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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. 

During this season, we take time to reflect upon the good things we our partnership with you. We appreciate working with you and hope that the holidays and the coming year will bring you happiness and success.

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From our family to yours we send you this Christmas message.

Table of Content

  1. The Art and Science of Goodwill Impairment Testing
  2. FAQs About Prepaid Expenses
  3. Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks
  4. 2 Valuable Year-End Tax-Saving Tools for Your Business
  5. Risk Assessment: A Critical Part of the Audit Process
  6. 2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
  7. Small Businesses: It May Not Be Too Late to Cut Your 2019 Taxes.
  8. Year-End Accounting Recap
  9. What's New at Machen McChesney

The Art and Science of Goodwill Impairment Testing

Balance Sheet-610253066-1Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether the carrying value on the balance sheet has fallen below its fair value. This assessment can be complicated. Continue reading

FAQs About Prepaid ExpensesInvoices-917884972-1The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here are some questions small business owners and managers frequently ask about prepaying expenses. Continue reading.

Holiday Parties and Gifts Can Show Your Appreciation and Provide Tax BreaksFood - 899981010-1With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?Continue reading

2 Valuable Year-End Tax-Saving Tools for Your Business

Tax Deduction 466230822-1At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or other assets and place them into service by the end of the tax year. In other words, you can claim a full deduction for 2019 even if you acquire assets and place them in service during the last days of the year. Continue reading   

Risk Assessment: A Critical Part of the Audit ProcessAudit-889089768-1Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.  Continue reading

2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Quarter 1 2020 calendar-1Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. 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. 

Small Businesses: It May Not Be Too Late to Cut Your 2019 Taxes.

Tax Cut 1074993448-1Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Continue reading.

Year-End Accounting Recap2019-1072999540-1

The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Continue reading.

What's New at Machen McChesney?iStock_41667068_LARGE-822670-edited.jpgSponsorships, 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.
Machen McChesney 
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