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. Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?
2. File Cash Transaction Reports for Your Business — On Paper or Electronically
3. IRS Delivers Temporary Midyear Relief to 401 (K) and 403 (B) Safe Harbor Plans
4. The Possible Tax Consequences of PPP Loans
5. Forecasting Financial Results for a Start-up Business
6. The President's Action to Defer Payroll Taxes: What Does It Mean for Your Business?
7. 3 Steps to "Stress Test" Your Business
8. CARES Act Made Changes to Excess Business Losses
9. What's New at Machen McChesney

Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Continue reading.

File Cash Transaction Reports for Your Business — On Paper or ElectronicallyDoes your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Continue reading.

IRS Delivers Temporary Midyear Relief to 401 (K) and 403 (B) Safe Harbor PlansPlan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS). Continue reading.

Forecasting Financial Results for a Start-up BusinessThere’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also use forecasts as yardsticks for evaluating and improving performance over time. Continue reading. 

The President's Action to Defer Payroll Taxes: What Does It Mean for Your Business?On August 8, President Trump signed four executive actions, including a Presidential Memorandum, to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. Continue reading. 

3 Steps to "Stress Test" Your Business During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition, and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. A comprehensive stress test requires the following three steps. Continue reading.

CARES Act Made Changes to Excess Business LossesThe Coronavirus Aid, Relief, and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive, and there may be opportunities for some businesses to file amended tax returns. 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.