Returning Value Blog

Organizations are faced with the challenge to increase operational efficiency while reducing costs and retaining the personnel they need to be strategic. Talent shortages and the resource drain associated with recruiting, onboarding, on-the-job training, and continuing education have many organizations looking for a more efficient and practical approach. Having the flexibility to allocate resources to align with organizational objectives is imperative. 

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. 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’re meeting all applicable deadlines and to learn more about the filing requirements.

Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even the most skilled accountant can't deduct a charity donation from your income if you forgot to save the receipt. Here are some tips from the IRS about year-round tax planning:

Do you play a major role in a closely held corporation and sometimes personally spend money on corporate expenses? These costs may wind up being non-deductible by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break: the pass-through deduction, QBI deduction, or Section 199A deduction. 

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. 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’re meeting all applicable deadlines and to learn more about the filing requirements.

Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do to shorten its cash cycle? The answer could lie in your outstanding accounts receivable. Here are five strategies to help convert receivables into cash ASAP.

Many employees have postponed using their allotted paid time off during the pandemic until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some guidance to help evaluate whether your company is required to report a liability for so-called “compensated absences” and, if so, how to estimate the proper amount.

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is only taxed once — to the employee who receives it.

The legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.