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Returning Value Blog

Will a Leap Year Result in an Extra Paycheck?

Posted by Amber Malik on Jan 14, 2020

While February typically has 28 days, in leap years—such as February 2020—it contains an extra day. Employers who pay their salaried employees every week or every two weeks will encounter a year in which there is one payday more than usual. These employers should plan ahead to identify and address these "payroll leap years" in advance. It has been our experience that it is best to keep clients informed of pending leap years so that they can keep their employees informed as well. 

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Posted in Payroll, HR & Benefits

Employee Benefit Plans: Do You Need a Form 5500 Audit?

Posted by Aaron K. Waller, CPA on Jan 13, 2020

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

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Posted in Audit & Assurance

Nonprofits: Are You Ready For the New Contribution Guidance?

Posted by Lesley L. Price, CPA on Jan 07, 2020

When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts.

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Posted in Not For Profit

Wayfair Revisited - It's Time to Review Your Sales Tax Obligations

Posted by Lisa Albritton on Jan 03, 2020

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations.

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Posted in Business Tax

New Law Provides a Variety of Tax Breaks to Businesses and Employers

Posted by Jessica L. Pagan, CPA on Jan 02, 2020

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.

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Posted in Business Tax

Year-End Accounting Recap

Posted by Melissa Motley, CPA on Dec 23, 2019

The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP).

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Posted in Audit & Assurance

Small Businesses: It May Not Be Too Late to Cut Your 2019 Taxes.

Posted by Lesley L. Price, CPA on Dec 20, 2019

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including:

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Posted in Business Tax

2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Dec 18, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. 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.

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Posted in Business Tax

Risk Assessment: A Critical Part of the Audit Process

Posted by Aaron K. Waller, CPA on Dec 16, 2019

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.

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Posted in Audit & Assurance

Reverse Mentoring Can Benefit Everyone Involved

Posted by Becky Snedigar on Dec 13, 2019

When you read the word “mentor,” you might envision an older individual patiently and eloquently passing along decades’ worth of knowledge to a wide-eyed young student. Indeed, this is a kind of mentoring relationship that still exists and can prove beneficial to many organizations.

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Posted in Payroll, HR & Benefits

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