Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Murry Guy, CPA

Recent Posts

Turning Receivables Into Cash

Posted by Murry Guy, CPA on Jul 07, 2023

It’s common for high-growth and seasonal businesses to have occasional shortfalls in their checking accounts. The reason relates to the cash conversion cycle — that is, it takes time to collect on customer invoices. In the meantime, employees and suppliers want to get paid. The “cash gap” is currently getting wider for many companies. A recent study by CFO / The Hackett Group shows that the cash conversion cycle increased from 35.2 days in 2021 to 36.4 days in 2022. To add insult to injury, interest rates, and many operational costs are rising.

Full Story

Posted in Business Advisory

The Employee Retention Credit: What Taxpayers Need to Know

Posted by Murry Guy, CPA on Jun 21, 2023

The U.S. government has repeatedly revised the requirements for U.S. taxpayers to claim the Employee Retention Credit ("ERC"), also commonly known as the Employee Retention Tax Credit, since its initial codification into law. As a result, many eligible taxpayers have been left uncertain as to whether they may properly claim this often-valuable tax credit. Because there is a strict statute of limitations on claiming the ERC, potentially eligible taxpayers that have not already claimed the ERC should review their eligibility under current U.S. law as soon as possible.  

Full Story

Posted in Business Advisory

If You're Hiring Independent Contractors, Make Sure They're Properly Handled

Posted by Murry Guy, CPA on May 24, 2023

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Full Story

Posted in Business Advisory

Have Employees Who Receive Tips? Here Are the Tax Implications

Posted by Murry Guy, CPA on Feb 07, 2023

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels, and salons.

Full Story

Posted in Accounting & Outsourcing

Form W-2 and 1099-NEC Are Due to Be Filed Soon

Posted by Murry Guy, CPA on Jan 24, 2023

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms:

Full Story

Posted in Accounting & Outsourcing

The Standard Business Mileage Rate Is Going Up in 2023

Posted by Murry Guy, CPA on Jan 05, 2023

Although the national gas price is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will increase in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup, or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

Full Story

Posted in Business Tax

Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-end to Help Qualify?

Posted by Murry Guy, CPA on Dec 13, 2022

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.

Full Story

Posted in Business Tax

Is It Time to Update Your Accounting Practices?

Posted by Murry Guy, CPA on Dec 05, 2022

If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the financial and accounting realm, doing things the way you’ve always done them could be costing your business in terms of lost efficiency and profits. Here are five considerations to help modernize your accounting processes and systems.

Full Story

Posted in Business Advisory

How to Manage a Payroll Schedule

Posted by Murry Guy, CPA on Nov 30, 2022

Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your company’s gross income, but with service industries, costs can be as high as 50%.

Full Story

Posted in Payroll, HR & Benefits

How to Set Up and Maintain Payroll Policies

Posted by Murry Guy, CPA on Nov 16, 2022

The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal.

Full Story

Posted in Payroll, HR & Benefits

Recent Posts

Returning_Value