Returning Value Blog

If you have a will instead of a trust, choosing the right person to serve as the personal representative should be made only after careful consideration. While many of us have clarity on who our beneficiaries are, we often do not take considerable concern into the pivotal role of a personal representative.

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.

From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework to manage it more effectively.

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers, and find alternative funding sources when cash is tight. To keep your company’s cash flow positive, consider applying these four best practices.

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing, or developing computer software.

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?

If your remote employees live in the state where your business is located, you must follow federal employment laws plus your state's employment rules. But if your remote employees live in a different state from where you conduct business, you must comply with federal employment laws plus the labor laws for each state in which your employees reside. This applies to all areas of employment, including hiring, performance management, payroll, and employee benefits.

The Persevere stage of economic recovery is also known as “the dip” immediately following a crisis, or in this case, the COVID-19 pandemic and resulting recession. During this time, businesses of all sizes are in triage mode, taking immediate action to protect their employees and keep the lights on. Achieving these goals requires agility, strategy, and resilience, but it also requires another key element: liquidity.

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details.

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well.