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Returning Value Blog

IRS Releases 2021 Amounts for Health Savings Accounts

Posted by Lisa Albritton on May 26, 2020

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). 

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Posted in Individual Tax

Benchmarking: Why Normalizing Adjustments Are Essential

Posted by Michael D. Machen, CPA, CVA on May 22, 2020

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses.

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Posted in Business Advisory

The CARES Act Liberalizes Net Operating Losses

Posted by Marty Williams, CPA on May 21, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis.

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Posted in Business Tax

CDC Gives Guidance for Reopening Businesses

Posted by Amber Malik on May 19, 2020

No, there is no universal lifting of restrictions, but the CDC is looking forward to a time when every business can slowly start reopening. As the CDC explains: "It's important to continue to follow federal, state, tribal, territorial, and local guidance for reopening America." Its extensive guidance includes the need to develop a reopening plan:

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Posted in Payroll, HR & Benefits

Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren't Deductible

Posted by Jessica L. Pagan, CPA on May 18, 2020

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:

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Posted in Business Tax

Government Assistance Programs: Are You Ready for Scrutiny?

Posted by Nick Wheeler, CPA on May 14, 2020

Organizations of all shapes and sizes have sought to take advantage of government assistance and programs to help their business persevere and maintain operations during the COVID-19 pandemic.

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Posted in Accounting & Outsourcing

Business Charitable Contribution Rules Have Changed Under the CARES Act

Posted by Lesley L. Price, CPA on May 12, 2020

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses.

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Posted in Business Tax

COVID-19: A Reminder of Why Cross-training Your Staff Is Key

Posted by Becky Snedigar on May 11, 2020

Imagine this scenario: A company’s controller is hospitalized, and she’s the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing authority, besides the owner, who is in lockdown at his second home out of state. Meanwhile, payroll needs to be processed soon, and unpaid bills are piling up.

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Posted in Payroll, HR & Benefits

Hiring Independent Contractors? Make Sure They're Properly Classified

Posted by Murry Guy, CPA on May 04, 2020

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

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Posted in Accounting & Outsourcing

A Return to Work in The New Normal

Posted by Jessica L. Pagan, CPA on Apr 27, 2020

As the response to the COVID-19 pandemic progresses, many companies have established operational crisis management teams and adjusted to global restrictions on work and movement. Executives are now beginning to ask the question: How are we going to return to work?

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Posted in Business Tax

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