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Returning Value Blog

Jessica L. Pagan, CPA

Jessica Pagan has worked with Machen McChesney since 2003. She specializes in reviews, business and individual tax and construction accounting. She participates in core processes, mentoring and training at the firm.

Recent Posts

Is Your Current Bad Debt Allowance Reasonable?

Posted by Jessica L. Pagan, CPA on Sep 07, 2022

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance up to date.

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Posted in Business Tax

How to Treat Business Website Costs for Tax Purposes

Posted by Jessica L. Pagan, CPA on Aug 02, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

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Posted in Business Tax

The Tax Obligations if Your Business Closes Its Doors.

Posted by Jessica L. Pagan, CPA on Jul 12, 2022

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met.

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Posted in Business Tax

2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 27, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. 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 Taxation

Warning for Retailers and Other Businesses Using the LIFO Method

Posted by Jessica L. Pagan, CPA on Jun 21, 2022

Recent supply shortages may cause unexpected problems for some businesses that use the last-in, first-out (LIFO) method for their inventory. Here’s an overview of what’s happening so you won’t be blindsided by the effects of so-called “LIFO liquidation.”

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Posted in Business Tax

Is Your Corporation Eligible for the Dividends-Received Deduction?

Posted by Jessica L. Pagan, CPA on Jun 14, 2022

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains.

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Posted in Business Tax

How Inflation Could Affect Your Financial Statements

Posted by Jessica L. Pagan, CPA on May 20, 2022

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. This was a slightly smaller increase than the 8.5% figure for the period ending in March, which was the highest 12-month increase since December 1981.

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Posted in Business Advisory

Biden Administration's FY 2023 Budget Plan Calls for Corporate, High-Net-Worth Individuals Tax Hikes

Posted by Jessica L. Pagan, CPA on Apr 21, 2022

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

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Posted in Tax Updates, Taxation

2022 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Apr 08, 2022

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. 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 Taxation

Significant Change to the Treatment of R&E Expenditure Under Section 174 Now in Effect

Posted by Jessica L. Pagan, CPA on Mar 04, 2022

As 2022 kicks off and tax legislation continues to be stalled in Congress, the amendment to Internal Revenue Code (IRC) Section 174 was originally introduced by the 2017 tax reform legislation, the Tax Cuts and Jobs Act (TCJA), is now in effect.

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Posted in Business Tax

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