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. Evaluating "Going Concern" Concerns
2. How to Treat Business Website Costs for Tax Purposes
3. Engaging Donors at Every Level: A Checklist
4. Carried Interest Taxation Changes Proposed in Inflation Reduction Act of 2022
5. How External Confirmations Are Used During an Audit
6. Is Your Business Required to Report Employee Health Coverage?
7. Senate Approves Inflation Reduction Act With Changes to Tax Provisions
8. Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning
9. What's New at Machen McChesney

Evaluating "Going Concern" Concerns

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of accounting may be used instead. Continue reading.

How to Treat Business Website Costs for Tax Purposes

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Continue reading.

Engaging Donors at Every Level: A Checklist

Nonprofit organizations have been navigating change in almost every aspect of their operations over the past two years, including shifting priorities, a new employment landscape, and changes in fundraising and hosting programs and events. As organizations continue to reimagine what their futures will look like, donor engagement strategies should be reevaluated and refined to ensure they keep up with these other changes. Consider the following steps to support strong donor engagement: Continue reading. 

How External Confirmations Are Used During an Audit

Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans, and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the auditor from a third party either in paper form or by electronic other means, such as through the auditor’s direct access to information held by a third party.” Continue reading. 

Is Your Business Required to Report Employee Health Coverage?

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Continue reading. 

Senate Approves Inflation Reduction Act With Changes to Tax Provisions

Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate, and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and all Republicans voting against it, and Vice President Kamala Harris casting the decisive 51st vote in favor. Continue reading.

Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning

Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention in the retirement plan industry over the past few years. The Department of Labor (DOL) has issued a stern warning about cryptocurrencies on investment menus and brokerage platforms within 401(k) plans. Since the release of the warning, third-party plan providers have responded with differing stances on the guidance released. Some 401(k) providers believe that the DOL has gone too far. 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.