Returning Value Blog

As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs, and values. Now, the onus is on employers to provide an environment that makes their star team members want to stay and also attracts new talent. Part of that equation is providing a great benefits package. But if you're one of the many employers expanding their benefits, how do you pay taxes on your new programs?

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires the use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works.

If you were born in 1951 and took a required minimum distribution (RMD) this year (due to reaching age 72), you may be able to roll the funds back into your retirement account and not have it subject to income tax. The distribution must have occurred between 1/1/23 and 7/31/23; you have until 9/30/23 to roll the funds back into the retirement account. This could also apply to the surviving spouse of the IRA owner.

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how to allocate indirect costs to your products. Proper cost allocation is essential to evaluating product and service line profitability and, in turn, making informed pricing decisions.

The SECURE 2.0 law, enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”

State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada, and North Carolina.

Charging Personnel Costs to Federal Awards

Salary costs represent the bulk of dollars from federal grants and often pose compliance risks and challenges to new and experienced recipients alike. One question we are often asked by clients is, "how can we maintain compliance with federal regulations regarding accurately supporting and recording personnel costs when not all of our employees complete and submit timesheets?"

In this article, we will discuss the federal requirements for charging personnel costs to awards, alternatives to timesheet processes, and common challenges and pitfalls to avoid when charging labor costs to federal grants.

Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate.

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return.