As 2022 draws to a close, the time to consider tax-saving opportunities for you and/or your business is before year-end. You may want to consider opportunities to reduce or defer your annual tax obligation. Please call your Machen McChesney trusted advisor today if you need assistance with year-end tax planning. 

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Table of Content

1. Plan Sponsor Alert: Roth 401 (K) Remains Underutilized Despite Potential Benefits
2. Is It Time to Update Your Accounting Practices?
3. Crypto's Wild Ride in 2022: Understanding What's at Stake
4. What to Do if Your CFO or Controller Leaves
5. Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-end to Help Qualify?
6. Real Estate and Construction Industries' Growing Cybersecurity Threat
7. Accounting Policies and Procedures Are Essential for Nonprofits, Too
8. Intangible Assets: How Must the Costs Incurred Be Capitalized?
9. What's New at Machen McChesney

Plan Sponsor Alert: Roth 401 (k) Remains Underutilized Despite Potential Benefits

While plan sponsors have been able to amend their 401(k) plans to include a post-tax deferral contribution called Roth for more than a decade, only 86 percent of plan sponsors have made it available to participants, according to the Plan Sponsor Council of America. Meanwhile, despite the potential benefits of such plans, just a quarter of participants who have access to the Roth 401(k) option use it. Plan sponsors may want to consider adding a Roth 401(k) option to their lineup because of the potential tax benefits and other advantages for plan participants. Continue reading.

Is It Time to Update Your Accounting Practices?

If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the financial and accounting realm, doing things the way you’ve always done them could be costing your business in terms of lost efficiency and profits. Here are five considerations to help modernize your accounting processes and systems. Continue reading.

Crypto's Wild Ride in 2022: Understanding What's at Stake

What a difference a year makes. In 2021, cryptocurrency markets reached all-time highs. Broader institutional adoption continued with the likes of BlackRock, Fidelity, JPMorgan Chase, Morgan Stanley, Deutsche Bank, and Goldman Sachs investing in the space and offering their clients crypto assets. Interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) was at an all-time high. Continue reading. 

Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-end to Help Qualify?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. Continue reading. 

Real Estate and Construction Industries' Growing Cybersecurity Threat

In the last few years, real estate and construction leaders have made great strides to implement new technologies into their regular practices. While these advances have uncovered additional efficiencies, their adoption has created a critical vulnerability: data security. Continue reading.

Accounting Policies and Procedures Are Essential for Nonprofits, Too

Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and monitoring financial results to paying invoices and handling payroll tax, there’s a lot that falls under the accounting umbrella. Are these tasks, and others, being managed as efficiently at your organization as they could be? Continue reading.

Intangible Assets: How Must the Costs Incurred Be Capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? 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.