--- title: Machen McChesney Blog | Lesley L. Price, CPA (10) description: (10) --- [Family of Services](http://machenmcchesney.com/about-us/family-of-companies/)  |  [CPA & Business Advisory](http://machenmcchesney.com)  |  [Payroll, HR & Benefits](http://focuspaysolutions.com/)  |  [Wealth Management](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900 [![mm-re-cobrand-fd-blues](https://info.machen.cpa/hs-fs/hubfs/mm-re-cobrand-fd-blues.png?width=279&height=100&name=mm-re-cobrand-fd-blues.png)](http://machenmcchesney.com) Search this site on Google Search Google Search this site on Google Search Google - [Client Portal](https://machenmcchesney.sharefile.com/Authentication/Login) - [1040 Electronic Organizer](https://www.my1040data.com/account/login/HT7902990) - [LinkedIn](https://www.linkedin.com/company/675439?trk=tyah&trkInfo=idx%3A1-1-1%2CtarId%3A1424436970395%2Ctas%3Amachen+mcchesney) - [Facebook](https://www.facebook.com/machenmcchesney) - [Google](https://plus.google.com/101356546927388458481) - [Twitter](https://twitter.com/machenmcchesney) - About Us - [Welcome](http://machenmcchesney.com/about-us/welcome/) - [Affiliations and Associations](http://machenmcchesney.com/about-us/affiliations-and-associations/) - [Community Events](http://machenmcchesney.com/about-us/community-events/) - [Family of Companies](http://machenmcchesney.com/about-us/family-of-companies/) - [History](http://machenmcchesney.com/about-us/firm-profile-history/) - [Mission and Values](http://machenmcchesney.com/about-us/mission-and-values/) - [Team Directory](http://machenmcchesney.com/about-us/team-directory/) - Services - [Accounting & Outsourcing](http://machenmcchesney.com/services/accounting-outsourcing/) - [Audit and Assurance Services](http://machenmcchesney.com/services/audit-assurance/) - [Business Advisory Services](http://machenmcchesney.com/services/business-advisory/) - [Business Valuation Services](http://machenmcchesney.com/services/business-valuation-services/) - [Family Office Services](http://machenmcchesney.com/services/family-care/) - [Financial Planning & Wealth Mangement Services](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) - [Individual Services](http://machenmcchesney.com/services/individuals/) - [Taxation](http://machenmcchesney.com/services/taxation/) - Who We Serve - [Construction & Real Estate](http://machenmcchesney.com/industries/construction-real-estate/) - [Credit Unions](http://machenmcchesney.com/industries/credit-unions/) - [Government & Not-For-Profits](http://machenmcchesney.com/industries/governmental-not-for-profit/) - [Healthcare & Professional Services](http://machenmcchesney.com/industries/healthcare-and-professional-services/) - [Hospitality, Restaurant & Retail](http://machenmcchesney.com/industries/hospitality-restaurant-retail/) - [Manufacturing, Distribution & Automotive](http://machenmcchesney.com/industries/manufacturing-distribution-automotive/) - [Success Stories](http://machenmcchesney.com/success-stories) - Resources - [Blog](https://info.machenmcchesney.com/blog) - [E-Newsletter Archive](http://machenmcchesney.com/resources/e-newsletter-archive/) - [Financial Calculators](http://machenmcchesney.com/resources/financial-calculators/) - [Financial Terms Glossary](http://machenmcchesney.com/resources/financial-terms-glossary/) - [Helpful Articles](http://machenmcchesney.com/resources/newsletter/) - [Tax Calendar](http://machenmcchesney.com/resources/tax-calendar/) - [Tax Links](http://machenmcchesney.com/resources/tax-links/) - [Track Your Refund](http://machenmcchesney.com/resources/track-your-refund/) - [Sign Up for Our E-Newsletter](http://machenmcchesney.com/resources/e-newsletter/) - [Subscribe to Our Blog](http://machenmcchesney.com/resources/subscribe-to-the-machen-mcchesney-blog/) - News & Events - [Press Releases](http://machenmcchesney.com/news-events/press-releases/) - [Upcoming