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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

It's Almost Time for a Midyear Checkup on Your Company's Financial Health

Posted by Jessica L. Pagan, CPA on May 15, 2024

Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials unless a CPA prepares them or performs agreed-upon procedures on specific accounts.

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Posted in Audit & Assurance

When Partners Pay Expenses Related to the Business

Posted by Jessica L. Pagan, CPA on May 07, 2024

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to and from client meetings, professional publications, continuing education, and home office. What’s the tax treatment of such expenses? Here are the answers.

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Posted in Business Tax

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Posted by Jessica L. Pagan, CPA on Apr 01, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. 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

Tax-Wise Ways to Take Cash From Your Corporation While Avoiding Dividend Treatment

Posted by Jessica L. Pagan, CPA on Mar 05, 2024

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation.

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Posted in Business Tax

Liquidity Overload: Why Having Too Much Cash May Be Bad for Business

Posted by Jessica L. Pagan, CPA on Feb 12, 2024

In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day” funds could be an inefficient use of capital. Here’s a systematic approach to help estimate reasonable cash reserves and maximize your company’s return on long-term financial positions.

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Posted in Business Tax

2024 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jan 24, 2024

Here are some key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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Posted in Business Tax

6 Tips to Improve Job-Costing Systems

Posted by Jessica L. Pagan, CPA on Jan 10, 2024

Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers, and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid on future projects.

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Posted in Business Advisory

Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks

Posted by Jessica L. Pagan, CPA on Dec 12, 2023

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?

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Posted in Business Tax

There Still May Be Time to Reduce Your Small Business 2023 Tax Bill

Posted by Jessica L. Pagan, CPA on Nov 29, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities.

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Posted in Business Tax

2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Oct 18, 2023

Here are some key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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

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