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Returning Value Blog

Is Your Not-for-Profit Financially Fit?

Posted by Don G. Chastain, CPA on May 24, 2018

Being financially fit and stable is critical to any business, including a not-for-profit (NFP). If an NFP has a weak financial position, it may not be able to sustain its operations. While the perception by many in today’s society is that most NFPs are generally financially healthy, this is not always the case. For example, a recently published report noted that 41 percent of charities do not expect to make a profit over the next three years. An NFP’s liquidity is an important story to convey to the users of its financial statements.
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Posted in Not For Profit

The TCJA Changes Some Rules For Deducting Pass-through Business Losses

Posted by Nick Wheeler, CPA on May 22, 2018

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions.

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Posted in Business Tax

How Accountable Is Your Business?

Posted by Melissa Motley, CPA on May 17, 2018

How to set up an accountable plan.

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Posted in Business Tax

Can You Deduct Business Travel When It's Combined With A Vacation?

Posted by Melissa Motley, CPA on May 15, 2018

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

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Posted in Business Tax

New Law Revives Six Key Tax Breaks

Posted by Jessica L. Pagan, CPA on May 11, 2018

Extensions retroactive to 2017 tax year

The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016.

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Posted in Individual Tax

Five Prime Issues For Business Startups

Posted by Michael D. Machen, CPA, CVA on May 09, 2018

Items for new owners to resolve

Are you starting a new business venture or investing in potential opportunities in the marketplace? Before you make any commitments, be aware that there are numerous practical considerations from a business, tax and legal perspective. In other words, there is much more involved than just fronting the cash.

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Posted in Business Advisory

Sizing Up New Deduction For Pass-through Entities

Posted by Lesley L. Price, CPA on May 08, 2018

Complicated new rules for business owners

The new Tax Cuts and Jobs Act (TCJA) creates a brand-new deduction for pass-through entities, designed to provide a balance to corporations benefiting from tax rate cuts. But the deduction is not nearly as simple as the new flat 21% rate for corporations authorized by the TCJA. Although many tax experts are still grappling with the rules, here are the basics of what we know so far.

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Posted in Business Tax

IRS Audit Techniques Guides Provide Clues To What May Come Up If Your Business Is Audited

Posted by Melissa Motley, CPA on May 07, 2018

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited.

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Posted in Business Tax

A Review Of Significant TCJA Provisions Affecting Small Businesses

Posted by Nick Wheeler, CPA on May 02, 2018

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017 and are permanent, unless otherwise noted.

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Posted in Business Tax

Estate Planning Beyond The Headlines

Posted by Lesley L. Price, CPA on Apr 30, 2018

Ways the new tax law affects federal estate taxes.

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Posted in Estate Planning

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