya Verma
TAC is delighted to welcome a new member to our team. Sanya Verma is joining us as a summer intern, and will be assisting Max, Ray and Nathan with many duties around the office, while learning more about accounting, consulting and bookkeeping. She began her...
IRS Issues Refunds on Unemployment Insurance Taxes to Certain Taxpayers
In mid-May, the IRS began issuing refunds on 2020 unemployment insurance taxes to some taxpayers. The refunds have been sent on a rolling basis, with single filers receiving theirs first, including those without children and those who did not claim any refundable tax...
Which Meals Qualify for the 100 Percent Expense Deduction?
In early April, the IRS released guidance explaining when the temporary 100 percent deduction for restaurant meals is available, and when the 50 percent limitation on the deduction for food and beverages continues to apply. Under section 274(n) (1) of the tax code, a...
$3,600 Child Tax Credit: What S&K Clients Should Know
Many of our S&K clients are parents of eligible dependents and qualify for the child tax credit which President Biden included in his American Families Plan earlier this spring. This plan offers parents a credit of up to $3,600 per eligible child, and payments...
TAC is Serious About Your Cyber Security
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="477423"][kc_column width="12/12" video_mute="no" _id="127299"][kc_column_text]On Thursday, May 6 a malicious group of hackers carried out a ransomware attack on the computer system of...
Need to File Previous Years’ Tax Returns? S&K Can Help
Although many businesses are starting to get back on track, with the descent of COVID and an ensuing economic upheaval in our country - your company may not have filed tax returns in a few years. While life DOES happen – NOT filing your required tax returns is serious...
Shuttered Venue Operators Grant Portal Opens on Monday at Noon
The U.S. Small Business Administration (SBA) will reopen the Shuttered Venue Operators Grant application portal on Monday, April 26 at 12:00 PM. The application portal for the SVOG program ran into technical difficulties almost immediately on April 8, with venue...
Virginia’s Minimum Wage Increases May 1
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="969647"][kc_column width="12/12" video_mute="no" _id="944789"][kc_column_text _id="127920"] As many of our Total Accounting Care clients are small business owners in the state of...
Restaurant Revitalization Fund Grants – Does Your Business Qualify?
One of the hardest-hit industries during the COVID-19 pandemic has been restaurants, with shutdowns and restrictions cutting off revenue opportunities. The newly passed American Rescue Plan Act (ARPA) aims to help restaurants, bars and related businesses with a new...
Extension of Tax Filing Deadline/Increased Child Tax Credit Deduction
IRS Extends Tax Filing Deadline to May 17 On March 17, the IRS announced it would extend the deadline to file 2020 taxes for all Americans to May 17, giving taxpayers an additional month to file returns. This extended deadline is welcome news for individuals,...