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Returning Value Blog

Forecasting For 2021

Posted by Jessica L. Pagan, CPA on Jan 22, 2021

Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending cash flow shortages and keep your business on solid financial footing.

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Posted in Accounting & Outsourcing

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.

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Posted in Accounting & Outsourcing

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.

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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.

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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.

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Posted in Accounting & Outsourcing

Good Records Are the Key to Tax Deductions and Trouble-free IRS Audits

Posted by Lisa Albritton on Jun 15, 2020

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.

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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.

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Posted in Accounting & Outsourcing

Paycheck Protection Program Loan and Forgiveness Best Practices

Posted by Nick Wheeler, CPA on Jun 03, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and authorized more than $2 Trillion in aid to battle COVID-19 and the economic effects it was having on the U.S. This provided for immediate cash payments to individual citizens, loan programs for small businesses, support for the medical industry and providers directly impacted, and various other economic relief packages for impacted businesses.

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Posted in Accounting & Outsourcing

Government Assistance Programs: Are You Ready for Scrutiny?

Posted by Nick Wheeler, CPA on May 14, 2020

Organizations of all shapes and sizes have sought to take advantage of government assistance and programs to help their business persevere and maintain operations during the COVID-19 pandemic.

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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.

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Posted in Accounting & Outsourcing

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