At Machen McChesney, we are committed to Returning Value to you through our monthly e-newsletter, The Value Report.

Here you'll find regular tips to help with your business and personal finances, as well as strategies to grow and more efficiently run your organization. 

Table of Content

1. Choosing an Entity for Your Business? How About an S Corporation?
2. The Tax Advantages of Hiring Your Child This Summer
3. Tax-Free Qualified Disaster Relief Payments to Employees in Connection With Covid-19 Will End May 11, 2023
4. Retirement Saving Options for Your Small Business: Keep It Simple
5. Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space
6. Spring Cleaning in QuickBooks
7. Beware of the Gray Areas in Accounting
8. We May Never See a Better Environment for Transferring Wealth ... Here's Why
9. What's New at Machen McChesney

Choosing an Entity for Your Business? How About an S Corporation?

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. Continue reading.

The Tax Advantages of Hiring Your Child This Summer

Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Continue reading.

Tax-Free Qualified Disaster Relief Payments to Employees in Connection With Covid-19 Will End May 11, 2023

The Executive Office of the President, Office of Management and Budget, announced on January 30, 2023, that the COVID-19 national emergency and public health emergency that were declared in 2020 will both end on May 11, 2023. As a result, COVID-19 cannot be the reason used to make tax-free “qualified disaster relief payments” to employees (or others) under Internal Revenue Code Sec. 139 for expenses incurred on and after that date. Continue reading. 

Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. Continue reading. 

Spring Cleaning in QuickBooks

Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers, and vendors — the software provides methods for deleting, inactivating, and merging list entries. Here’s what you can do to help spruce things up. Continue reading.

Beware of the Gray Areas in Accounting

Accounting and auditing standards have come under scrutiny in the wake of recent high-profile bank failures. Investigations are currently underway about what went wrong with Silicon Valley Bank and Signature Bank. But it’s likely that some “gray areas” in the accounting rules were exploited to make these organizations appear more economically secure in their year-end financial statements than they truly were. Continue reading.

We May Never See a Better Environment for Transferring Wealth

… Here's Why

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market downturn represents an especially advantageous time to optimize your taxable estate before markets eventually recover. 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.