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Returning Value Blog

Four Reasons to Align Your Supply Chain and Tax Strategies

Posted by Nick Wheeler, CPA on Sep 19, 2022

Did you know that 45% of tax executives say they are not involved in supply chain planning?

That’s according to BDO’s 2022 Tax Outlook Survey, which found that business leaders do not always consult with their tax departments on decisions that can affect their companies’ total tax liability.

But do tax executives really need to be involved in supply chain planning?

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Posted in Business Tax

Are Your Risk-Management Practices Keeping Up With the Times

Posted by Melissa Motley, CPA on Sep 15, 2022

Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University.

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Posted in Business Advisory

State Income Tax Apportionment: How Much of Your Business's Income is Subject to State Tax?

Posted by Murry Guy, CPA on Sep 14, 2022

Businesses operating across state lines must determine the amount of their income that is subject to tax in each state. Generally, this is done using what is known as “formulary apportionment.” Given that states regulate the apportionment methods they allow and are not required to use a uniform approach, the varying methods — especially the different ways states source and weight a taxpayer’s sales activities — may result in excessive taxation overall. Multi-state businesses should review the apportionment options and rules in the states and localities where they are taxable for potential opportunities to reduce their tax bill and to ensure they are reporting and paying the correct amount of tax.

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Posted in Business Tax

Separating Your Business From Its Real Estate

Posted by Lesley L. Price, CPA on Sep 13, 2022

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability, and estate planning advantages of separating real estate ownership from the business.

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Posted in Business Advisory

Self-Employed? Build a Nest Egg With a Solo 401(K) Plan

Posted by Michael D. Machen, CPA, CVA on Sep 09, 2022

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have a healthy self-employment income and want to contribute substantial amounts to a retirement nest egg.

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Posted in Retirement Planning

Is This Your Situation: Sorting Out Payroll Categories

Posted by Becky Snedigar on Sep 08, 2022

Distinguishing between independent contractors and employees is important for both tax and financial reasons. In order to comply with federal tax laws, you've got to be crystal clear about your workers' status and keep accurate records no matter what. Here's how to distinguish between independent contractors and employees – and why it's important.

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Posted in Payroll, HR & Benefits

Is Your Current Bad Debt Allowance Reasonable?

Posted by Jessica L. Pagan, CPA on Sep 07, 2022

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date.

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Posted in Business Tax

Year-End Tax Planning Ideas for Your Small Business

Posted by Nick Wheeler, CPA on Sep 06, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as well as bunching deductible expenses into this year or next to maximize their tax value.

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Posted in Business Tax

Inflation Reduction Act Provisions of Interest to Small Businesses

Posted by Marty Williams, CPA on Sep 01, 2022

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law's impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the law adds a 1% excise tax on stock buybacks of more than $1 million by publicly traded U.S. corporations.

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Posted in Business Advisory, Business Tax, News & Events

Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning

Posted by Michael D. Machen, CPA, CVA on Aug 12, 2022

Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention in the retirement plan industry over the past few years. The Department of Labor (DOL) has issued a stern warning about cryptocurrencies on investment menus and brokerage platforms within 401(k) plans. Since the release of the warning, third-party plan providers have responded with differing stances on the guidance released. Some 401(k) providers believe that the DOL has gone too far.

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Posted in Business Advisory

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