Returning Value Blog

The IRS urges everyone to complete a paycheck checkup to make sure they are withholding the right amount of tax from their paychecks.

You can check out the IRS Tax Withholding Estimator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.

Footnotes appear at the end of a company’s audited financial statements. These disclosures provide insight into account balances, accounting practices, and potential risk factors — knowledge that’s vital to making well-informed lending and investing decisions. Here are examples of key risk factors that you might unearth by reading between the lines in a company’s footnotes.

2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the onset of the “Great Resignation” and other hurdles, nonprofit organizations had to reimagine operations and prioritize financial health to sustain mission-driven work. Now, they’re faced with a pivotal moment to turn crisis into opportunity. Despite COVID-19’s toll on health and the economy, disruption drove positive change for many organizations and, according to BDO’s Nonprofit Standards Benchmarking Survey, organizations plan to carry this momentum into the new year.

The payroll tax rates and contribution limits for 2022 have been released, and there are lots of changes. Below are the federal payroll tax rates and benefits contribution limits for 2022.

If you’re in business for yourself as a sole proprietor or planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:

According to a statement on the Centers for Medicare & Medicaid Services website, most consumers with private health coverage can go online or to a pharmacy or store, buy a test, and have their health plan pay for it, either upfront or after submitting a claim. "This requirement incentivizes insurers to cover these costs upfront and ensures individuals do not need an order from their health care provider to access these tests for free." The policy took effect on Jan. 15. The full details of the policy are available on the CMS website.

Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to determine which products and customers are profitable, to identify and eliminate waste, and to more accurately price products or bid jobs going forward.

Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately-held organizations have options. CPAs provide three other types of financial statements, which, in order of descending level of diligence, are: reviews, compilations, and preparations.

Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and issuing gift cards.

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities, or they needed money due to being laid off. Whatever the reason, if you’ve recently started a new business or you’re contemplating starting one, be aware of the tax implications.