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Returning Value Blog

Business Website Costs: How to Handle Them for Tax Purposes

Posted by Lesley L. Price, CPA on Sep 22, 2020

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted.

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Posted in Business Tax

How to Report COVID-19-Related Debt Restructuring

Posted by Michael D. Machen, CPA, CVA on Sep 21, 2020

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details.

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Posted in Business Advisory

On-time Financial Reporting Is Key in Times of Crisis

Posted by Melissa Motley, CPA on Sep 18, 2020

Many companies are struggling as a result of shutdowns and restructuring during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting, or natural disasters in 2020.

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Posted in Audit & Assurance

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Sep 17, 2020

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. 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

Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes

Posted by Amber Malik on Sep 15, 2020

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit, and payment of certain payroll tax obligations.

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Posted in Payroll, HR & Benefits

Reporting Discontinued Operations Today

Posted by Nick Wheeler, CPA on Sep 14, 2020

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under the complex discontinued operations rules under U.S. Generally Accepted Accounting Principles.

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Posted in Business Advisory

5 Key Points About Bonus Depreciation

Posted by Jessica L. Pagan, CPA on Sep 10, 2020

You're probably aware of the 100% bonus depreciation tax break that's available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool.

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Posted in Business Tax

Levels of Assurance: Choosing the Right Option for Your Business Today.

Posted by Aaron K. Waller, CPA on Sep 09, 2020

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks that work-from-home and COVID-19-related financial distress are causing, leading them to upgrade their assurance level to help prevent and detect potential fraud and financial misstatement schemes.

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Posted in Audit & Assurance

Your Guide to Local Income Taxes

Posted by Amber Malik on Aug 26, 2020

Local income taxes are imposed by local governments, such as cities, counties, or school districts. They are used to fund various locally provided services, such as schools, parks, social services, law enforcement, transportation, and community-improvement programs.  

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Posted in Payroll, HR & Benefits

CARES Act Made Changes to Excess Business Losses

Posted by Nick Wheeler, CPA on Aug 24, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive, and there may be opportunities for some businesses to file amended tax returns.

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Posted in Business Tax

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