Returning Value Blog

A complete set of financial statements for your business contains three reports. Each serves a different purpose but ultimately helps stakeholders — including managers, employees, investors, and lenders — evaluate a company’s performance. Here’s an overview of each report and a critical question it answers.

Do you play a major role in a closely held corporation and sometimes personally spend money on corporate expenses? These costs may wind up being non-deductible by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

Despite the COVID-19 pandemic, government officials see a significant increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses.

Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements and prevent fraud, waste, and abuse. Given their importance, internal controls are a key area of focus for internal and external auditors.

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.

State and local governments are revisiting taxpayer compliance with nexus rules and other tax policies, considering new taxes on digital services, and reconsidering conformity with federal tax rules and legislation in an effort to rebuild their economies. The following is an in-depth look at five key state tax issues that taxpayers should begin considering now.

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty,” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

The State of Alabama will be participating in the 16th annual Back-to-School Sales Tax Holiday weekend for school-related items.  This special shopping period will start at 12:01 a.m. on Friday, July 16, 2021, and end at midnight on Sunday, July 18, 2021. 

The U.S. Department of the Treasury has made available $350 Billion to state and local governments to cover the costs incurred as a result of recovery efforts related to the COVID-19 pandemic.