Returning Value Blog

The Coronavirus Aid, Relief, and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive, and there may be opportunities for some businesses to file amended tax returns.

During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition, and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. A comprehensive stress test requires the following three steps.

On August 8, President Trump signed four executive actions, including a Presidential Memorandum, to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.

There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also use forecasts as yardsticks for evaluating and improving performance over time.

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).

The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The Fair Labor Standards Act, the Family and Medical Leave Act, and the Families First Coronavirus Response Act are all governing workplace rights and responsibilities, and the new DOL guidance will help everyone understand them.

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable accounting guidelines.