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Returning Value Blog

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

Review Real-Time Data With Flash Reports

Posted by Aaron K. Waller, CPA on Aug 08, 2024

It usually takes between two and six weeks for management to prepare financial statements that comply with the accounting rules. The process takes longer if an outside accountant reviews or audits your reports. Timely information is critical to making informed business decisions and pivoting as needed if results fall short of expectations. That’s why proactive managers often turn to flash reports for more timely insights.

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Posted in Business Advisory

Consider Borrowing From Your Corporation But Structure the Deal Carefully

Posted by Murry Guy, CPA on Jul 17, 2024

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. However, it’s important to avoid certain risks and charge an adequate interest rate.

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Posted in Business Advisory

If Your Business Has Co-Owners, You Probably Need a Buy-Sell Agreement

Posted by Nick Wheeler, CPA on Jul 15, 2024

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things:

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Posted in Business Advisory

Is an ESOP the Right Choice for Your Company?

Posted by Marty Williams, CPA on Jul 03, 2024

Employee stock ownership plans have been in the headlines recently, but they have been around for decades. ESOPs are qualified defined contribution plans in the form of stock bonus plans or stock purchase/money purchase plans. They are governed by Internal Revenue Code Section 401(a) and the Employee Retirement Income Security Act, also known as ERISA.

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Posted in Business Advisory

Major Overtime Change Will Deeply Affect Employers

Posted by Murry Guy, CPA on Jun 12, 2024

According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements.

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Posted in Business Advisory

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.

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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.

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Posted in Business Advisory

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