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. Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit.
2. Numerous Tax Limits Affecting Businesses Have Increased for 2020
3. Do You Want to Go Into Business for Yourself?
4. Stop Tax ID Theft!
5. Reporting Contingent Liabilities
6. FAQs About Audit Confirmations
7. How Business Owners May Be Able to Reduce Tax by Using an S Corporation
8. 4 Steps to a Stronger Balance Sheet
9. What's New at Machen McChesney

Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit.Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Continue reading.

Numerous Tax Limits Affecting Businesses Have Increased for 2020An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Continue reading.

Do You Want to Go Into Business for Yourself?Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. Continue reading.

Reporting Contingent LiabilitiesContingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Here are the basics. Continue reading. 

FAQs About Audit ConfirmationsAuditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances and estimates agree with their records. Here are answers to questions you may have about audit confirmations. Continue reading. 

How Business Owners May Be Able to Reduce Tax by Using an S Corporation
Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Continue reading.

4 Steps to a Stronger Balance SheetRoughly half of CFOs believe an economic recession will hit by the end of 2020, and about three-quarters expect a recession by mid-2021, according to the 2019 year-end Duke University/CFO Global Business Outlook survey. In light of these bearish predictions, many businesses are currently planning for the next recession. Are you? Here are four steps to help your company strengthen its balance sheet against a possible downturn. 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.