Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Alabama: Income Tax Reform Enacted

Posted by Michael D. Machen, CPA, CVA on Feb 23, 2021

On February 12, 2021, Alabama enacted HB 170 / Act # 2021-1. The new law makes several important changes to Alabama income taxes, including the following: formalizing the state’s treatment of Paycheck Protection Program (PPP) loans and related expenses in line with the governor’s prior proclamation, adopting a single-sales factor apportionment formula, addressing federal tax reform provisions that had caused issues for Alabama taxpayers and adopting an elective pass-through entity (PTE) tax regime similar to other states. The income tax reform is a mixed bag that will impact a wide range of Alabama taxpayers.

Full Story

Posted in Business Tax

Many Tax Amounts Affecting Businesses Have Increased For 2021

Posted by Lesley L. Price, CPA on Feb 08, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

Full Story

Posted in Business Tax

PPP Loans Have Reopened: Let's Review the Tax Consequences

Posted by Michael D. Machen, CPA, CVA on Jan 19, 2021

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences.

Full Story

Posted in Business Tax

Can Your Business Benefit From the Enhanced Employee Retention Tax Credit

Posted by Lesley L. Price, CPA on Jan 14, 2021

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law.

Full Story

Posted in Business Tax

2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jan 08, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Full Story

Posted in Business Tax

New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes.

Posted by Nick Wheeler, CPA on Jan 06, 2021

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it.

Full Story

Posted in Business Tax

IRS Updates Mileage Rates for 2021

Posted by Murry Guy, CPA on Dec 23, 2020

Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

Full Story

Posted in Business Tax

Drive More Savings to Your Business With the Heavy SUV Tax Break

Posted by Nick Wheeler, CPA on Dec 15, 2020

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind.

Full Story

Posted in Business Tax

Keys to Year-End Tax Savings for Businesses

Posted by Michael D. Machen, CPA, CVA on Dec 11, 2020

Whatever 2021 holds, these tips can help lower your tax liability.

2020 has been an unpredictable year. Businesses have faced all-encompassing challenges ranging from protecting employee health and safety to managing unexpected costs to dealing with severe fluctuations in supply and demand for products and services. Some businesses were able to enter new markets and achieve fresh levels of growth, while others had to make tough choices just to endure.

Full Story

Posted in Business Tax

The QBI Deduction Basics and a Year-End Tax Tip That Might Help You Qualify

Posted by Lesley L. Price, CPA on Dec 08, 2020

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.

Full Story

Posted in Business Tax

Recent Posts

Returning_Value