Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

4 Cost-Cutting Areas to Help Your Business Boost Profits

Posted by Murry Guy, CPA on May 09, 2024

Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits.

Full Story

Posted in Business Advisory

Growing Your Business With a New Partner: Here Are Some Tax Considerations.

Posted by Marty Williams, CPA on May 06, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis to zero.

Full Story

Posted in Business Advisory

Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits

Posted by Murry Guy, CPA on Apr 11, 2024

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Full Story

Posted in Business Advisory

How to Minimize Billing Bottlenecks

Posted by Murry Guy, CPA on Mar 18, 2024

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips.

Full Story

Posted in Business Advisory

FinCEN Requires Beneficial Ownership Information

Posted by Michael D. Machen, CPA, CVA on Mar 11, 2024

There is a new reporting requirement in 2024 that pertains to your current and new business(s).

The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021 and requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

Full Story

Posted in Business Advisory

New Independent Contractor Rules: Do They Affect Your Employees?

Posted by Murry Guy, CPA on Feb 23, 2024

The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.

Full Story

Posted in Business Advisory

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters into Effect.

Posted by Marty Williams, CPA on Jan 26, 2024

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to make salary deferrals into their employer’s 401(k) plan.

Full Story

Posted in Business Advisory

6 Tips to Improve Job-Costing Systems

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

Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers, and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid on future projects.

Full Story

Posted in Business Advisory

The Future of Accounting: How to Embrace Cutting-Edge Technology

Posted by Melissa Motley, CPA on Jan 03, 2024

Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy, and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce.

Full Story

Posted in Business Advisory

Data Governance: Working Toward Mission Accomplished

Posted by Melissa Motley, CPA on Nov 07, 2023

Data is the lifeblood of any modern organization — a critical asset that is not only used to operate the business but can also fuel innovation, reduce costs, and increase revenue. But managing data assets effectively comes with a set of challenges that can be difficult for organizations to navigate. Creating an effective data governance policy can help organizations mitigate risk and capitalize on opportunities.

Full Story

Posted in Business Advisory

Recent Posts

Returning_Value