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Returning Value Blog

2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Dec 18, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

2 Valuable Year-End Tax-Saving Tools for Your Business

Posted by Marty Williams, CPA on Dec 11, 2019

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or other assets and place them into service by the end of the tax year. In other words, you can claim a full deduction for 2019 even if you acquire assets and place them in service during the last days of the year.

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Posted in Business Tax

Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

Posted by Nick Wheeler, CPA on Dec 10, 2019

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?

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FAQs About Prepaid Expenses

Posted by Jessica L. Pagan, CPA on Dec 09, 2019

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here are some questions small business owners and managers frequently ask about prepaying expenses.

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Posted in Business Tax

The Tax Implications If Your Business Engages in Environmental Cleanup

Posted by Lesley L. Price, CPA on Nov 20, 2019

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.

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Accrual-Based Businesses: 5 Ways to Reduce Your 2019 Taxes

Posted by Lisa Albritton on Nov 18, 2019

There may still be opportunities to reduce your company’s 2019 tax bill.

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Posted in Business Tax

How to Treat Your Business Website Costs for Tax Purposes

Posted by Nick Wheeler, CPA on Oct 17, 2019

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy.

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Posted in Business Tax

Nonprofits:New Alternatives for Reporting Goodwill & Other Intangibles

Posted by Lesley L. Price, CPA on Oct 15, 2019

Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations? Many merging nonprofits, including educational institutions and hospitals, welcome these practical expedients. Here are the details.

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Posted in Business Tax

Understanding and Controlling the Unemployment Tax Cost of Your Business

Posted by Murry Guy, CPA on Oct 08, 2019

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of $420 for each employee who earned at least $7,000 per year, while an employer taxed at 0.6% pays $42.

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The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Posted by Lisa Albritton on Oct 02, 2019

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically low.

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Posted in Business Tax

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