Returning Value Blog

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.

There is a new reporting requirement in 2024 that pertains to your current and new business(s).

The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021 and requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.

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.

Stakeholder demands for companies to commit to clear environmental, social, and governance (ESG) goals and targets have become commonplace.

In addition to strengthening stakeholder relationships, setting goals and targets can help companies further their corporate sustainability strategies, improve operational and financial performance, enhance credibility, and achieve other benefits.

Each company’s path toward sustainability is unique but effective environmental, social, and governance (ESG) strategies and programs have something in common — they help companies better navigate uncertainty and cultivate resiliency.

Healthcare providers are approaching a major regulatory shift. On May 11, the Federal Public Health Emergency (PHE) for the COVID-19 pandemic will lapse, ending or sunsetting regulatory changes which greatly benefited providers during the pandemic.

The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper. 

The overall economic outlook is uncertain, costs continue to rise and supply chain disruption persists. How can businesses enable new growth and find competitive advantage?

The U.S. Treasury Department and the IRS, on December 29, 2022, released information on the clean vehicle provisions of the Inflation Reduction Act. The new guidance provides greater clarity to consumers and businesses that, beginning January 1, 2023, are able to access tax benefits from the law’s clean vehicle provisions.