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Returning Value Blog

New Independent Contractor Rules: Do They Affect Your Employees?

Posted by Murry Guy, CPA on Feb 23, 2024

The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.

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Posted in Business Advisory

Consider the Best Payroll Method

Posted by Amber Cochran on Feb 21, 2024

The ways to pay employees — especially as money continues moving into the digital sphere — have proliferated. You have options. Choose the one that best fits your business. You may want to peruse the different methods to see which makes the most sense for your business in terms of costs and employer responsibilities.

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Posted in Payroll, HR & Benefits

Taking Your Spouse on a Business Trip? Can You Write off the Costs?

Posted by Nick Wheeler, CPA on Feb 21, 2024

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

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Posted in Business Tax

We May Never See a Better Environment for Transferring Wealth

Posted by Marty Williams, CPA on Feb 15, 2024

We May Never See a Better Environment for Transferring Wealth … Here’s Why

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market downturn represents an especially advantageous time to optimize your taxable estate before markets eventually recover.

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Posted in Retirement & Wealth Management Planning

U.S. House Passes Bipartisan Tax Bill

Posted by Murry Guy, CPA on Feb 15, 2024

U.S. House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements

The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit. 

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Posted in Business Tax

What's the Best Accounting Method Route for Business Tax Purposes?

Posted by Lesley L. Price, CPA on Feb 12, 2024

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your business to evaluate its method to ensure that it’s the most advantageous approach.

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Posted in Business Tax

Liquidity Overload: Why Having Too Much Cash May Be Bad for Business

Posted by Jessica L. Pagan, CPA on Feb 12, 2024

In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day” funds could be an inefficient use of capital. Here’s a systematic approach to help estimate reasonable cash reserves and maximize your company’s return on long-term financial positions.

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Posted in Business Tax

Solid Financial Reporting Can Help Attract Debt and Equity Financing

Posted by Melissa Motley, CPA on Feb 08, 2024

Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money. Timely, reliable reports can increase the odds that a bank will approve your company’s loan application and equity investors will provide capital.

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Posted in Accounting & Outsourcing

Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims

Posted by Nick Wheeler, CPA on Feb 05, 2024

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.

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Posted in Business Tax

Inventory Management Systems: What's Right for Your Business?

Posted by Aaron K. Waller, CPA on Feb 05, 2024

If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working capital in inventory detracts from other strategic investment opportunities.

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Posted in Audit & Assurance

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