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

Returning Value Blog

Murry Guy, CPA

Recent Posts

Repaying Deferred Payroll Taxes

Posted by Murry Guy, CPA on Mar 23, 2021

IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee's Social Security taxes. This deferral applied to those with less than $4,000 in wages every two weeks or an equivalent amount for other pay periods. It was optional for most employers, although mandatory for federal employees and military service members. 

Full Story

Posted in Business Tax

Work Opportunity Tax Credit Extended Through 2025

Posted by Murry Guy, CPA on Mar 04, 2021

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600, and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.

Full Story

Posted in Business Tax

IRS Updates Mileage Rates for 2021

Posted by Murry Guy, CPA on Dec 23, 2020

Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

Full Story

Posted in Business Tax

Health Savings Accounts for Your Small Business

Posted by Murry Guy, CPA on Nov 18, 2020

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.

Full Story

Posted in Accounting & Outsourcing

Businesses Should Prepare Now to Issue IRS Form 1099-NEC by January 31, 2021.

Posted by Murry Guy, CPA on Oct 02, 2020

Businesses that would typically provide a Form 1099-MISC to independent contractors (and certain others) and the IRS need to be aware of new IRS Form 1099-NEC. For non-employee compensation paid during 2020, payers must provide Form 1099-NEC (instead of Form 1099-MISC) to the recipients and to the IRS no later than January 31, 2021. In addition, the IRS has redesigned Form 1099-MISC, so businesses should expect that reporting may be somewhat different from past years.

Full Story

The President's Action to Defer Payroll Taxes: What Does It Mean for Your Business?

Posted by Murry Guy, CPA on Aug 17, 2020

On August 8, President Trump signed four executive actions, including a Presidential Memorandum, to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.

Full Story

Posted in Accounting & Outsourcing

Businesses: Get Ready for the New Form 1099-NEC

Posted by Murry Guy, CPA on Jul 13, 2020

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.

Full Story

Posted in Accounting & Outsourcing

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.

Full Story

Posted in Accounting & Outsourcing

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.

Full Story

Posted in Accounting & Outsourcing

Hiring Independent Contractors? Make Sure They're Properly Classified

Posted by Murry Guy, CPA on May 04, 2020

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Full Story

Posted in Accounting & Outsourcing

Recent Posts

Returning_Value