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. The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies
2. Attention: Accounting Rule Delays in the Works
3. What to Do If Your business Receives a "No-Match" Letter
4. Top 10 Trends in the Nonprofit Industry
5. Should You Elect S Corporation Status?
6. What to Expect During a Franchise Audit
7. The Tax Implications of a Company Car
8. Trying to Sell Your Business?
9. What's New at Machen McChesney

The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Attention: Accounting Rule Delays in the WorksOn July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses, and long-term insurance contracts. Continue reading.

What to Do If Your Business Receives a "No-Match" LetterIn the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they point out that an employee’s name and Social Security number (SSN) don’t match the government’s records. Continue reading.  

Should You Elect S Corporation Status?Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But not all businesses are eligible — and with changes under the Tax Cuts and Jobs Act, S corps may not be as appealing as they once were. Continue reading. 

What to Expect During a Franchise AuditIt’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral out of control. Continue reading. 

The Tax Implications of a Company Car

Trying to Sell Your Business?If you are considering selling your business, you may want to read this first, before you try. 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.