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Returning Value Blog

FinCEN Requires Beneficial Ownership Information

Posted by Michael D. Machen, CPA, CVA on Mar 11, 2024

There is a new reporting requirement in 2024 that pertains to your current and new business(s).

The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021 and requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

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Posted in Business Advisory

Spotlight on Auditor Independence

Posted by Aaron K. Waller, CPA on Mar 08, 2024

Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the performance and condition of companies.

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Posted in Audit & Assurance

Why It's Important to Get Your Company's Financials Done on Time

Posted by Melissa Motley, CPA on Mar 06, 2024

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late.

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Posted in Accounting & Outsourcing

Tax-Wise Ways to Take Cash From Your Corporation While Avoiding Dividend Treatment

Posted by Jessica L. Pagan, CPA on Mar 05, 2024

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation.

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Posted in Business Tax

New Independent Contractor Rules: Do They Affect Your Employees?

Posted by Murry Guy, CPA on Feb 23, 2024

The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.

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Posted in Business Advisory

Consider the Best Payroll Method

Posted by Amber Cochran on Feb 21, 2024

The ways to pay employees — especially as money continues moving into the digital sphere — have proliferated. You have options. Choose the one that best fits your business. You may want to peruse the different methods to see which makes the most sense for your business in terms of costs and employer responsibilities.

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Posted in Payroll, HR & Benefits

Taking Your Spouse on a Business Trip? Can You Write off the Costs?

Posted by Nick Wheeler, CPA on Feb 21, 2024

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

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Posted in Business Tax

We May Never See a Better Environment for Transferring Wealth

Posted by Marty Williams, CPA on Feb 15, 2024

We May Never See a Better Environment for Transferring Wealth … Here’s Why

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market downturn represents an especially advantageous time to optimize your taxable estate before markets eventually recover.

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Posted in Retirement & Wealth Management Planning

U.S. House Passes Bipartisan Tax Bill

Posted by Murry Guy, CPA on Feb 15, 2024

U.S. House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements

The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit. 

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Posted in Business Tax

What's the Best Accounting Method Route for Business Tax Purposes?

Posted by Lesley L. Price, CPA on Feb 12, 2024

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your business to evaluate its method to ensure that it’s the most advantageous approach.

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Posted in Business Tax

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