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Returning Value Blog

FinCEN Requires Beneficial Ownership Information

Posted by Michael D. Machen, CPA, CVA on Mar 11, 2024

There is a new reporting requirement in 2024 that pertains to your current and new business(s).

The Corporate Transparency Act (“CTA”) was enacted into law as part of the National Defense Act for Fiscal Year 2021 and requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

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Posted in Business Advisory

New Independent Contractor Rules: Do They Affect Your Employees?

Posted by Murry Guy, CPA on Feb 23, 2024

The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.

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Posted in Business Advisory

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters into Effect.

Posted by Marty Williams, CPA on Jan 26, 2024

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to make salary deferrals into their employer’s 401(k) plan.

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Posted in Business Advisory

6 Tips to Improve Job-Costing Systems

Posted by Jessica L. Pagan, CPA on Jan 10, 2024

Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers, and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid on future projects.

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Posted in Business Advisory

The Future of Accounting: How to Embrace Cutting-Edge Technology

Posted by Melissa Motley, CPA on Jan 03, 2024

Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy, and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce.

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Posted in Business Advisory

Data Governance: Working Toward Mission Accomplished

Posted by Melissa Motley, CPA on Nov 07, 2023

Data is the lifeblood of any modern organization — a critical asset that is not only used to operate the business but can also fuel innovation, reduce costs, and increase revenue. But managing data assets effectively comes with a set of challenges that can be difficult for organizations to navigate. Creating an effective data governance policy can help organizations mitigate risk and capitalize on opportunities.

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Posted in Business Advisory

New Per Diem Business Travel Rates Kicked In on October 1

Posted by Murry Guy, CPA on Nov 02, 2023

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

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Posted in Business Advisory

How to Withdraw an Employee Retention Credit (ERC) Claim

Posted by Murry Guy, CPA on Oct 24, 2023

Machen McChesney would like to bring to your attention a recent announcement from the Internal Revenue Service (IRS) regarding the Employee Retention Credit (ERC) and a special withdrawal process introduced to address concerns about ineligible claims and protect small businesses from scams. This announcement is part of a broader effort by the IRS to safeguard small businesses and organizations from the barrage of suspect ERC advertising. This announcement could be helpful if you or someone you know might be affected by improper filing ERC via suspicious 3rd parties.

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Posted in Business Advisory

IRS Immediately Stops New Employee Retention Credit Processing Due to Fraud Concerns

Posted by Murry Guy, CPA on Sep 19, 2023

Machen McChesney is committed to keeping you informed about critical developments that may impact your business. Today, we would like to bring to your attention an important update from the Internal Revenue Service (IRS) concerning the Employee Retention Credit (ERC) program.

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Posted in Business Advisory

Overhead Allocations: Rising Costs Require a Fresh, Disciplined Mindset

Posted by Nick Wheeler, CPA on Sep 06, 2023

From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how to allocate indirect costs to your products. Proper cost allocation is essential to evaluating product and service line profitability and, in turn, making informed pricing decisions.

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Posted in Business Advisory

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