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Returning Value Blog

DOL Proposes Increase to Salary Threshold Amounts

Posted by Amber Cochran on Nov 08, 2023

On August 30, 2023, the U.S. Department of Labor (DOL) released a proposal to raise the minimum weekly salary. 

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Posted in Payroll, HR & Benefits

Data Governance: Working Toward Mission Accomplished

Posted by Melissa Motley, CPA on Nov 07, 2023

Data is the lifeblood of any modern organization — a critical asset that is not only used to operate the business but can also fuel innovation, reduce costs, and increase revenue. But managing data assets effectively comes with a set of challenges that can be difficult for organizations to navigate. Creating an effective data governance policy can help organizations mitigate risk and capitalize on opportunities.

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Posted in Business Advisory

FASB Finalizes New Crypto Standard in Record Time

Posted by Lesley L. Price, CPA on Nov 06, 2023

On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know.

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Posted in Business Tax

How to Create a Raise Policy

Posted by Amber Cochran on Nov 03, 2023

In most cases, employees anticipate receiving a raise after working a certain amount of time at your firm — usually six months to a year. Top performers who consistently exceed expectations expect to be paid a salary that reflects their hard work and level of responsibility. You look to offer competitive compensation to retain your best workers.

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Posted in Payroll, HR & Benefits

New Per Diem Business Travel Rates Kicked In on October 1

Posted by Murry Guy, CPA on Nov 02, 2023

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

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Posted in Business Advisory

Business Automobiles: How the Tax Depreciation Rules Work

Posted by Lesley L. Price, CPA on Oct 26, 2023

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

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Posted in Business Tax

The Social Security Wage Base for Employees and Self-Employed People Is Increasing In 2024

Posted by Nick Wheeler, CPA on Oct 25, 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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Posted in Business Tax

How to Withdraw an Employee Retention Credit (ERC) Claim

Posted by Murry Guy, CPA on Oct 24, 2023

Machen McChesney would like to bring to your attention a recent announcement from the Internal Revenue Service (IRS) regarding the Employee Retention Credit (ERC) and a special withdrawal process introduced to address concerns about ineligible claims and protect small businesses from scams. This announcement is part of a broader effort by the IRS to safeguard small businesses and organizations from the barrage of suspect ERC advertising. This announcement could be helpful if you or someone you know might be affected by improper filing ERC via suspicious 3rd parties.

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Posted in Business Advisory

Tips for a Faster Month-End Close

Posted by Chris Earnest on Oct 23, 2023

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors, and even fraud. Here are some simple ways to streamline your company’s monthly closing process.

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Posted in Accounting & Outsourcing

2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Oct 18, 2023

Here are some key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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.

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Posted in Business Tax

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