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Returning Value Blog

Top 10 Trends in the Nonprofit Industry

Posted by Lesley L. Price, CPA on Aug 15, 2019

The nonprofit industry is anything but static. Many outside factors impact their daily operations. Following is a list of what some believe to be the top 10 trends that are currently impacting nonprofit organizations.

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Posted in Business Tax

The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Posted by Nick Wheeler, CPA on Aug 05, 2019

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign.

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Posted in Business Tax

Take a Closer Look at Home Office Deductions

Posted by Lesley L. Price, CPA on Jul 29, 2019

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle if you meet the tax law qualifications.

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Posted in Business Tax

Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns

Posted by Lisa Albritton on Jul 22, 2019

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Posted in Business Tax

It's a Good Time to Buy Business Equipment and Other Depreciable Property

Posted by Marty Williams, CPA on Jul 16, 2019

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA).

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Posted in Business Tax

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Posted by Nick Wheeler, CPA on Jul 02, 2019

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

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Posted in Business Tax

2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 24, 2019

 

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019.

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Posted in Business Tax

Hire Your Children This Summer: Everyone Wins

Posted by Nick Wheeler, CPA on Jun 20, 2019

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:

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Posted in Business Tax

Tax-smart Domestic Travel: Combining Business With Pleasure

Posted by Marty Williams, CPA on Jun 19, 2019

Summer has just begun, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting.

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Posted in Business Tax

IRS Raises Valuation Limit for Employer-Provided Vehicles

Posted by Lesley L. Price, CPA on May 17, 2019

One of the most popular fringe benefits for employees at many organizations isn’t an insurance plan or a health club membership; it’s shiny chrome and steel — a vehicle. Providing a car, van or truck that an employee can use for both work and personal purposes can attract better job candidates or just make sense practically. If your organization offers such a fringe benefit, you should know that the IRS recently updated its valuation limit for employer-provided vehicles.

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Posted in Business Tax

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