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
- The ABCs of Activity-Based Costing
- Important Tax Aspects of Operating Your Business as a Sole Proprietor
- Nonprofits Gear Up for Sustained Opportunity in 2022
- Audit Disclosures: Why the Fine Print Is Important
- Check Your Withholding Now
- Take Your Financial Statements to the Next Level.
- Real Estate in the Rear View + Outlook for 2022
- Does Your Nonprofit Need an Audit?
- What's New at Machen McChesney
The ABCs of Activity-Based Costing
Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to determine which products and customers are profitable, to identify and eliminate waste, and to more accurately price products or bid jobs going forward. Continue reading.
Important Tax Aspects of Operating Your Business as a Sole Proprietor
If you’re in business for yourself as a sole proprietor or planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: Continue reading.
Nonprofits Gear Up for Sustained Opportunity in 2022
2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the onset of the “Great Resignation” and other hurdles, nonprofit organizations had to reimagine operations and prioritize financial health to sustain mission-driven work. Now, they’re faced with a pivotal moment to turn crisis into opportunity. Despite COVID-19’s toll on health and the economy, disruption drove positive change for many organizations and, according to BDO’s Nonprofit Standards Benchmarking Survey, organizations plan to carry this momentum into the new year. Continue reading.
Check Your Withholding Now
The IRS urges everyone to complete a paycheck checkup to make sure they are withholding the right amount of tax from their paychecks.
You can check out the IRS Tax Withholding Estimator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold. Continue reading.
Take Your Financial Statements to the Next Level.
Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in the marketplace. Continue reading.
Real Estate in the Rear View + Outlook for 2022
2021 was the first full year that the global economy cycled through the pandemic. What were the predictions going into 2021, and where did we actually end up? Here we take a look at how the real estate and construction industries fared last year and where they’re headed in 2022. Continue reading.
Does Your Nonprofit Need an Audit?
The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo an audit. For example, the federal government requires that any nonprofit receiving above a certain amount in federal funding undergo a yearly audit. But again, there are still state regulations you have to adhere to even if the federal law doesn't apply to you. So, what does an audit actually entail? 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