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Returning Value Blog

Spouse-Run Businesses Face Special Tax Issues

Posted by Nick Wheeler, CPA on Sep 21, 2023

Do you and your spouse together operate a profitable, unincorporated small business? If so, you face some challenging tax issues.

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Posted in Business Tax

IRS Immediately Stops New Employee Retention Credit Processing Due to Fraud Concerns

Posted by Murry Guy, CPA on Sep 19, 2023

Machen McChesney is committed to keeping you informed about critical developments that may impact your business. Today, we would like to bring to your attention an important update from the Internal Revenue Service (IRS) concerning the Employee Retention Credit (ERC) program.

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Posted in Business Advisory

If You Live in Alabama, Here's How to Pass Your Home to Your Children.

Posted by Lesley L. Price, CPA on Sep 18, 2023

Last month, an article was posted, " How to Leave Your Home to Your Children." The article was not specific to the state of Alabama. Jan Neal, an attorney with Jan Neal Law Firm, LLC, offered to give us advice more specific to the State of Alabama. The state has specific rules, and below is Jan Neal's article:
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Posted in Estate Planning

Taxable and Nontaxable Employee Benefits

Posted by Amber Malik on Sep 15, 2023

As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs, and values. Now, the onus is on employers to provide an environment that makes their star team members want to stay and also attracts new talent. Part of that equation is providing a great benefits package. But if you're one of the many employers expanding their benefits, how do you pay taxes on your new programs?

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Posted in Payroll, HR & Benefits

Navigating the Percentage-Of-Completion Method

Posted by Jessica L. Pagan, CPA on Sep 12, 2023

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires the use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works.

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Posted in Accounting & Outsourcing

Required Minimum Distributions (RMDs) Relief and Guidance for 2023

Posted by Jessica Hemard, CPA on Sep 11, 2023

If you were born in 1951 and took a required minimum distribution (RMD) this year (due to reaching age 72), you may be able to roll the funds back into your retirement account and not have it subject to income tax. The distribution must have occurred between 1/1/23 and 7/31/23; you have until 9/30/23 to roll the funds back into the retirement account. This could also apply to the surviving spouse of the IRA owner.

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Posted in Individual Tax

Update on Depreciating Business Assets

Posted by Jessica L. Pagan, CPA on Sep 07, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

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Posted in Business Tax

Overhead Allocations: Rising Costs Require a Fresh, Disciplined Mindset

Posted by Nick Wheeler, CPA on Sep 06, 2023

From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how to allocate indirect costs to your products. Proper cost allocation is essential to evaluating product and service line profitability and, in turn, making informed pricing decisions.

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Posted in Business Advisory

Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies?

Posted by Marty Williams, CPA on Sep 05, 2023

The SECURE 2.0 law, enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”

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Posted in Retirement Planning

State and Local Tax Issues Businesses Should Consider

Posted by Michael D. Machen, CPA, CVA on Aug 18, 2023

State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada, and North Carolina.

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Posted in Business Tax

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