As we continue to navigate these uncertain times, the health and safety of our employees and our clients remain our top priority. Living in these extraordinary times, we are confident in our team members' ability to adapt to these temporary changes seamlessly as we will continue to deliver the level of service you deserve. 

Machen McChesney has created a dedicated "Coronavirus Update" link on our website. We will continue to keep it updated and will continue to email our clients as updates become available.

We are here to help, so if you have any questions or concerns, please contact our office and ask for your Machen McChesney advisor. 

Table of Content

1. How to Use Visual Aids in Financial Reporting
2. CARES Act Provides Option to Delay CECL Reporting
3. Answers to Questions About the CARES Act Employee Retention Tax Credit
4. CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees
5. Relief From Not Making Employment Tax Deposits Due to COVID-19 Tax Credits
6. The New COVID-19 Law Provides Businesses With More Relief
7. Avoid These Financial Hoaxes
8. A Return to Work in The New Normal
9. What's New at Machen McChesney

How to Use Visual Aids in Financial Reporting.Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends?. Continue reading.

CARES Act Provides Option to Delay CECL ReportingThe Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here are the details. Continue reading.

Answers to Questions About the CARES Act Employee Retention Tax CreditThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. Continue reading.

Relief From Not Making Employment Tax Deposits Due to COVID-19 Tax CreditsThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, which was signed on March 27, 2020. Continue reading. 

The New COVID-19 Law Provides Businesses With More ReliefOn 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). Continue reading. 

Avoid These Financial HoaxesCrises can bring out the best in many people — but perversely, they can also bring out the worst. Many scammers are trying to take advantage of the complex bailout provisions for individuals and businesses. Be on the lookout for a surge of calls and emails from scammers trying to cheat you with promises of financial relief, just when you may be feeling desperate. Tax-related fraud and identity theft scammers are out and about looking to make a quick — and crooked — buck. Continue reading.

A Return to Work in The New NormalAs the response to the COVID-19 pandemic progresses, many companies have established operational crisis management teams and adjusted to global restrictions on work and movement. Executives are now beginning to ask the question: How are we going to return to work?. Continue reading.

What's New at Machen McChesney?

Sponsorships, new hires, announcements
Continue reading. 

We hope you found value in The Value Report you've received this month. We look forward to finding even more ways to Return Value to you in the future.