Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Lesley L. Price, CPA

Recent Posts

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.

Full Story

Posted in Business Tax

Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive

Posted by Lesley L. Price, CPA on Jan 23, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.

Full Story

Posted in Business Tax

2023 Year-End Guide - Tax Accounting Methods

Posted by Lesley L. Price, CPA on Dec 06, 2023

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the ability to use or change certain accounting methods are often complex, and the procedures for changing methods depend on the mechanism for receiving IRS consent — that is, whether the change is automatic or non-automatic. Many method changes require an application to be filed with the IRS prior to the end of the year for which the change is requested.

Full Story

Posted in Business Tax

Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners

Posted by Lesley L. Price, CPA on Dec 01, 2023

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.

Full Story

Posted in Business Tax

2023 Year-End Tax Planning for Individuals

Posted by Lesley L. Price, CPA on Nov 22, 2023

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.

Full Story

Posted in Individual Tax

FASB Finalizes New Crypto Standard in Record Time

Posted by Lesley L. Price, CPA on Nov 06, 2023

On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know.

Full Story

Posted in Business Tax

Business Automobiles: How the Tax Depreciation Rules Work

Posted by Lesley L. Price, CPA on Oct 26, 2023

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

Full Story

Posted in Business Tax

If You Live in Alabama, Here's How to Pass Your Home to Your Children.

Posted by Lesley L. Price, CPA on Sep 18, 2023

Last month, an article was posted, " How to Leave Your Home to Your Children." The article was not specific to the state of Alabama. Jan Neal, an attorney with Jan Neal Law Firm, LLC, offered to give us advice more specific to the State of Alabama. The state has specific rules, and below is Jan Neal's article:
Full Story

Posted in Estate Planning

Grant Management & Compliance

Posted by Lesley L. Price, CPA on Aug 17, 2023

Charging Personnel Costs to Federal Awards

Salary costs represent the bulk of dollars from federal grants and often pose compliance risks and challenges to new and experienced recipients alike. One question we are often asked by clients is, "how can we maintain compliance with federal regulations regarding accurately supporting and recording personnel costs when not all of our employees complete and submit timesheets?"

In this article, we will discuss the federal requirements for charging personnel costs to awards, alternatives to timesheet processes, and common challenges and pitfalls to avoid when charging labor costs to federal grants.

Full Story

Posted in Not For Profit

Demystifying Nonprofit Cost Allocations

Posted by Lesley L. Price, CPA on Jul 21, 2023

When asked what is at the top of their finance department’s “to-do” list, many nonprofits name the need for an updated cost allocation plan. An effective cost allocation strategy is essential to organizations’ understanding of how their resources are being deployed. It is also integral to performing cost analyses, such as evaluating funding requirements and comparing actual versus budgeted costs.

Full Story

Posted in Not For Profit

Recent Posts

Returning_Value