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Returning Value Blog

BOI Filing Requirement Temporarily Suspended

Posted by Louis Hawkins, CPA on Dec 06, 2024

As of Wednesday, 12/3, a federal judge in Texas issued a ruling suspending (temporarily) enforcement of the Corporate Transparency Act (CTA) nationally.  The CTA created the Beneficial Owner Information (BOI) filing requirement for businesses. This ruling is not a repeal but a temporary stay of enforcement.

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Posted in Business Advisory, Alerts

Self-Employment Tax: A Refresher on How It Works

Posted by Murry Guy, CPA on Nov 19, 2024

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you.

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Posted in Business Advisory

Employers: In 2025, the Social Security Wage Base Is Going Up

Posted by Murry Guy, CPA on Oct 23, 2024

As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax.

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Posted in Business Advisory

Charting the Future of Tax Policy: An Essential Guide for Corporate Boards

Posted by Michael D. Machen, CPA, CVA on Oct 14, 2024

The upcoming U.S. election cycle gives rise to ambiguity in business tax planning. Companies must prepare for a shifting tax landscape while considering differing priorities of Republicans and Democrats regarding U.S. tax policies, such as the approaching expiration of some components of the 2017 Tax Cuts and Jobs Act (TCJA). This environment emphasizes the importance of the board’s oversight role and its understanding of a company's total tax strategy, emerging compliance complexities, the impact of potential election results and associated tax planning scenarios, and the need for a broad perspective on total tax posture and associated social responsibility of the company.

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Posted in Business Advisory

Reminder: Profits and Cash Flow Aren't the Same

Posted by Nick Wheeler, CPA on Oct 10, 2024

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow.

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Posted in Business Advisory

Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?

Posted by Murry Guy, CPA on Oct 03, 2024

Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have.

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Posted in Business Advisory

Cutoffs: When to Report Revenue and Expenses

Posted by Murry Guy, CPA on Sep 25, 2024

Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for when companies recognize revenue and expenses. However, some companies may be tempted to play timing games, especially at year-end, to boost financial results or lower taxes.

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Posted in Business Advisory

It's Time for Your Small Business to Think About Year-End Tax Planning

Posted by Lesley L. Price, CPA on Sep 11, 2024

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next to maximize their tax value.

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Posted in Business Advisory, Business Tax

Reasons an LLC Might Be the Ideal Choice for Your Small Business

Posted by Jessica L. Pagan, CPA on Sep 10, 2024

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits.

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Posted in Business Advisory

Take Charge of Working Capital Management

Posted by Jessica L. Pagan, CPA on Aug 12, 2024

Proactive working capital management is essential to successful business operations. However, on average, businesses aren’t managing their working capital as efficiently as they have in the past, according to a new study by The Hackett Group, a digital transformation and AI strategy consulting firm.

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Posted in Business Advisory

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