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Returning Value Blog

Senate Approves Inflation Reduction Act With Changes to Tax Provisions

Posted by Marty Williams, CPA on Aug 11, 2022

Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate, and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and all Republicans voting against it, and Vice President Kamala Harris casting the decisive 51st vote in favor.

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Posted in News & Events

Is Your Business Required to Report Employee Health Coverage?

Posted by Nick Wheeler, CPA on Aug 10, 2022

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done?

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Posted in Business Tax

How External Confirmations Are Used During an Audit

Posted by Aaron K. Waller, CPA on Aug 08, 2022

Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans, and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the auditor from a third party either in paper form or by electronic other means, such as through the auditor’s direct access to information held by a third party.”

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Posted in Audit & Assurance

Carried Interest Taxation Changes Proposed in Inflation Reduction Act of 2022

Posted by Michael D. Machen, CPA, CVA on Aug 05, 2022

Taxpayers should be aware that they may soon lose the advantage of long-term capital gain treatment in respect of carried interest should the Inflation Reduction Act of 2022 (2022 IRA) become law. The deal on a reconciliation package announced on July 27 by Senators Chuck Schumer (D-N.Y.) and Joe Manchin (D-W.Va.) would raise an estimated $739 billion in revenue, of which an estimated $14 billion would come from closing tax-advantaged provisions for carried interests.

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Posted in Tax News

Engaging Donors at Every Level: A Checklist

Posted by Lesley L. Price, CPA on Aug 04, 2022

Nonprofit organizations have been navigating change in almost every aspect of their operations over the past two years, including shifting priorities, a new employment landscape, and changes in fundraising and hosting programs and events. As organizations continue to reimagine what their futures will look like, donor engagement strategies should be reevaluated and refined to ensure they keep up with these other changes. Consider the following steps to support strong donor engagement:

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Posted in Business Advisory

For Retro ERC, Use Form 941-X

Posted by Amber Malik on Aug 03, 2022

Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, maybe your key to getting all the Covid relief your business is entitled to. It's a 30-page form, and the rules are complex, but here are the basics.

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Posted in Payroll, HR & Benefits

How to Treat Business Website Costs for Tax Purposes

Posted by Jessica L. Pagan, CPA on Aug 02, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

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Posted in Business Tax

Evaluating "Going Concern" Concerns

Posted by Melissa Motley, CPA on Aug 01, 2022

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of accounting may be used instead.

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Posted in Audit & Assurance

Collecting, Modeling, and Securing Your Restaurant's Data

Posted by Nick Wheeler, CPA on Jul 27, 2022

The restaurant industry is no stranger to the critical role data plays in running a business. Yet, in many cases, the restaurateur struggles to identify the proper data from the sheer volume that may be available through countless sources — POS terminals, online ordering services, social media, and more. It’s this array of data sources that, if properly accessed, holds great value in guiding the success of the business.

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Posted in Business Advisory

Three Tax Breaks for Small Businesses

Posted by Lesley L. Price, CPA on Jul 26, 2022

Sometimes, bigger isn't better: Your small- or medium-sized business may be eligible for some tax breaks that aren't available to larger businesses. Here are some examples.

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Posted in Business Tax

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