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Returning Value Blog

IRS Delivers Temporary Midyear Relief to 401(K) and 403(B) Safe Harbor Plans

Posted by Marty Williams, CPA on Aug 10, 2020

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).

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Posted in Business Advisory

DOL Releases New Guidance on Employee Leaves

Posted by Becky Snedigar on Aug 07, 2020

The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The Fair Labor Standards Act, the Family and Medical Leave Act, and the Families First Coronavirus Response Act are all governing workplace rights and responsibilities, and the new DOL guidance will help everyone understand them.

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Posted in Payroll, HR & Benefits

File Cash Transaction Reports for Your Business — On Paper or Electronically

Posted by Lesley L. Price, CPA on Aug 05, 2020

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.

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Posted in Business Tax

Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

Posted by Nick Wheeler, CPA on Aug 03, 2020

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

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Posted in Business Tax

External Audits Offer Many Benefits to Nonprofits

Posted by Melissa Motley, CPA on Jul 30, 2020

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable accounting guidelines.

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Posted in Audit & Assurance

Drive Success With Dashboard Reports

Posted by Jessica L. Pagan, CPA on Jul 29, 2020

Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel in a vehicle or machine, dashboard reports provide a real-time snapshot of how your business is performing.

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Posted in Business Advisory

Even If No Money Changes Hands, Bartering Is a Taxable Transaction.

Posted by Lesley L. Price, CPA on Jul 28, 2020

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember 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

How Furloughs and Layoffs May Affect Company Retirement Plans

Posted by Michael D. Machen, CPA, CVA on Jul 16, 2020

The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and retirement accounts.

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Posted in Business Advisory

Back To School Sales Tax Holiday Weekend July 2020

Posted by Lisa Albritton on Jul 15, 2020

The State of Alabama will be participating in the 15th annual Back-to-School Sales Tax Holiday Weekend beginning Friday, July 17 through Sunday, July 19. This special shopping period will start at 12:01 a.m. on Friday, July 17, and end at midnight on Sunday, July 19. 

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Posted in Alerts

Reporting Embedded Leases

Posted by Aaron K. Waller, CPA on Jul 14, 2020

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases.

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Posted in Audit & Assurance

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