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Returning Value Blog

Put Your Audit In Reverse To Save Sales and Use Tax

Posted by Melissa Motley, CPA on Aug 16, 2017

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds.

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Smart Tax Planning for Small Business Owners

Posted by Michael D. Machen, CPA, CVA on Apr 25, 2017

What should small business owners be focused on to ensure a smooth tax season?

While you started 2017 with the best of intentions to keep your financial records organized, you may find yourself scrambling to find receipts and other documentation to prepare your tax returns. All too often it is accounts receivable that presents that greatest challenge.

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The 4 Most Common Estate Planning Mistakes

Posted by Don G. Chastain, CPA on Feb 23, 2017

The most common components of a basic estate plan: a will, living will, life insurance, and maybe even a trust. Most adults know the importance of these estate planning elements, and may even have some or all of them implemented – which, overall, is great. But like everything in life, change happens, and updates will be necessary to some, if not all, of these documents. Here we have laid out the most common mistakes found in estate planning:

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2016 Year-End Tax Planning for Individuals and Businesses

Posted by Marty Williams, CPA on Dec 21, 2016

As 2016 draws to a closethe time to consider tax-saving opportunities for you and/or your business is before year-end. Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. You may want to consider opportunities to reduce or defer your annual tax obligation. Also, if you own a business, some opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or a regular corporation. Other opportunities may apply only to a particular type of business organization. These Tax Planning Letters are intended to assist you in your individual and business tax planning efforts.

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Post-Election Analysis: What to Expect from Trump's and House Republicans' Tax Proposals

Posted by Lesley L. Price, CPA on Nov 18, 2016

As the dust settles from President-elect Donald Trump’s historic victory in this year’s presidential contest and the Republican sweep of the U.S. House and Senate, it is now possible to envision potentially significant tax legislation changes being proposed as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of Ronald Reagan. Assuming that he follows up on these proposals and sticks to his promises, there are several major changes that the Trump administration seeks to make on individual and business taxes:

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5 Year-end Ideas for Your Business

Posted by Marty Williams, CPA on Oct 12, 2016

Remember that year-end planning is not just for individuals (see Seven Timely Tax Moves in 2016). In fact, your business operation may benefit from tax moves in 2016 in the wake of several key extensions in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are five ideas for small-business owners to consider.

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WOTC Additional Extension 2016

Posted by Trisha Williams, CPA on Jul 15, 2016

Congress recently extended the application of the work opportunity tax credit (the “WOTC”) to an employee who began working after December 31, 2014, and before January 1, 2020. Because the extension was not enacted until December 15, 2015, and the application for pre-screening an employee must be filed within 28 days after an employee begins work, the Service granted transitional relief extending the application due date for an employee hired on or after January 1, 2015 through August 31, 2016. Other than extending the time frames of transition relief, the recent notice does not otherwise modify the terms of the original IRS Notice 2016-22.
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GOP Tax Reform Plan Calls for Across-the-Board Rate Cuts and Territorial Tax System

Posted by Marty Williams, CPA on Jul 14, 2016

Just in time to make a splash in advance of their national convention in Cleveland, Republicans in the U.S. House of Representatives released a 35-page tax reform report on June 24 that proposes fundamental changes in several significant areas. Among the most important changes are proposals to slash tax rates for corporations, pass-through businesses, and most individuals.

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How to Stretch Out Estate-tax Payments

Posted by Lesley L. Price, CPA on Jun 22, 2016

Although you may have spent years building up a successful enterprise, your family may be forced to sell it soon after your death to pay the federal estate-tax bill. The full amount of estate tax is due nine months after an individual’s death. Fortunately, there is some tax relief for a family that inherits a small business.

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Seven Tax Moves in the Summertime

Posted by Marty Williams, CPA on Jun 21, 2016

Although summer is traditionally the time for rest and relaxation, you can still “work on” your 2016 tax bill. What’s more, special tax incentives for individuals and small-business owners have been restored by the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are seven popular tax-saving ideas.

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Posted in Tax Planning

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