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Returning Value Blog

Financial Statements: Take the Time to Read the Entire Story

Posted by Melissa Motley, CPA on Aug 04, 2021

A complete set of financial statements for your business contains three reports. Each serves a different purpose but ultimately helps stakeholders — including managers, employees, investors, and lenders — evaluate a company’s performance. Here’s an overview of each report and a critical question it answers.

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Posted in Audit & Assurance

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Posted by Jessica L. Pagan, CPA on Aug 03, 2021

Do you play a major role in a closely held corporation and sometimes personally spend money on corporate expenses? These costs may wind up being non-deductible by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

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Posted in Business Tax

Getting a New Business Off the Ground: How Start-up Expenses Are Handled on Your Tax Return

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

Despite the COVID-19 pandemic, government officials see a significant increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

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Posted in Business Tax

Follow the Cutoff Rules for Revenue and Expenses

Posted by Melissa Motley, CPA on Jul 22, 2021

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses.

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Posted in Audit & Assurance

Internal Control Questionnaires: How to See the Complete Picture

Posted by Aaron K. Waller, CPA on Jul 21, 2021

Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements and prevent fraud, waste, and abuse. Given their importance, internal controls are a key area of focus for internal and external auditors.

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Posted in Audit & Assurance

Eligible Businesses: Claim the Employee Retention Tax Credit

Posted by Murry Guy, CPA on Jul 20, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.

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Posted in Business Tax

2021 State & Local Tax Year-End Issues to Consider Now

Posted by Lesley L. Price, CPA on Jul 19, 2021

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.

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Posted in Business Advisory

Who in a Small Business Can Be Hit With the "Trust Fund Recovery Penalty?"

Posted by Nick Wheeler, CPA on Jul 16, 2021

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.

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Posted in Business Advisory

Back To School Sales Tax Holiday Weekend July 2021

Posted by Michael D. Machen, CPA, CVA on Jul 14, 2021

The State of Alabama will be participating in the 16th annual Back-to-School Sales Tax Holiday weekend for school-related items.  This special shopping period will start at 12:01 a.m. on Friday, July 16, 2021, and end at midnight on Sunday, July 18, 2021. 

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Posted in Alerts

CARES Act vs American Rescue Plan Act Funding

Posted by Marty Williams, CPA on Jul 08, 2021

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.

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Posted in Business Advisory

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