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Returning Value Blog

Back To School Sales Tax Holiday Weekend 2018

Posted by Michael D. Machen, CPA, CVA on Jul 19, 2018

There are several different types of tax-free weekend events in the U.S. Some apply to Energy Star products or hurricane preparedness, or back-to-school shopping needs. This year the State of Alabama will be participating in the Back-to-School Sales Tax Holiday Weekend beginning Friday, July 20 through Sunday, July 22. Alabama’s 13th Back-to-School Sales Tax Holiday will begin at 12:01 a.m. on Friday, July 20, and end at midnight on Sunday, July 22.

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Posted in Alerts

Close-up On The New QBI Deduction's Wage Limit

Posted by Lesley L. Price, CPA on Jul 18, 2018

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

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Posted in Business Tax

How To Avoid Getting Hit With Payroll Tax Penalties

Posted by Jessica L. Pagan, CPA on Jul 16, 2018

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Posted in Accounting & Outsourcing

Using Analytical Procedures In An Audit Provides Many Benefits

Posted by Aaron K. Waller, CPA on Jul 12, 2018

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. But analytics can have an even bigger impact when used to supplement substantive testing during fieldwork.

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Posted in Audit & Assurance

Is It Time To Adopt The New Hedge Accounting Principles?

Posted by Melissa Motley, CPA on Jul 09, 2018

Implementing changes in accounting rules can be a real drag. But the new hedge accounting standard may be an exception to this generality. Many companies welcome this update and may even want to adopt it early because the new rules are more flexible and attempt to make hedging strategies easier to report on financial statements.

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Posted in Business Tax

What Employers Should Know About National Medical Support Notices

Posted by Murry Guy, CPA on Jul 03, 2018

An employer may occasionally receive a National Medical Support Notice (NMSN). If this ever happens to your organization, here’s what you should know.

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Posted in Payroll, HR & Benefits

Does Your Business Have To Begin Collecting Sales Tax On All Out-of-state Online Sales?

Posted by Lisa Albritton on Jul 02, 2018

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax.

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Posted in Business Tax

Spotlight On Auditor Independence and Hosting Arrangements

Posted by Aaron K. Waller, CPA on Jun 25, 2018

With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important in 2018. Why? New rules go into effect this fall that may warrant changes to the services provided by your audit firm. If you discover potential issues now, there’s still plenty of time to take corrective action before next year’s audit begins.

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Posted in Audit & Assurance

Tax Reform FAQ For Manufacturers

Posted by Melissa Motley, CPA on Jun 22, 2018

The $1.5 trillion tax reform legislation known as the “Tax Cuts and Jobs Act” (TCJA) represents the biggest change to the tax code since 1986. While the implications for businesses are broad and complex, we’ve summarized some of the most common tax reform questions for manufacturers:
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Posted in Business Tax

Tools To Help You Reach Major Financial Goals

Posted by Don G. Chastain, CPA on Jun 21, 2018

It's midyear, time to check your progress toward financial goals.

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Posted in Retirement & Wealth Management Planning

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