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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.  

Table of Content

  1. "No Surprises Act" Protects Patients From Unexpected Medical Costs
  2. Many Tax Amounts Affecting Businesses Have Increased For 2021
  3. Student Loan COVID-19 Relief
  4. Miscellaneous and Disaster Relief Tax Provisions
  5. What Are the Tax Implications of Buying or Selling a Business?
  6. Should My Distressed Company Consider a Debt Restructuring?
  7. Reporting Restricted Cash
  8. Alabama: Income Tax Reform Enacted
  9. What's New at Machen McChesney

"No Surprises Act" Protects Patients From Unexpected Medical Costs

Medical Billing-1093086110-1

According to research, millions of Americans receive a surprise medical bill each year, most often as a result of emergency room visits where out-of-network providers perform services at an in-network facility. While the average surprise bill is roughly $600, bills can reach into the tens of thousands. In fact, a COVID-19 patient received a surprise air ambulance bill that was over $52,000. Continue reading.

Many Tax Amounts Affecting Businesses Have Increased For 2021

Tax-1285981624-1A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business. Continue reading.

Student Loan COVID-19 Relief

Student Loan Relief-1298629300-1On January 20, 2021, the COVID-19 emergency relief measures were extended on all federal student loans owned by the U. S. Department of Education (ED) through at least September 30, 2021. Continue reading.

Miscellaneous and Disaster Relief Tax Provisions

The worde Tax and coins -1290533528-1

In late December, Congress passed the Consolidated Appropriations Act, which provided COVID-19 relief provisions and included many tax provisions and extenders. The Act contained many COVID-related tax provisions and a slew of extenders ranging from one year to permanent. This article will focus on the miscellaneous tax and disaster relief provisions, which are more applicable to most taxpayers. Continue reading   

What Are the Tax Implications of Buying or Selling a Business?M&A grey background-1181243794-1Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Continue reading

Should My Distressed Company Consider a Debt Restructuring?

Debt Restructuring - 491118456-1Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans. Continue reading. 

Reporting Restricted Cash

money that is chained-147095484-1 Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance?. Continue reading.

Alabama: Income Tax Reform Enacted

tax reform-813480968-1On February 12, 2021, Alabama enacted HB 170 / Act # 2021-1. The new law makes several important changes to Alabama income taxes, including the following: formalizing the state’s treatment of Paycheck Protection Program (PPP) loans and related expenses in line with the governor’s prior proclamation, adopting a single-sales factor apportionment formula, addressing federal tax reform provisions that had caused issues for Alabama taxpayers and adopting an elective pass-through entity (PTE) tax regime similar to other states. The income tax reform is a mixed bag that will impact a wide range of Alabama taxpayers. Continue reading.

What's New at Machen McChesney?

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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. 

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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