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Returning Value Blog

Four Reasons to Align Your Supply Chain and Tax Strategies

Posted by Nick Wheeler, CPA on Sep 19, 2022

Did you know that 45% of tax executives say they are not involved in supply chain planning?

That’s according to BDO’s 2022 Tax Outlook Survey, which found that business leaders do not always consult with their tax departments on decisions that can affect their companies’ total tax liability.

But do tax executives really need to be involved in supply chain planning?

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Posted in Business Tax

State Income Tax Apportionment: How Much of Your Business's Income is Subject to State Tax?

Posted by Murry Guy, CPA on Sep 14, 2022

Businesses operating across state lines must determine the amount of their income that is subject to tax in each state. Generally, this is done using what is known as “formulary apportionment.” Given that states regulate the apportionment methods they allow and are not required to use a uniform approach, the varying methods — especially the different ways states source and weight a taxpayer’s sales activities — may result in excessive taxation overall. Multi-state businesses should review the apportionment options and rules in the states and localities where they are taxable for potential opportunities to reduce their tax bill and to ensure they are reporting and paying the correct amount of tax.

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Posted in Business Tax

Is Your Current Bad Debt Allowance Reasonable?

Posted by Jessica L. Pagan, CPA on Sep 07, 2022

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date.

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Posted in Business Tax

Year-End Tax Planning Ideas for Your Small Business

Posted by Nick Wheeler, CPA on Sep 06, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as well as bunching deductible expenses into this year or next to maximize their tax value.

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Posted in Business Tax

Inflation Reduction Act Provisions of Interest to Small Businesses

Posted by Marty Williams, CPA on Sep 01, 2022

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law's impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the law adds a 1% excise tax on stock buybacks of more than $1 million by publicly traded U.S. corporations.

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Posted in Business Advisory, Business Tax, News & Events

Is Your Business Required to Report Employee Health Coverage?

Posted by Nick Wheeler, CPA on Aug 10, 2022

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done?

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Posted in Business Tax

How to Treat Business Website Costs for Tax Purposes

Posted by Jessica L. Pagan, CPA on Aug 02, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

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Posted in Business Tax

Three Tax Breaks for Small Businesses

Posted by Lesley L. Price, CPA on Jul 26, 2022

Sometimes, bigger isn't better: Your small- or medium-sized business may be eligible for some tax breaks that aren't available to larger businesses. Here are some examples.

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Posted in Business Tax

Last Call for Lease Accounting

Posted by Melissa Motley, CPA on Jul 13, 2022

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private, not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Surprisingly, some organizations still haven’t completed the implementation process, however. (Note: The updated accounting rules for long-term leases took effect for public companies in 2019.)

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Posted in Business Tax

The Tax Obligations if Your Business Closes Its Doors.

Posted by Jessica L. Pagan, CPA on Jul 12, 2022

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met.

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Posted in Business Tax

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