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Returning Value Blog

Nick Wheeler, CPA

Recent Posts

Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

Posted by Nick Wheeler, CPA on Dec 10, 2019

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?

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Posted in Business Tax

Small Businesses: Get Ready for Your 1099-MISC Reporting Requirements

Posted by Nick Wheeler, CPA on Nov 13, 2019

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time-consuming and there are penalties for not complying, so it’s a good idea to begin gathering information early to help ensure smooth filing.

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Posted in Accounting & Outsourcing

How to Treat Your Business Website Costs for Tax Purposes

Posted by Nick Wheeler, CPA on Oct 17, 2019

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy.

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Posted in Business Tax

Budgeting Is Key to a Successful Start-Up

Posted by Nick Wheeler, CPA on Sep 16, 2019

More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half of new businesses survive the five-year mark, and only about one in three reaches the 10-year mark.

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Posted in Business Advisory

The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Posted by Nick Wheeler, CPA on Aug 05, 2019

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign.

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Posted in Business Tax

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Posted by Nick Wheeler, CPA on Jul 02, 2019

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

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Posted in Business Tax

Hire Your Children This Summer: Everyone Wins

Posted by Nick Wheeler, CPA on Jun 20, 2019

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:

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Posted in Business Tax

What Are the Tax Breaks with Green Energy?

Posted by Nick Wheeler, CPA on May 15, 2019

 How to get (tax) credit for your home's green energy upgrades.

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Posted in Tax News

Divorcing Business Owners Need to Pay Attention to Tax Implications

Posted by Nick Wheeler, CPA on Apr 18, 2019

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it.

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Posted in Business Tax

How to Report Stock Compensation Paid to Nonemployees

Posted by Nick Wheeler, CPA on Feb 28, 2019

The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods and services, under recent guidance issued by the Financial Accounting Standards Board (FASB).

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Posted in Business Tax

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