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Returning Value Blog

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

Tax Document Retention Guidelines for Small Businesses

Posted by Lisa Albritton on Apr 24, 2018

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up.

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Posted in Business Tax

A Net Operating Loss On Your 2017 Tax Return Isn't All Bad News.

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

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs.

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Posted in Business Tax

TCJA Changes To Employee Benefits Tax Breaks: 4 Negatives and A Positive

Posted by Nick Wheeler, CPA on Apr 19, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

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Posted in Business Tax

Six Tax Reform Issues Impacting Nonprofit Organizations

Posted by Lesley L. Price, CPA on Apr 16, 2018

The Tax Cut and Jobs Act of 2017 (the “Act”) will have a profound impact on tax-exempt organizations. Even those that don’t report unrelated trade or business income or pay their executives over $1 million may still be affected.
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Posted in Business Tax

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