Returning Value Blog

The Executive Office of the President, Office of Management and Budget, announced on January 30, 2023, that the COVID-19 national emergency and public health emergency that were declared in 2020 will both end on May 11, 2023. As a result, COVID-19 cannot be the reason used to make tax-free “qualified disaster relief payments” to employees (or others) under Internal Revenue Code Sec. 139 for expenses incurred on and after that date.

Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win!

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.

In a nutshell, according to the SBA, the HUBZone program fuels small business growth in historically underutilized business zones. The idea is to award at least 3% of federal contract dollars to eligible companies each year.

The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper. 

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses.

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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 meet all applicable deadlines and learn more about the filing requirements.

As a business owner/manager, you have many processes and tasks involved in your day-to-day workload. Scheduling, timekeeping, payroll, etc... How about new hire onboarding?

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements.

You may think that the terms "highly compensated worker" and "overtime pay" don't belong in the same sentence, but the Supreme Court disagrees. HCEs can receive overtime if they are paid on a daily basis. In this case, Helix Energy Solutions Group, an offshore oil and gas firm based in Houston, claimed a former employee — Michael Hewitt — was exempt from overtime pay because he was a highly-paid executive. He claimed he should get retroactive overtime pay because Helix calculated his pay using a daily rate — and the Supreme Court agreed.