Returning Value Blog

The Securities and Exchange Commission (SEC) doesn’t monitor just publicly traded companies. It also looks at the dealings of some private companies, often to the surprise of their owners and executives.

The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even more than those of public companies from this type of information. But it’s also important to understand the potential shortcomings.

Every employer knows that failing to comply with federal laws is costly, but it’s getting even more so. The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 directs federal agencies to adjust civil penalties for inflation each year. As a result, the Department of Labor recently issued a final rule that revises civil penalties for many violations of federal labor laws for 2019. Here are some of the major areas to be aware of:

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

As a small-business owner have you ever considered outsourcing your bookkeeping services?  Here are 3 good reasons why you might consider outsourcing this function.

In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.

Small-business owners must remain alert 

It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it? 

Business owners beware

Several filing deadlines have changed beginning this month. Under the 2015 PATH Act, beginning with forms filed in 2017, Forms 1099-MISC, used to report non-employee compensation must be filed on or before January 31 of the year following the calendar year to which such returns relates. And those returns are no longer eligible for the extended filing date for electronically filed returns. (Code Sec. 6071(c)) View 2017 filing instructions for Form 1099-MISC.

Form 1099-MISC: is an Internal Revenue Service (IRS) tax return document that covers reporting for a wide range of payments made to non-employee individuals (e.g., independent contractors) over the course of the year on behalf of your trade or business.  Personal payments are not reportable.

On November 24, 2015, the IRS issued Notice 2015-82, which increases the deductible amount for purchases of de minimis tangible property from $500 to $2,500 per item. The new limit is for taxpayers who do not have an applicable financial statement (AFS), a financial statement that is required to be filed with the SEC or a certified audited financial statement accompanied by the report of an independent CPA.