--- title: Machen McChesney Blog | Michael D. Machen, CPA, CVA (3) description: (3) --- [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 ## Michael D. Machen, CPA, CVA ### Recent Posts ## [Inflation Means You and Your Employees Can Save More for Retirement in 2023](https://info.machen.cpa/blog/inflation-means-you-and-your-employees-can-save-more-for-retirement-in-2023) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Nov 04, 2022 [![](https://info.machen.cpa/hubfs/inflation%20-1372745106-1.jpeg)](https://info.machen.cpa/blog/inflation-means-you-and-your-employees-can-save-more-for-retirement-in-2023) How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due to inflation. [Full Story](https://info.machen.cpa/blog/inflation-means-you-and-your-employees-can-save-more-for-retirement-in-2023) Posted in [Retirement Planning](https://info.machen.cpa/blog/topic/retirement-planning) ## [Income Tax Considerations for Student-Athletes](https://info.machen.cpa/blog/income-tax-considerations-for-student-athletes) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Oct 14, 2022 [![](https://info.machen.cpa/hubfs/Sports%20-1354174074-1.jpeg)](https://info.machen.cpa/blog/income-tax-considerations-for-student-athletes) Student-athletes can now enter into name, image and likeness (NIL) contracts for compensation. NIL contracts have major federal and state tax implications, including income tax responsibilities, state nexus, and reporting obligations. How should athletes and their advisors navigate compensation issues related to NIL contracts so that there are no tax surprises? We share valuable insight on the game-changing issues related to NILs. [Full Story](https://info.machen.cpa/blog/income-tax-considerations-for-student-athletes) Posted in [Business Advisory](https://info.machen.cpa/blog/topic/business-advisory) ## [Self-Employed? Build a Nest Egg With a Solo 401(K) Plan](https://info.machen.cpa/blog/self-employed-build-a-nest-egg-with-a-solo-401k-plan) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Sep 09, 2022 [![](https://info.machen.cpa/hubfs/Retirement%20plan%20-%20963506476-1.jpeg)](https://info.machen.cpa/blog/self-employed-build-a-nest-egg-with-a-solo-401k-plan) Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have a healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. [Full Story](https://info.machen.cpa/blog/self-employed-build-a-nest-egg-with-a-solo-401k-plan) Posted in [Retirement Planning](https://info.machen.cpa/blog/topic/retirement-planning) ## [Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning](https://info.machen.cpa/blog/plan-sponsor-alert-cryptocurrency-investments-and-the-dols-warning) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Aug 12, 2022 [![](https://info.machen.cpa/hubfs/Cryptocurrency%201312127135-1.jpeg)](https://info.machen.cpa/blog/plan-sponsor-alert-cryptocurrency-investments-and-the-dols-warning) Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention in the retirement plan industry over the past few years. The Department of Labor (DOL) has issued a stern warning about cryptocurrencies on investment menus and brokerage platforms within 401(k) plans. Since the release of the warning, third-party plan providers have responded with differing stances on the guidance released. Some 401(k) providers believe that the DOL has gone too far. [Full Story](https://info.machen.cpa/blog/plan-sponsor-alert-cryptocurrency-investments-and-the-dols-warning) Posted in [Business Advisory](https://info.machen.cpa/blog/topic/business-advisory) ## [Carried Interest Taxation Changes Proposed in Inflation Reduction Act of 2022](https://info.machen.cpa/blog/carried-interest-taxation-changes-proposed-in-inflation-reduction-act-of-2022) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Aug 05, 2022 [![](https://info.machen.cpa/hubfs/Inflation%20-1390888404-1.jpeg)](https://info.machen.cpa/blog/carried-interest-taxation-changes-proposed-in-inflation-reduction-act-of-2022) Taxpayers should be aware that they may soon lose the advantage of long-term capital gain treatment in respect of carried interest should the Inflation Reduction Act of 2022 (2022 IRA) become law. The deal on a reconciliation package announced on July 27 by Senators Chuck Schumer (D-N.Y.) and Joe Manchin (D-W.Va.) would raise an estimated $739 billion in revenue, of which an estimated $14 billion would come from closing tax-advantaged provisions for carried interests. [Full Story](https://info.machen.cpa/blog/carried-interest-taxation-changes-proposed-in-inflation-reduction-act-of-2022) Posted in [Tax News](https://info.machen.cpa/blog/topic/tax-news) ## [Is Your Company Effectively Managing Tax Risk?](https://info.machen.cpa/blog/is-your-company-effectively-managing-tax-risk) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Jul 