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Returning Value Blog

HUBZone Program: Still Available, Changes Coming

Posted by Nick Wheeler, CPA on Mar 24, 2023

In a nutshell, according to the SBA, the HUBZone program fuels small business growth in historically underutilized business zones. The idea is to award at least 3% of federal contract dollars to eligible companies each year.

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Posted in Business Advisory

IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns

Posted by Michael D. Machen, CPA, CVA on Mar 23, 2023

The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper. 

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Posted in Business Advisory

Changes in Sec. 174 Makes It a Good Time to Review the R&E Strategy of Your Business

Posted by Melissa Motley, CPA on Mar 22, 2023

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses.

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Posted in Tax Planning

2023 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Mar 21, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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 meet all applicable deadlines and learn more about the filing requirements.

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Posted in Business Tax

How to Meet New Hire Compliance Requirements in 2023

Posted by Amber Malik on Mar 18, 2023

As a business owner/manager, you have many processes and tasks involved in your day-to-day workload. Scheduling, timekeeping, payroll, etc... How about new hire onboarding?

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Posted in Payroll, HR & Benefits

Close-up on Sources of Substantive Audit Evidence

Posted by Aaron K. Waller, CPA on Mar 17, 2023

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements.

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Posted in Audit & Assurance

Supreme Court Rules HCEs May Be Eligible for Overtime

Posted by Amber Malik on Mar 10, 2023

You may think that the terms "highly compensated worker" and "overtime pay" don't belong in the same sentence, but the Supreme Court disagrees. HCEs can receive overtime if they are paid on a daily basis. In this case, Helix Energy Solutions Group, an offshore oil and gas firm based in Houston, claimed a former employee — Michael Hewitt — was exempt from overtime pay because he was a highly-paid executive. He claimed he should get retroactive overtime pay because Helix calculated his pay using a daily rate — and the Supreme Court agreed.

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Posted in Payroll, HR & Benefits

Three Key Considerations for Nonprofits in 2023

Posted by Lesley L. Price, CPA on Mar 09, 2023

Last year presented nonprofits with many challenges that will persist into 2023. Ongoing economic volatility, inflation-driven increases in operating costs, and intense competition for talent are among key issues that continue to threaten organizations’ operational and financial wellbeing. 

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Posted in Business Advisory

Protect the "Ordinary and Necessary" Advertising Expenses of Your Business

Posted by Jessica L. Pagan, CPA on Mar 07, 2023

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes.

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Posted in Business Tax

Three Key Supply Chain Management Questions for 2023

Posted by Nick Wheeler, CPA on Mar 03, 2023

Manufacturers will continue to face supply chain headwinds in 2023, a cause for concern following a turbulent few years. Economic uncertainty, supply shortages, rising costs, and frustrated customers threaten to impede growth.

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Posted in Business Advisory

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