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Returning Value Blog

IRS Warns of Fake Tax Bills

Posted by Michael D. Machen, CPA, CVA on Sep 26, 2016

On September 22, 2016, the Internal Revenue Service and its Security Summit partners issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

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Online Incentives Exchange (OIX)

Posted by Trisha Williams, CPA on Mar 10, 2016

By leveraging our membership in BDO Alliance USA,  Machen McChesney can offer greater technical knowledge in specialty areas such as Online Incentives Exchange ("OIX").  BDO is now a member of OIX – an online marketplace for buying, selling, and processing transferable federal and state tax credits.  Through its OIX membership, BDO is better able to match buyers and sellers of tax credits, streamline the transfer process, and minimize pricing uncertainty.
 
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Do You Make Retail Sales To Entities That Are Exempt From Paying Sales, Use, Or Lodging Taxes?

Posted by Lisa Albritton on Feb 18, 2016

In most cases if you make retail sales of tangible personal property or lodging accommodations, you must collect and remit the applicable tax associated with that transaction. However, there are three types of customers that are tax-exempt:

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Spotlight on: Fabricated Metals - More Manufacturers May Use R&D Credits Under Pending Legislation

Posted by Melissa Motley, CPA on Nov 18, 2015

Designed to encourage investment in innovation, R&D tax credits can sometimes be overlooked by fabricated metals products manufacturers, when in fact they are accessible to many small- and medium-sized manufacturers in the sector. It’s important to note that a company need not necessarily be producing an end product to qualify. Often, fabricated metals producers are engaging in projects aimed at implementing design, manufacturing or process improvement at the parts level. While many may not feel that such projects fall under the scope of R&D, many of the investments in improvement made by fabricated metals manufacturers to stay competitive in fact qualify as R&D from the government’s perspective.

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Five Year-End Tax Ideas for Businesses

Posted by Marty Williams, CPA on Oct 16, 2015

Don’t think that year-end tax planning is strictly limited to individuals. A calendar-year business can also keep taxes for 2015 to the bare minimum with some astute planning at the end of the year. Here are five techniques for consideration by small-business owners.

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Seven Make-or-Break Year-End Tax Moves for Individuals

Posted by Melissa Motley, CPA on Oct 15, 2015

As another year draws to a close, the tax moves you make or don’t make, can have a significant impact on your 2015 tax return. Fortunately, there are plenty of tax-saving opportunities available to individual taxpayers, even if certain tax provisions are not resolved until the waning days of the year. Here are seven ways you may be able to reduce your tax bill for 2015.

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Year-End Tax Planning Considerations for Individuals

Posted by Marty Williams, CPA on Sep 14, 2015

As the summer months wind down, year-end tax planning will become a hot topic for many client service professionals. Whether it’s the closely held business owner or a high-net-worth individual, income taxes represent a significant outflow for our clients. With top rates of 39.6% on ordinary income, 20% for long-term capital gains plus a 3.8% Net Investment Income Tax (NIIT), our tax environment requires us to find favorable opportunities that generate tax savings for clients. If not already addressed on a regular basis, year-end planning is the last chance to evaluate opportunities before the year comes to a close. As conversations begin to shift toward year-end planning, here are a few strategies to consider.

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Take Tax Credit for Making History

Posted by Marty Williams, CPA on Aug 21, 2015

A real estate owner may be contemplating the renovation of an older building in a historic part of town or a place that otherwise has historical implications. Fortunately, the federal tax law provides some incentives. Before you start tearing down walls and putting up a new façade, follow the steps for having the building certified as a historic structure. The payoff is a tax credit—a dollar-for-dollar reduction of your tax billequal to 20% of the renovation costs.

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6 Common Expenses that May Qualify for a Medical Tax Deduction

Posted by Lesley L. Price, CPA on Jul 07, 2015

iStock_000041467496_LargeIn the past, it was difficult to qualify for medical expense deductions. Now, some pundits would say that it is “nearly impossible.” Based on tax law changes that took effect in 2013, most taxpayers can deduct only unreimbursed expenses in excess of 10% of their adjusted gross income (AGI), up from 7.5% of AGI under prior law. For taxpayers who are aged 65 or older, the threshold remains at 7.5% of AGI, but only through 2016.

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Maximizing Tax Benefits of Installment Sales

Posted by Nick Wheeler, CPA on Jul 07, 2015

If you are trying to sell appreciated commercial real estate in today’s market, you may have to compromise. For instance, if you refuse to budge on price, you might have to make other reasonable concessions, such as agreeing to an installment sale for a buyer with limited liquidity. As the name implies, the buyer pays you in a series of installments instead of providing all the cash up front.

This could actually be beneficial from a tax perspective if payments are made over two years or more. In that case, not only do you defer some of the tax due on the appreciation in value, but you may reduce your tax liability.

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