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Returning Value Blog

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

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

Posted by Murry Guy, CPA on Nov 05, 2019

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

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What to Do If Your Business Receives a "No-Match" Letter

Posted by Murry Guy, CPA on Aug 12, 2019

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they point out that an employee’s name and Social Security number (SSN) don’t match the government’s records.

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Posted in Accounting & Outsourcing

Attention: Accounting Rule Delays in the Works

Posted by Melissa Motley, CPA on Aug 08, 2019

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses, and long-term insurance contracts.

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Let's Find a Better Way to Manage Your Receivables

Posted by Murry Guy, CPA on Jul 19, 2019

Failure to collect accounts receivable (AR) in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay its own bills. Here are five effective ideas to facilitate more timely collections:

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Posted in Accounting & Outsourcing

Private Companies: Beware of SEC Scrutiny

Posted by Melissa Motley, CPA on Jul 12, 2019

The Securities and Exchange Commission (SEC) doesn’t monitor just publicly traded companies. It also looks at the dealings of some private companies, often to the surprise of their owners and executives.

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Posted in Accounting & Outsourcing

The Pros and Cons of Interim Reporting

Posted by Jessica L. Pagan, CPA on Jul 01, 2019

The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even more than those of public companies from this type of information. But it’s also important to understand the potential shortcomings.

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Posted in Accounting & Outsourcing

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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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

3 Reasons To Outsource Your Business's Bookkeeping

Posted by Murry Guy, CPA on Jun 23, 2017

As a small-business owner have you ever considered outsourcing your bookkeeping services?  Here are 3 good reasons why you might consider outsourcing this function.

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Posted in Accounting & Outsourcing

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