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
- Chart a Course for Success With a Detailed Chart of Accounts
- BOI Filing Requirement Temporarily Suspended
- Healthy Savings: How Tax-Smart HSAs Can Benefit Your Small Business and Employees
- 2024 Tax Planning for Individual Taxpayers
- 2024 Tax Planning for Businesses
- What Are Retained Earnings — and Why Do They Matter?
- How Do Auditors Verify Account Balances and Transactions?
- Preparing for the 2024 Tax Season
- What's New at Machen McChesney
Chart a Course for Success With a Detailed Chart of Accounts
A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A disorganized chart or one that lumps transactions into broad, undefined “buckets” of data can make it difficult for management to evaluate financial performance and identify unmet customer needs — or open the door to accounting errors and fraud. Here’s some guidance on how to create a robust chart that’s right for your situation. Continue reading.
BOI Filing Requirement Temporarily Suspended
As of Wednesday, 12/3, a federal judge in Texas issued a ruling suspending (temporarily) enforcement of the Corporate Transparency Act (CTA) nationally. The CTA created the Beneficial Owner Information (BOI) filing requirement for businesses. This ruling is not a repeal but a temporary stay of enforcement. Continue reading.
Healthy Savings: How Tax-Smart HSAs Can Benefit Your Small Business and Employees
As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on healthcare expenses while providing valuable tax advantages. You may already have an HSA. It’s a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025. Continue reading.
2024 Tax Planning for Individual Taxpayers
With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach the end of the year, now is the time for individuals, business owners, and family offices to review their 2024 and 2025 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. The information contained in this guide is based on federal laws and policies in effect as of the publication date. This guide discusses tax planning for U.S. federal income taxes. Applicable state and foreign taxes should also be considered. Taxpayers should consult with a trusted advisor when making tax and financial decisions regarding any of the following items. Continue reading.
What Are Retained Earnings — and Why Do They Matter?
Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of two pieces: capital contributions and retained earnings. The former represents the amounts owners have paid into the business and stock repurchases, but the latter may be less familiar. Here’s an overview of what’s recorded in this account. Continue reading.
How Do Auditors Verify Account Balances and Transactions?
Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit’s effectiveness. Here are some common sources of “substantive evidence” that auditors gather to help them form an opinion regarding your financial statements. Continue reading.
Preparing for the 2024 Tax Season
There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the new administration will affect our taxes, including changes that may be retroactive. 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.
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Thanks,
Machen McChesney
