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Returning Value Blog

Choosing The Right Accounting Method For Tax Purposes

Posted by Jessica L. Pagan, CPA on Aug 17, 2018

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use either accounting method, it pays to consider whether switching methods would be beneficial.

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Posted in Business Tax

Upskilling: The Next Frontier In Employee Training

Posted by Becky Snedigar on Aug 14, 2018

In the face of a tight job market and a widening skills gap, employers in many industries are catching on to the benefits of “upskilling.” More than just your typical employee training, upskilling takes a broad approach to development.

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Posted in Payroll, HR & Benefits

An FLP Can Save Tax In a Family Business Succession

Posted by Marty Williams, CPA on Aug 10, 2018

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

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Posted in Business Advisory

Auditing The Use Of Estimates and Specialists

Posted by Melissa Motley, CPA on Aug 08, 2018

Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally involve some level of measurement uncertainty, and some may even require the use of outside specialists, such as appraisers or engineers.

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Posted in Audit & Assurance

Do You Qualify For The Home Office Deduction?

Posted by Nick Wheeler, CPA on Aug 07, 2018

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

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Posted in Business Tax

Changes Ahead For 401(k) Hardship Withdrawal Rules

Posted by Michael D. Machen, CPA, CVA on Aug 01, 2018

Many employers sponsor 401(k) plans to help employees save for retirement. But sometimes those employees need access to plan funds well before they retire. In such cases, if the plan allows it, participants can make a hardship withdrawal.

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Posted in Payroll, HR & Benefits

Behavioral Job Interviews Offer A Glimpse Of What Could Be

Posted by Murry Guy, CPA on Jul 31, 2018

Once an employer identifies a prospect for an open position and sets up an interview, another great challenge arises: How do you effectively use the interview to determine whether this person is right for your organization?

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Posted in Payroll, HR & Benefits

Hidden Liabilities: What's Excluded From The Balance Sheet?

Posted by Aaron K. Waller, CPA on Jul 30, 2018

Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by conducting agreed-upon procedures (AUPs) that target specific accounts.

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Posted in Audit & Assurance

Improving a Struggling Employee’s Performance Is a Two-way Street

Posted by Murry Guy, CPA on Jul 27, 2018

It’s easy to get frustrated when an employee is failing to produce the volume or quality of work you’re looking for. A business owner or department manager may even give in to the temptation to play the blame game, pointing a finger at the struggling worker and only exacerbating the situation.

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Posted in Payroll, HR & Benefits

Are You Using Your Frequent Flyer Miles To Travel This Summer?

Posted by Lisa Albritton on Jul 26, 2018

Are you reporting the value of your frequent flyer miles as taxable income?

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Posted in Individual Tax

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