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Returning Value Blog

Accounting for Cloud Computing Arrangements

Posted by Melissa Motley, CPA on Jul 08, 2020

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing a cloud computing contract over the contract’s life than under existing guidance.

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Posted in Audit & Assurance

Is the COVID-19 Pandemic Affecting Mergers?

Posted by Michael D. Machen, CPA, CVA on Jul 06, 2020

Businesses are emerging from various pauses and lockdowns, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses.

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Posted in Business Advisory

New OSHA Guidance on Tracking COVID-19 at Work

Posted by Amber Malik on Jul 01, 2020

Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while performing work-related activities. If so, managers must record the illness on OSHA Form 300.

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Posted in Payroll, HR & Benefits

Is It Time to Outsource Finance and Accounting?

Posted by Murry Guy, CPA on Jun 25, 2020

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition.

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Posted in Accounting & Outsourcing

Launching a Business? How to Treat Start-up Expenses on Your Tax Return

Posted by Jessica L. Pagan, CPA on Jun 23, 2020

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home.

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Posted in Business Tax

Asset Impairment Is Expected to Hit 2020 Financial Statements

Posted by Aaron K. Waller, CPA on Jun 22, 2020

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing.

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Posted in Audit & Assurance

Good Records Are the Key to Tax Deductions and Trouble-free IRS Audits

Posted by Lisa Albritton on Jun 15, 2020

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.

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Posted in Accounting & Outsourcing

Family Wealth Planning in a Time of Uncertainty

Posted by Michael D. Machen, CPA, CVA on Jun 12, 2020

The full impact of COVID-19 is unknown. While we wait for questions to be answered, many are asking what can we do right now? What's next for our families? What's next for family businesses and the people who work for them? Planning for our future generations is the greatest gift we can give, particularly during times of uncertainty.

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Posted in Business Advisory

5 Steps to Streamline the Month-end Close

Posted by Murry Guy, CPA on Jun 09, 2020

Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources.

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Posted in Accounting & Outsourcing

Paycheck Protection Program Loan and Forgiveness Best Practices

Posted by Nick Wheeler, CPA on Jun 03, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and authorized more than $2 Trillion in aid to battle COVID-19 and the economic effects it was having on the U.S. This provided for immediate cash payments to individual citizens, loan programs for small businesses, support for the medical industry and providers directly impacted, and various other economic relief packages for impacted businesses.

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Posted in Accounting & Outsourcing

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