Events](http://machenmcchesney.com/news-events/upcoming-events/) - Careers - [Our Culture](http://machenmcchesney.com/careers/culture/) - [Benefits](http://machenmcchesney.com/careers/benefits/) - [Our Stories](http://machenmcchesney.com/careers/our-stories/) - [Current Openings](http://machenmcchesney.com/careers/current-openings-send-resume/) - [Accounting Internship Opportunities](http://machenmcchesney.com/careers/students/) - Contact Us - [Auburn-Opelika Office](http://machenmcchesney.com/contact-us/contact-us-auburn-office/) - [Montgomery Office](http://machenmcchesney.com/contact-us/contact-us-montgomery-office/) # Returning Value Blog ## Lesley L. Price, CPA ### Recent Posts ## [File Cash Transaction Reports for Your Business — On Paper or Electronically](https://info.machen.cpa/blog/file-cash-transaction-reports-for-your-business-on-paper-or-electronically) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Aug 05, 2020 [![](https://info.machen.cpa/hubfs/100%20dollar%20bills-618977794-1.png)](https://info.machen.cpa/blog/file-cash-transaction-reports-for-your-business-on-paper-or-electronically) 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. [Full Story](https://info.machen.cpa/blog/file-cash-transaction-reports-for-your-business-on-paper-or-electronically) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [Even If No Money Changes Hands, Bartering Is a Taxable Transaction.](https://info.machen.cpa/blog/even-if-no-money-changes-hands-bartering-is-a-taxable-transaction) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Jul 28, 2020 [![](https://info.machen.cpa/hubfs/Bartering-1201044389-1.png)](https://info.machen.cpa/blog/even-if-no-money-changes-hands-bartering-is-a-taxable-transaction) 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. [Full Story](https://info.machen.cpa/blog/even-if-no-money-changes-hands-bartering-is-a-taxable-transaction) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [Business Charitable Contribution Rules Have Changed Under the CARES Act](https://info.machen.cpa/blog/business-charitable-contribution-rules-have-changed-under-the-cares-act) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on May 12, 2020 [![](https://info.machen.cpa/hubfs/Word%20Charity-1220413972-1.png)](https://info.machen.cpa/blog/business-charitable-contribution-rules-have-changed-under-the-cares-act) 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. [Full Story](https://info.machen.cpa/blog/business-charitable-contribution-rules-have-changed-under-the-cares-act) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [The New COVID-19 Law Provides Businesses With More Relief](https://info.machen.cpa/blog/the-new-covid-19-law-provides-businesses-with-more-relief) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Apr 16, 2020 [![](https://info.machen.cpa/hubfs/Coronavirus%20and%20business%20men-1213609118-1.png)](https://info.machen.cpa/blog/the-new-covid-19-law-provides-businesses-with-more-relief) On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  [Full Story](https://info.machen.cpa/blog/the-new-covid-19-law-provides-businesses-with-more-relief) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [Coronavirus Strikes Nonprofits in More Ways Than One](https://info.machen.cpa/blog/coronavirus-strikes-nonprofits-in-more-ways-than-one) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Mar 20, 2020 [![](https://info.machen.cpa/hubfs/Red%20Coronavirus%201202270061-1.png)](https://info.machen.cpa/blog/coronavirus-strikes-nonprofits-in-more-ways-than-one) Now present on every continent except Antarctica, [COVID-19](https://www.bdo.com/insights/business-financial-advisory/insurance-risk-recovery/covid-19) has infected more than 125,000 people and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its impact and uncertainty around what the future holds. [Full Story](https://info.machen.cpa/blog/coronavirus-strikes-nonprofits-in-more-ways-than-one) Posted