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Returning Value Blog

Lesley L. Price, CPA

Recent Posts

Understanding Wage Reporting and Withholding Requirements for Foreign Employees

Posted by Lesley L. Price, CPA on Mar 27, 2017

If your business utilizes foreign employees (aka, aliens), it is critical that you correctly comply with IRS regulations concerning payments to foreign workers. Understanding and complying with these regulations is crucial. Still, businesses of nearly every size and scope seem to struggle with correctly reporting these kinds of wages.

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Posted in Business Tax

New FBAR Tax Filing Deadline

Posted by Lesley L. Price, CPA on Feb 24, 2017

As another tax season quickly approaches, foreign bank account holders should be aware of new filing deadlines regarding Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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Posted in Individual Tax

Post-Election Analysis: What to Expect from Trump's and House Republicans' Tax Proposals

Posted by Lesley L. Price, CPA on Nov 18, 2016

As the dust settles from President-elect Donald Trump’s historic victory in this year’s presidential contest and the Republican sweep of the U.S. House and Senate, it is now possible to envision potentially significant tax legislation changes being proposed as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of Ronald Reagan. Assuming that he follows up on these proposals and sticks to his promises, there are several major changes that the Trump administration seeks to make on individual and business taxes:

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Posted in Tax Planning

Have you Designated Your Beneficiaries?

Posted by Lesley L. Price, CPA on Sep 20, 2016

A key component of estate planning

Most of us lead hectic lives, but as part of an estate plan, it is important to take the time to designate or update beneficiaries for all of your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.

 

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Posted in Individual Tax

Estate and Gift Tax Planning Alert—Valuation Discounts in Family Transfers May Be Disappearing

Posted by Lesley L. Price, CPA on Aug 26, 2016

If you have been hoping or planning on taking valuation discounts when transferring ownership interests in privately held businesses to family members, the time to do so may be coming to an abrupt end.

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How to Stretch Out Estate-tax Payments

Posted by Lesley L. Price, CPA on Jun 22, 2016

Although you may have spent years building up a successful enterprise, your family may be forced to sell it soon after your death to pay the federal estate-tax bill. The full amount of estate tax is due nine months after an individual’s death. Fortunately, there is some tax relief for a family that inherits a small business.

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Posted in Tax Planning

Is Your Business Taking Advantage of Prepaid Expensing?

Posted by Lesley L. Price, CPA on Mar 10, 2016

The Opportunity

As you consider ways to reduce your federal, state and local tax liability, be sure you don’t overlook prepaid expensing. Prepaid expenses cover any payments your business is making for goods and services to be received in the near future, such as prepaid insurance and prepaid maintenance agreements. Unlike accrued expenses, your business will receive the benefits of your payment in a later period. For accrual basis taxpayers, this means that the tax deduction for prepaid expenses won’t be available until after the cash has been expended.

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Posted in Tax Planning

6 Common Expenses that May Qualify for a Medical Tax Deduction

Posted by Lesley L. Price, CPA on Jul 07, 2015

iStock_000041467496_LargeIn the past, it was difficult to qualify for medical expense deductions. Now, some pundits would say that it is “nearly impossible.” Based on tax law changes that took effect in 2013, most taxpayers can deduct only unreimbursed expenses in excess of 10% of their adjusted gross income (AGI), up from 7.5% of AGI under prior law. For taxpayers who are aged 65 or older, the threshold remains at 7.5% of AGI, but only through 2016.

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Posted in Tax Updates

Expecting an Income Tax Refund from Alabama?

Posted by Lesley L. Price, CPA on Mar 22, 2015

If you are expecting an income tax refund from the Alabama Department of Revenue, be aware that you may receive a letter in the mail asking you to go online to confirm your identity. This letter is legitimate and must be responded to in 30 days or, according to the letter, your refund will be denied.

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Posted in Tax Updates

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