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Returning Value Blog

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Sep 20, 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

Should Your Business Use Per Diem Rates For Travel Reimbursement?

Posted by Lesley L. Price, CPA on Sep 18, 2017

Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home.

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Posted in Business Tax

Larger Deduction Might Be Available to Businesses Providing Meals to Their Employees

Posted by Nick Wheeler, CPA on Aug 31, 2017

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code.

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Posted in Business Tax

Material Participation Key To Deducting LLC and LLP Losses

Posted by Lesley L. Price, CPA on Aug 09, 2017

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules, which can result in negative tax consequences. Fortunately, these days LLC and LLP owners can be treated as general partners, which means they can meet any one of seven “material participation” tests to avoid passive treatment.

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Posted in Business Tax

6 Ways To Control Your Unemployment Tax Costs

Posted by Murry Guy, CPA on Aug 01, 2017

Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number of former employees who’ve filed unemployment claims with the state, your current number of employees and your business’s age. Typically, the more claims made against a business, the higher the unemployment tax bill.

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Posted in Business Tax

All Fringe Benefits Aren't Created Equal for Tax Purposes

Posted by Jessica L. Pagan, CPA on Jul 25, 2017

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

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Posted in Business Tax

3 Midyear Tax Planning Strategies for Business

Posted by Michael D. Machen, CPA, CVA on Jul 24, 2017

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by the Protecting Americans from Tax Hikes (PATH) Act:

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Posted in Business Tax

Pass-through Entities Far Outnumber C Corps. Here's a Closer Look.

Posted by Jessica L. Pagan, CPA on Jul 21, 2017

95% of U.S. businesses are "pass-through" entities and 43% of those pass-throughs are sole proprietorships.

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Posted in Business Tax

Are You Benefitting From Expenses Related to Your Company Parties?

Posted by Melissa Motley, CPA on Jul 07, 2017

Take Advantage of Tax Deductions for Company Events

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Posted in Business Tax

Keep Real Estate Separate From Your Business's Corporate Assets To Save Tax

Posted by Nick Wheeler, CPA on Jul 05, 2017

It’s common for a business to own not only typical business assets, such as equipment, inventory, and furnishings but also the building where the business operates — and possibly other real estates as well. There can, however, be negative consequences when a business’s real estate is included in its general corporate assets. By holding real estate in a separate entity, owners can save tax and enjoy other benefits, too.

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Posted in Business Tax

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