in [Not For Profit](https://info.machen.cpa/blog/topic/not-for-profit) ## [Determine a Reasonable Salary for a Corporate Business Owner](https://info.machen.cpa/blog/determine-a-reasonable-salary-for-a-corporate-business-owner) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Mar 12, 2020 [![](https://info.machen.cpa/hubfs/Salary-474868724-1.png)](https://info.machen.cpa/blog/determine-a-reasonable-salary-for-a-corporate-business-owner) If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are withdrawn as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the employee who receives it. [Full Story](https://info.machen.cpa/blog/determine-a-reasonable-salary-for-a-corporate-business-owner) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [How Business Owners May Be Able to Reduce Tax by Using an S Corporation](https://info.machen.cpa/blog/how-business-owners-may-be-able-to-reduce-tax-by-using-an-s-corporation) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Feb 20, 2020 [![](https://info.machen.cpa/hubfs/Types%20of%20companys-1163438012-1.png)](https://info.machen.cpa/blog/how-business-owners-may-be-able-to-reduce-tax-by-using-an-s-corporation) Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. [Full Story](https://info.machen.cpa/blog/how-business-owners-may-be-able-to-reduce-tax-by-using-an-s-corporation) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [Nonprofits: Are You Ready For the New Contribution Guidance?](https://info.machen.cpa/blog/nonprofits-are-you-ready-for-the-new-contribution-guidance) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Jan 07, 2020 [![](https://info.machen.cpa/hubfs/Black%20%26%20Red%20words-472239738-1.png)](https://info.machen.cpa/blog/nonprofits-are-you-ready-for-the-new-contribution-guidance) 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. [Full Story](https://info.machen.cpa/blog/nonprofits-are-you-ready-for-the-new-contribution-guidance) Posted in [Not For Profit](https://info.machen.cpa/blog/topic/not-for-profit) ## [Small Businesses: It May Not Be Too Late to Cut Your 2019 Taxes.](https://info.machen.cpa/blog/small-businesses-it-may-not-be-too-late-to-cut-your-2019-taxes) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Dec 20, 2019 [![](https://info.machen.cpa/hubfs/Tax%20Cut%201074993448-1.png)](https://info.machen.cpa/blog/small-businesses-it-may-not-be-too-late-to-cut-your-2019-taxes) 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: [Full Story](https://info.machen.cpa/blog/small-businesses-it-may-not-be-too-late-to-cut-your-2019-taxes) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) ## [The Tax Implications If Your Business Engages in Environmental Cleanup](https://info.machen.cpa/blog/the-tax-implications-if-your-business-engages-in-environmental-cleanup) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Nov 20, 2019 [![](https://info.machen.cpa/hubfs/Eco%20Friendly-1175502310-1.png)](https://info.machen.cpa/blog/the-tax-implications-if-your-business-engages-in-environmental-cleanup) If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. [Full Story](https://info.machen.cpa/blog/the-tax-implications-if-your-business-engages-in-environmental-cleanup) Posted in [Business Tax](https://info.machen.cpa/blog/topic/business-tax) [Previous](https://info.machen.cpa/blog/author/lesley-l-price-cpa/page/9) [Next](https://info.machen.cpa/blog/author/lesley-l-price-cpa/page/11) Search this site on Google Search Google ### Recent Posts ### Subscribe to Blog ### Posts by Category - [Business Tax (356)](https://info.machen.cpa/blog/topic/business-tax) - [Business Advisory (240)](https://info.machen.cpa/blog/topic/business-advisory) - [Payroll, HR & Benefits (124)](https://info.machen.cpa/blog/topic/payroll-hr-benefits) - [Audit & Assurance (113)](https://info.machen.cpa/blog/topic/audit-assurance) - [Accounting & Outsourcing (81)](https://info.machen.cpa/blog/topic/accounting-outsourcing) - [Individual Tax (75)](https://info.machen.cpa/blog/topic/individual-tax) - [Tax Planning (33)](https://info.machen.cpa/blog/topic/tax-planning) - [Tax Updates (25)](https://info.machen.cpa/blog/topic/tax-updates) - [Retirement & Wealth Management Planning (18)](https://info.machen.cpa/blog/topic/retirement-wealth-management-planning) - [Taxation (15)](https://info.machen.cpa/blog/topic/taxation) - [Alerts (13)](https://info.machen.cpa/blog/topic/alerts) - [Business Valuation (11)](https://info.machen.cpa/blog/topic/business-valuation) - [News & Events (11)](https://info.machen.cpa/blog/topic/news-events) - [Tax News (11)](https://info.machen.cpa/blog/topic/tax-news) - [Individual Tax Planning (10)](https://info.machen.cpa/blog/topic/individual-tax-planning) - [Not For Profit (10)](https://info.machen.cpa/blog/topic/not-for-profit) - [Retirement Planning (9)](https://info.machen.cpa/blog/topic/retirement-planning) - [Estate Planning (8)](https://info.machen.cpa/blog/topic/estate-planning) - [Manufacturing Industry Insights (7)](https://info.machen.cpa/blog/topic/manufacturing-industry-insights) - [Individuals (1)](https://info.machen.cpa/blog/topic/individuals) - [Insider (1)](https://info.machen.cpa/blog/topic/insider) - [Professional Standard News (1)](https://info.machen.cpa/blog/topic/professional-standard-news) see all [![Returning\_Value](https://info.machen.cpa/hs-fs/file-2504250850-jpg/Machen-Blog-Image/Returning_Value.jpg)](http://machenmcchesney.com/about-us/mission-and-values/) - [![AICPA](https://machenmcchesney.com/img/logos/aicpa.jpg)](https://www.aicpa-cima.com/) - [![NACVA](https://machenmcchesney.com/img/logos/nacva.jpg)](http://www.nacva.com/) - ![2026 INSIDE Public Accounting Top 400](https://machenmcchesney.com/img/2026-ipa-top-400.jpg) - ![2026 Best of Auburn-Opelika](https://machenmcchesney.com/img/2026-best-of-auburn-opelika.jpg) - [![2025 Best of OA](https://machenmcchesney.com/img/2025-best-of-oa.jpg)](https://oanow.com/exclusive/readerschoice/ballot-2025/) - ![2026 Best of OA Winner](https://machenmcchesney.com/img/2026-best-of-oa-winner.jpg) - [![2025 Accounting Today Regional Leaders](https://machenmcchesney.com/img/2025-accounting-today-regional-leaders.jpg)](https://www.accountingtoday.com/) - [![ClearlyRated Best of Accounting](https://machenmcchesney.com/img/2024-best-of-accounting.jpg)](https://www.clearlyrated.com/accounting) - [![ClearlyRated Best of Accounting Employee](https://machenmcchesney.com/img/2024-best-of-accounting-employee.jpg)](https://www.clearlyrated.com/accounting) 1820 East University Drive, Auburn, AL 36830 | Tel: (334) 887-7022 | Fax: (334) 887-7221 1761 Taliaferro Trail, Montgomery, AL 36117 | Tel: (334) 244-8900 | Fax: (334) 364-0927 † This is not a CPA firm. \* Assurance, attest, and audit services provided by Frazier & Deeter, LLC. “Frazier & Deeter” is the brand name under which Frazier & Deeter, LLC\* and Frazier & Deeter Advisory, LLC† and its subsidiary entities provide professional services. Frazier & Deeter, LLC\* and Frazier & Deeter Advisory, LLC (and its subsidiary entities)† practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Frazier & Deeter, LLC\* is a U.S. licensed independent public accounting firm that provides attest services to its clients. Frazier & Deeter Advisory, LLC† and its subsidiary entities provide tax and business consulting services to their clients. Frazier & Deeter Advisory, LLC† and its subsidiary entities are not licensed U.S. CPA firms. - [LinkedIn](https://www.linkedin.com/company/675439?trk=tyah&trkInfo=idx%3A1-1-1%2CtarId%3A1424436970395%2Ctas%3Amachen+mcchesney) - [Facebook](https://www.facebook.com/machenmcchesney) - [Google](https://plus.google.com/101356546927388458481) - [Twitter](https://twitter.com/machenmcchesney) [Powered by Strategic 7 Marketing](https://strategicseven.com)