25, 2022 [![](https://info.machen.cpa/hubfs/iStock-1219774112-1.jpeg)](https://info.machen.cpa/blog/is-your-company-effectively-managing-tax-risk) The concept of “tax risk” is an increasingly important and regular topic of discussion across organizations and in boardrooms, and for good reason. Businesses that operate across state lines or internationally can, in certain cases, trigger tax liabilities in jurisdictions where they do not have a physical presence. In addition, many countries are adopting policies requiring greater transparency in tax and financial reporting, providing tax administrations more information with which to raise investigations and issue assessments. As companies place additional focus on social responsibility and fiscal transparency, the benefits of having a tax risk policy in place can be substantial. Given the rapidly changing global tax environment combined with the continued demand for tax departments to add value to the organization, an effective tax risk policy is a necessity for any business needing to better manage tax risk. [Full Story](https://info.machen.cpa/blog/is-your-company-effectively-managing-tax-risk) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [Back to School Sales Tax Holiday Weekend for 2022](https://info.machen.cpa/blog/back-to-school-sales-tax-holiday-weekend-for-2022) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Jul 14, 2022 [![](https://info.machen.cpa/hubfs/back%20to%20school%20-1014837758-1.jpeg)](https://info.machen.cpa/blog/back-to-school-sales-tax-holiday-weekend-for-2022) This year the State of Alabama will be participating in the Back-to-School Sales Tax Holiday Weekend beginning at 12:01 a.m. **Friday, July 15, 2022**, and ending at midnight **Sunday, July 17, 2022**. Alabama’s 17th annual sales tax holiday for school-related items allows shoppers to purchase certain school supplies, computers, books, and clothing free of the state’s four percent sales or use tax. [Full Story](https://info.machen.cpa/blog/back-to-school-sales-tax-holiday-weekend-for-2022) Posted in [News & Events](https://info.machen.cpa/blog/topic/news-events) ## [Construction Ahead: Opportunities and Challenges in 2022](https://info.machen.cpa/blog/construction-ahead-opportunities-and-challenges-in-2022) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Jun 23, 2022 [![](https://info.machen.cpa/hubfs/Construction-1246984499-1.jpeg)](https://info.machen.cpa/blog/construction-ahead-opportunities-and-challenges-in-2022) The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading and expanding U.S. infrastructure, presenting a long horizon of opportunity for the construction industry. [Full Story](https://info.machen.cpa/blog/construction-ahead-opportunities-and-challenges-in-2022) Posted in [Business Advisory](https://info.machen.cpa/blog/topic/business-advisory) ## [Do You Know the Signs of Financial Distress in a Business?](https://info.machen.cpa/blog/do-you-know-the-signs-of-financial-distress-in-a-business) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on May 19, 2022 [![](https://info.machen.cpa/hubfs/Financial%20-473223036-1.jpeg)](https://info.machen.cpa/blog/do-you-know-the-signs-of-financial-distress-in-a-business) Financial statements tell only part of the story. Investors, lenders, and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these issues. For instance, stakeholders might need to talk to management, visit the company’s website and compute financial benchmarks using the company’s most recent financial statement. Here’s what to look for. [Full Story](https://info.machen.cpa/blog/do-you-know-the-signs-of-financial-distress-in-a-business) Posted in [Business Advisory](https://info.machen.cpa/blog/topic/business-advisory) ## [White House Unveils 2023 Budget Proposal](https://info.machen.cpa/blog/white-house-unveils-2023-budget-proposal) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Apr 07, 2022 [![](https://info.machen.cpa/hubfs/Coin%20with%20American%20flag%20637083626-1.jpeg)](https://info.machen.cpa/blog/white-house-unveils-2023-budget-proposal) The Biden administration, on March 28, issued its [fiscal year 2023 budget](https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf), which would reduce the national deficit by approximately $1 trillion over 10 years primarily by increasing the corporate tax rate to 28% and introducing a minimum tax on billionaires. [Full Story](https://info.machen.cpa/blog/white-house-unveils-2023-budget-proposal) Posted in [Tax News](https://info.machen.cpa/blog/topic/tax-news) [Previous](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva/page/2) [Next](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva/page/4) 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. 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