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Returning Value Blog

4 Bookkeeping Pitfalls for Small Businesses to Avoid

Posted by Chris Earnest on May 28, 2024

Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools.

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Posted in Accounting & Outsourcing

Tax Tips When Buying the Assets of a Business

Posted by Lesley L. Price, CPA on May 20, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways:

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Posted in Business Tax

The Tax Advantages of Including Debt in a C Corporation Capital Structure

Posted by Nick Wheeler, CPA on May 16, 2024

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure:

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Posted in Business Tax

It's Almost Time for a Midyear Checkup on Your Company's Financial Health

Posted by Jessica L. Pagan, CPA on May 15, 2024

Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials unless a CPA prepares them or performs agreed-upon procedures on specific accounts.

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Posted in Audit & Assurance

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

When Partners Pay Expenses Related to the Business

Posted by Jessica L. Pagan, CPA on May 07, 2024

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to and from client meetings, professional publications, continuing education, and home office. What’s the tax treatment of such expenses? Here are the answers.

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Posted in Business Tax

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

Don't Have a Tax-Favored Retirement Plan? Set One up Now.

Posted by Marty Williams, CPA on Apr 16, 2024

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.

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Posted in Retirement & Wealth Management Planning

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.

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Posted in Business Advisory

Monitoring Your Employees' Productivity

Posted by Amber Cochran on Apr 08, 2024

Worker productivity has been in the headlines recently. One reason is the easy access employers have to the many technologies that can monitor employees — from software that tracks when an employee swipes their badge at work to software that notes how long someone is at their computer and what they do while they are there. Another is a certain manifesting distrust of workers, particularly the increased numbers of remote workers. Either way, there's impetus for employers to actively watch what their employees are doing.

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Posted in Payroll, HR & Benefits

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