Returning Value Blog

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. (T.C. Memo. 2024-82)

Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors.

If your company’s financial statements are audited, chances are your auditor will send out external confirmations.These information requests may be sent directly to your customers, vendors, banks, attorneys, and benefit plan administrators.

If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States.

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities.

The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. However, proposed legislation dubbed The One, Big, Beautiful Bill could drastically change that. Here’s what you need to know.

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures.

Managing payroll tax obligations is a critical part of running a business. For small and mid-sized companies, the risk of IRS penalties, interest charges, and compliance issues can be overwhelming.  The information below highlights common penalties imposed by tax agencies and offers suggestions to help employers ensure they meet IRS requirements.

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs).Employees will be able to save a modest amount more in their HSAs next year.

In the hiring process, you must ensure that every individual you plan to employ is authorized to accept employment in the U.S. Some individuals are automatically authorized to work based on their immigration status, while others must apply for separate employment authorization.