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Returning Value Blog

Put Your Audit In Reverse To Save Sales and Use Tax

Posted by Melissa Motley, CPA on Aug 16, 2017

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds.

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Posted in Tax Planning

IRS Focused on Charitable Donation Substantiation Compliance

Posted by Allison Moore on Aug 14, 2017

Recent Tax Court cases have demonstrated the Internal Revenue Service’s (IRS) increase in strict compliance with the substantiation requirements for charitable donations. For example, a $64.5 million charitable contribution was recently disallowed because there was no written acknowledgment from the recipient at the time the return was filed.

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Posted in Not For Profit

New HRA Heals Health Care Reimbursement Pain

Posted by Jessica L. Pagan, CPA on Aug 11, 2017

Small employers now have a treatment for an Affordable Care Act ailment.

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Posted in Business Advisory

Top Retirement Locations Aren't All In the Sunbelt

Posted by Don G. Chastain, CPA on Aug 10, 2017

Looking to retire? You may be surprised where some of the top retirement locations are.

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Posted in Retirement Planning

Material Participation Key To Deducting LLC and LLP Losses

Posted by Lesley L. Price, CPA on Aug 09, 2017

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules, which can result in negative tax consequences. Fortunately, these days LLC and LLP owners can be treated as general partners, which means they can meet any one of seven “material participation” tests to avoid passive treatment.

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Posted in Business Tax

Entering a Roth Through the Back Door

Posted by Don G. Chastain, CPA on Aug 07, 2017

Is this retirement strategy right for you?

The door to Roth IRAs is closed to some high-income taxpayers because of annual limits imposed on contributions. But you may be able to use a “back-door” method that is perfectly legal. This technique may help you preserve more assets for your eventual retirement.

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Posted in Individual Tax

6 Ways To Control Your Unemployment Tax Costs

Posted by Murry Guy, CPA on Aug 01, 2017

Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number of former employees who’ve filed unemployment claims with the state, your current number of employees and your business’s age. Typically, the more claims made against a business, the higher the unemployment tax bill.

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Posted in Business Tax

Don't Retire Without A Succession Plan

Posted by Michael D. Machen, CPA, CVA on Jul 31, 2017

Business owners aren't as ready to retire as they should be.

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Posted in Business Advisory

ESOPs Offer Businesses Tax and Other Benefits

Posted by Nick Wheeler, CPA on Jul 28, 2017

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning.

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Posted in Business Valuation

Even Geniuses Can Have Trouble With Income Taxes.

Posted by Aaron K. Waller, CPA on Jul 26, 2017

Understanding tax codes can be a difficult and a time-consuming endeavor. Leave it to a tax professional who will keep you in compliance while minimizing your tax liability.

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Posted in Individual Tax