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Returning Value Blog

2022 Year-End Tax Planning for Individuals

Posted by Lesley L. Price, CPA on Nov 17, 2022

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.

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Posted in Individual Tax

How to Set Up and Maintain Payroll Policies

Posted by Murry Guy, CPA on Nov 16, 2022

The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal.

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Posted in Payroll, HR & Benefits

Computer Software Costs: How Does Your Business Deduct Them?

Posted by Nick Wheeler, CPA on Nov 15, 2022

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing, or developing computer software.

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Posted in Business Tax

New Accounting Rules for Supplier Finance Programs

Posted by Jessica L. Pagan, CPA on Nov 10, 2022

Does your company use supplier finance programs to buy goods or services? If so, and if you must adhere to U.S. Generally Accepted Accounting Principles (GAAP), there will be changes starting next year. At that time, you must disclose the full terms of supplier finance programs, including assets pledged to secure the transaction. Here are the details of this new requirement under GAAP.

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Posted in Business Tax

Reap the Benefits of QuickBooks Software Solutions

Posted by Murry Guy, CPA on Nov 09, 2022

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have.

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Posted in Business Advisory

2023 Limits for Businesses That Have HSAs - Or Want to Establish Them

Posted by Nick Wheeler, CPA on Nov 08, 2022

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits:

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Posted in Business Tax

Inflation Means You and Your Employees Can Save More for Retirement in 2023

Posted by Michael D. Machen, CPA, CVA on Nov 04, 2022

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due to inflation.

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Posted in Retirement Planning

How Do Taxes Work With Bonuses?

Posted by Murry Guy, CPA on Nov 02, 2022

Bonuses, frequently given at the end of the year, is a popular "thank you" for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education and preparation, the situation can work out for everyone.

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Posted in Payroll, HR & Benefits

Employers: In 2023, the Social Security Wage Base Is Going Up.

Posted by Murry Guy, CPA on Oct 25, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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Posted in Business Tax

Income Tax Considerations for Student-Athletes

Posted by Michael D. Machen, CPA, CVA on Oct 14, 2022

Student-athletes can now enter into name, image and likeness (NIL) contracts for compensation. NIL contracts have major federal and state tax implications, including income tax responsibilities, state nexus, and reporting obligations. How should athletes and their advisors navigate compensation issues related to NIL contracts so that there are no tax surprises? We share valuable insight on the game-changing issues related to NILs.

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Posted in Business Advisory

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