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Returning Value Blog

What's The Difference Between A Plan Document and An SPD?

Posted by Murry Guy, CPA on Jul 24, 2018

Most of the health and welfare plans offered by employers today are subject to the Employee Retirement Income Security Act of 1974 (ERISA). Generally, ERISA envisions that employee benefit plans will have both a plan document and a summary plan description (SPD). But, in some cases, a single document may serve both purposes. Let’s look at the difference between the two and under what circumstances they may be combined.

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Posted in Payroll, HR & Benefits

Business Deductions For Meal, Vehicle and Travel Expenses: Document, Document, Document

Posted by Marty Williams, CPA on Jul 23, 2018

Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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Posted in Business Tax

Choosing The Best Business Entity Structure Post-TCJA

Posted by Michael D. Machen, CPA, CVA on Jul 20, 2018

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). The top rate, however, dropped only slightly, from 39.6% to 37%.

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Posted in Business Tax

Back To School Sales Tax Holiday Weekend 2018

Posted by Michael D. Machen, CPA, CVA on Jul 19, 2018

There are several different types of tax-free weekend events in the U.S. Some apply to Energy Star products or hurricane preparedness, or back-to-school shopping needs. This year the State of Alabama will be participating in the Back-to-School Sales Tax Holiday Weekend beginning Friday, July 20 through Sunday, July 22. Alabama’s 13th Back-to-School Sales Tax Holiday will begin at 12:01 a.m. on Friday, July 20, and end at midnight on Sunday, July 22.

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Posted in Alerts

Close-up On The New QBI Deduction's Wage Limit

Posted by Lesley L. Price, CPA on Jul 18, 2018

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

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Posted in Business Tax

How To Avoid Getting Hit With Payroll Tax Penalties

Posted by Jessica L. Pagan, CPA on Jul 16, 2018

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Posted in Accounting & Outsourcing

Using Analytical Procedures In An Audit Provides Many Benefits

Posted by Aaron K. Waller, CPA on Jul 12, 2018

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. But analytics can have an even bigger impact when used to supplement substantive testing during fieldwork.

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Posted in Audit & Assurance

Is It Time To Adopt The New Hedge Accounting Principles?

Posted by Melissa Motley, CPA on Jul 09, 2018

Implementing changes in accounting rules can be a real drag. But the new hedge accounting standard may be an exception to this generality. Many companies welcome this update and may even want to adopt it early because the new rules are more flexible and attempt to make hedging strategies easier to report on financial statements.

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Posted in Business Tax

What Employers Should Know About National Medical Support Notices

Posted by Murry Guy, CPA on Jul 03, 2018

An employer may occasionally receive a National Medical Support Notice (NMSN). If this ever happens to your organization, here’s what you should know.

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Posted in Payroll, HR & Benefits

Does Your Business Have To Begin Collecting Sales Tax On All Out-of-state Online Sales?

Posted by Lisa Albritton on Jul 02, 2018

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax.

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Posted in Business Tax

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