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. IRS Updates Mileage Rates for 2021
2. New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes
3. 2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
4. Can Your Business Benefit From the Enhanced Employee Retention Tax Credit
5. PPP Loans Have Reopened: Let's Review the Tax Consequences
6. Assessing and Mitigating Key Person Risks
7. Forecasting For 2021
8. Accounting for Property, Plant and Equipment
9. What's New at Machen McChesney

IRS Updates Mileage Rates for 2021

Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: Continue reading.

New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes.

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Continue reading.

2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. 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.

PPP Loans Have Reopened: Let's Review the Tax Consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Continue reading. 

Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, it could disrupt day-to-day operations, alarm customers, lenders, and suppliers, and drain working capital reserves. Continue reading. 

Forecasting For 2021

Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending cash flow shortages and keep your business on solid financial footing. Continue reading.

Accounting for Property, Plant and Equipment

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant, and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP). 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.