Not rendering correctly? View this email as a web page here.
The Value Report - Machen McChesney Business Advisory Insights

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. 2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
  2. Coordinating SEC. 179 Tax Deduction with Bonus Depreciation
  3. Small Business Taxpayer Exemptions
  4. Auditing WIP Today
  5. ESG Audits: Navigating New Frontiers in Corporate Responsibility
  6. Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits
  7. Don't Have a Tax-Favored Retirement Plan? Set One up Now.
  8. What's New at Machen McChesney

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Tax Calendar Q2 2024-1

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.. Continue reading.


Coordinating SEC. 179 Tax Deduction with Bonus Depreciation

Depreciation -1499909496-1

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results. Continue reading.


Small Business Taxpayer Exemptions

small business 1306680401-1

“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!” Continue reading.


Auditing WIP Today

Work in progress -1397784578-1

External auditors spend a lot of time during fieldwork evaluating how businesses report work-in-progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Continue reading. 


ESG Audits: Navigating New Frontiers in Corporate Responsibility

ESG 1432872392-1

Reporting on environmental, social, and governance (ESG) matters is an increasingly crucial area of corporate compliance. While ESG reporting and disclosure apply primarily to public companies, there are efforts aimed at requiring private companies to also report on these matters. For example, the European Union’s Corporate Sustainability Reporting Directive requires private organizations that meet specific criteria to publish social and environmental risks and their impacts. Continue reading 


Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits

info.machen.cpahubfsAccounting records 1181565015-1

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Continue reading


Don't Have a Tax-Favored Retirement Plan? Set One up Now.

Retirement plan -963482556-1

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. Continue reading.


What's New at Machen McChesney?

https://machen.cpa/whats-new-at-machen-mcchesney-april/whats-new-at-machen-mcchesney-january-2024

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. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
 
If you have any questions on the topics above, please feel free to send us a message.
 
Thanks,
Machen McChesney 
Share our insights with your connections:
   

Montgomery: 1784 Taliaferro Trail, Suite A | Montgomery AL 36117

machen.cpa

You received this email because you are subscribed to Monthly E-Newsletters from Machen McChesney.

Update your email preferences to choose the types of emails you receive.

 Unsubscribe from all future emails