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. A Tax-Smart Way to Develop and Sell Appreciated Land
2. Selecting a Qualified Auditor for Your Employee Benefit Plan
3. Reporting UTPs on Your Financial Statements
4. Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?
5. Receive More Than $10,000 in Cash at Your Business? Here's What You Must Do.
6. 5 Steps to Track Vehicle Mileage in QuickBooks
7. Grant Management & Compliance
8. State and Local Tax Issues Businesses Should Consider
9. What's New at Machen McChesney

A Tax-Smart Way to Develop and Sell Appreciated Land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels, and sell them off for a hefty profit, it could trigger a large tax bill. Continue reading.

Selecting a Qualified Auditor for Your Employee Benefit Plan

Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public accountants to perform audits. Continue reading.

Reporting UTPs on Your Financial Statements

It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters. Continue reading. 

Receive More Than $10,000 in Cash at Your Business? Here's What You Must Do.

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Continue reading. 

5 Steps to Track Vehicle Mileage in QuickBooks

Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate. Continue reading.

Grant Management & Compliance

Charging Personnel Costs to Federal Awards

Salary costs represent the bulk of dollars from federal grants and often pose compliance risks and challenges to new and experienced recipients alike. One question we are often asked by clients is, "how can we maintain compliance with federal regulations regarding accurately supporting and recording personnel costs when not all of our employees complete and submit timesheets?"

In this article, we will discuss the federal requirements for charging personnel costs to awards, alternatives to timesheet processes, and common challenges and pitfalls to avoid when charging labor costs to federal grants. Continue reading.

State and Local Tax Issues Businesses Should Consider

State and local tax issues are a big part of a company's tax liability. In fact, they are so impactful that a lot of companies actively decide to relocate to states that are regarded as low-tax states by the Tax Foundation, such as Florida, Nevada, and North Carolina. 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.