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Returning Value Blog

How to Use Visual Aids in Financial Reporting

Posted by Aaron K. Waller, CPA on Apr 01, 2020

Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends?

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Posted in Audit & Assurance

Coronavirus (COVID-19): Tax Relief for Small Businesses

Posted by Nick Wheeler, CPA on Mar 24, 2020

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. 

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Posted in Business Tax

Coronavirus Strikes Nonprofits in More Ways Than One

Posted by Lesley L. Price, CPA on Mar 20, 2020

Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its impact and uncertainty around what the future holds.

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Posted in Not For Profit

Beware: Coronavirus May Affect Financial Reporting

Posted by Melissa Motley, CPA on Mar 16, 2020

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond.

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Posted in Audit & Assurance

Determine a Reasonable Salary for a Corporate Business Owner

Posted by Lesley L. Price, CPA on Mar 12, 2020

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are withdrawn as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the employee who receives it.

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Posted in Business Tax

Lease or Buy? Changes to Accounting Rules May Change Your Mind.

Posted by Michael D. Machen, CPA, CVA on Mar 09, 2020

The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new lease contracts. In some cases, you might decide to modify lease terms to avoid having to report leasing liabilities on your balance sheet. Or you might opt to buy (rather than lease) property to sidestep being subject to the complex disclosure requirements.

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Posted in Business Advisory

E-Verify----The Basics

Posted by Amber Malik on Mar 06, 2020

Alabama is one of several states that does require employers to use a federal program designed to stop them from hiring people in the U.S. illegally.  The Alabama legislature passed in both houses legislation prohibiting employers from knowingly employing unauthorized aliens. The law is known as the Beason-Hammon Alabama Taxpayer and Citizen Protection Act. The law requires all employers to enroll in and utilize E-Verify. 

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Posted in Payroll, HR & Benefits

Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions

Posted by Marty Williams, CPA on Mar 04, 2020

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. 

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Posted in Individual Tax, Business Tax

When to Write off Stale Receivables

Posted by Murry Guy, CPA on Mar 03, 2020

Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will be uncollectible. That’s why it’s important to record an allowance for doubtful accounts (also known as “bad debts”). These allowances are subjective, especially in uncertain economic times.

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Posted in Accounting & Outsourcing

Work Opportunity Tax Credit Extended Through 2020

Posted by Jessica L. Pagan, CPA on Mar 02, 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). 

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Posted in Business Tax

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