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Returning Value Blog

The Home Office Deduction: Actual Expenses vs. the Simplified Method

Posted by Marty Williams, CPA on Feb 21, 2019

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods for claiming this deduction: the actual expenses method and the simplified method.

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Posted in Business Tax

4 Questions of Compensation Philosophy to Ponder

Posted by Amber Malik on Feb 19, 2019

In the simplest of worlds, an employee effectively performs a set of tasks on an agreed-upon schedule and you pay him or her a fair wage. End of story. But, in the real world, employers need to craft a compensation philosophy: a formal statement outlining their belief system and approach to all the different ways they compensate employees. Here are four compensation philosophy questions to ponder:

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Posted in Payroll, HR & Benefits

Auditing Cashless Transactions

Posted by Melissa Motley, CPA on Feb 15, 2019

Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements?

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Posted in Audit & Assurance

When Are LLC Members Subject to Self-employment Tax?

Posted by Lesley L. Price, CPA on Feb 13, 2019

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court.

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Posted in Business Tax

DOL Increases Penalties for Many Labor Law Violations

Posted by Murry Guy, CPA on Feb 11, 2019

Every employer knows that failing to comply with federal laws is costly, but it’s getting even more so. The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 directs federal agencies to adjust civil penalties for inflation each year. As a result, the Department of Labor recently issued a final rule that revises civil penalties for many violations of federal labor laws for 2019. Here are some of the major areas to be aware of:

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Posted in Accounting & Outsourcing

Fundamental Tax Truths for C Corporations

Posted by Nick Wheeler, CPA on Feb 07, 2019

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:

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Posted in Business Tax

Private Companies: Have You Implemented The New Revenue Recognition Standard?

Posted by Aaron K. Waller, CPA on Feb 04, 2019

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get the ball rolling.

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Posted in Audit & Assurance

What Does "At-will Employment" Really Mean Anyway?

Posted by Becky Snedigar on Feb 01, 2019

Many, if not most, employers today use some form of an “at-will” employment contract when hiring. The arrangement is theoretically simple: The employer can terminate the employee at any time, for any cause — with or without notice. But is that what at-will employment really means? Not necessarily.

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Posted in Payroll, HR & Benefits

Depreciation-related Breaks On Business Real Estate: What You Need To Know When You File Your 2018 Return.

Posted by Jessica L. Pagan, CPA on Jan 30, 2019

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.

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Posted in Business Tax

Paper or Plastic?

Posted by Lisa Albritton on Jan 25, 2019

 
 What percentage of Americans used only credit and debit cards in the last week?

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Posted in Individuals

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