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Returning Value Blog

3 Reasons To Outsource Your Business's Bookkeeping

Posted by Murry Guy, CPA on Jun 23, 2017

As a small-business owner have you ever considered outsourcing your bookkeeping services?  Here are 3 good reasons why you might consider outsourcing this function.

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Posted in Accounting & Outsourcing

Tips for Preventing Fraud at Smaller Nonprofit Organizations

Posted by Aaron K. Waller, CPA on May 18, 2017

In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.

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Posted in Accounting & Outsourcing

Don't Ignore the Embezzlement Threat

Posted by Aaron K. Waller, CPA on Mar 23, 2017

Small-business owners must remain alert 

It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it? 

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Posted in Accounting & Outsourcing

Accelerated Due Date for Form 1099-MISC

Posted by Murry Guy, CPA on Jan 18, 2017

Business owners beware

Several filing deadlines have changed beginning this month. Under the 2015 PATH Act, beginning with forms filed in 2017, Forms 1099-MISC, used to report non-employee compensation must be filed on or before January 31 of the year following the calendar year to which such returns relates. And those returns are no longer eligible for the extended filing date for electronically filed returns. (Code Sec. 6071(c)) View 2017 filing instructions for Form 1099-MISC.

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Posted in Accounting & Outsourcing

Does Your Business Require You to File a Form 1099-MISC?

Posted by Murry Guy, CPA on Nov 14, 2016

Form 1099-MISC: is an Internal Revenue Service (IRS) tax return document that covers reporting for a wide range of payments made to non-employee individuals (e.g., independent contractors) over the course of the year on behalf of your trade or business.  Personal payments are not reportable.

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Posted in Accounting & Outsourcing

IRS Significantly Increases Business Deductible for De Minimis Tangible Property

Posted by Nick Wheeler, CPA on Dec 11, 2015

On November 24, 2015, the IRS issued Notice 2015-82, which increases the deductible amount for purchases of de minimis tangible property from $500 to $2,500 per item. The new limit is for taxpayers who do not have an applicable financial statement (AFS), a financial statement that is required to be filed with the SEC or a certified audited financial statement accompanied by the report of an independent CPA.

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Posted in Accounting & Outsourcing

Changes in Accounting Rules You Need to Know

Posted by Aaron K. Waller, CPA on Nov 18, 2015

iStock_000005090067_Small-1.jpgAs financial statement preparers approach the end of 2015, they should be aware of accounting rule changes and their effects on how to prepare 2015 financial statements.

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Posted in Accounting & Outsourcing

FASB Issues Proposal to Defer Revenue Standard by One Year

Posted by Aaron K. Waller, CPA on Jun 25, 2015

The FASB issued an exposure draft proposing a one-year delay of the effective date for the new revenue recognition standard that it issued jointly with the IASB in 2014. Under the proposed amendments, the revenue recognition standard would take effect in 2018 for calendar year-end public entities. It would take effect for private entities in 2019.

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Posted in Accounting & Outsourcing

Intangible Asset Accounting Update for Private Companies

Posted by Aaron K. Waller, CPA on Mar 02, 2015

In its continued effort to simplify financial reporting for private companies, the Financial Accounting Standards Board (FASB) has issued an update to its standards for accounting for business combinations.  The update, Accounting for Identifiable Intangible Assets in a Business Combination, offers private companies an alternative method of accounting for certain acquired intangible assets.

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Posted in Accounting & Outsourcing

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