Returning Value Blog

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate.

Since late 2017, taxpayers have been implementing the congeries of changes wrought by the most significant revisions to the Internal Revenue Code (IRC) in a generation, the Tax Cuts and Jobs Act (TCJA). The interpretation and implementation of certain provisions of the TCJA are ongoing, as the Treasury and IRS continue to draft and finalize much-needed guidance.

• Infrastructure plan is an opportunity for the industry to improve its reputation
• Construction firms are entering into joint ventures to bid on large projects
• Data analytics can identify labor overages: case study

President Biden’s infrastructure plan is set to improve failing infrastructure, rebuild the economy and create new jobs. As of this writing, the plan, which Biden originally released on March 31 as a $2 trillion capital injection over 10 years, is a $579 billion proposal that has bipartisan agreement, though Democrats have signaled the bill may only move through Congress in tandem with a larger spending and tax increase package, which they may try to pass via the reconciliation process.

State and local governments are revisiting taxpayer compliance with nexus rules and other tax policies, considering new taxes on digital services, and reconsidering conformity with federal tax rules and legislation in an effort to rebuild their economies. The following is an in-depth look at five key state tax issues that taxpayers should begin considering now.

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty,” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

The U.S. Department of the Treasury has made available $350 Billion to state and local governments to cover the costs incurred as a result of recovery efforts related to the COVID-19 pandemic.

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right for your business depends on its size, regulatory and contractual requirements, management’s future plans, and the needs of its stakeholders.

Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do to shorten its cash cycle? The answer could lie in your outstanding accounts receivable. Here are five strategies to help convert receivables into cash ASAP.

Strategic investments — such as expanding a plant, purchasing a major piece of equipment, or introducing a new product line — can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive, formal analysis can help minimize the guesswork and maximize your return on investment.