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Returning Value Blog

Self-Employed? Build a Nest Egg With a Solo 401(K) Plan

Posted by Michael D. Machen, CPA, CVA on Sep 09, 2022

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have a healthy self-employment income and want to contribute substantial amounts to a retirement nest egg.

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Posted in Retirement Planning

Is This Your Situation: Sorting Out Payroll Categories

Posted by Becky Snedigar on Sep 08, 2022

Distinguishing between independent contractors and employees is important for both tax and financial reasons. In order to comply with federal tax laws, you've got to be crystal clear about your workers' status and keep accurate records no matter what. Here's how to distinguish between independent contractors and employees – and why it's important.

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Posted in Payroll, HR & Benefits

Is Your Current Bad Debt Allowance Reasonable?

Posted by Jessica L. Pagan, CPA on Sep 07, 2022

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date.

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Posted in Business Tax

Year-End Tax Planning Ideas for Your Small Business

Posted by Nick Wheeler, CPA on Sep 06, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as well as bunching deductible expenses into this year or next to maximize their tax value.

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Posted in Business Tax

Inflation Reduction Act Provisions of Interest to Small Businesses

Posted by Marty Williams, CPA on Sep 01, 2022

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law's impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the law adds a 1% excise tax on stock buybacks of more than $1 million by publicly traded U.S. corporations.

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Posted in Business Advisory, Business Tax, News & Events

Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning

Posted by Michael D. Machen, CPA, CVA on Aug 12, 2022

Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention in the retirement plan industry over the past few years. The Department of Labor (DOL) has issued a stern warning about cryptocurrencies on investment menus and brokerage platforms within 401(k) plans. Since the release of the warning, third-party plan providers have responded with differing stances on the guidance released. Some 401(k) providers believe that the DOL has gone too far.

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Posted in Business Advisory

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

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