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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. The Standard Business Mileage Rate Is Going Up in 2023
  2. 2023 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers
  3. FAQs About QuickBooks
  4. 6 Steps to Becoming Sales and Use Tax Compliant
  5. New Law Ushers in Major Retirement Changes
  6. 5 Benefits of Outsourcing Your Accounting Needs
  7. Form W-2 and 1099-NEC Are Due to Be Filed Soon
  8. Planning to Deduct for Losses This Tax Season? Be Sure to Read the Fine Print
  9. What's New at Machen McChesney

The Standard Business Mileage Rate is Going Up in 2023

Car mileage-1

Although the national gas price is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will increase in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup, or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles. Continue reading.

2023 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers

Tax Calendar Q1-1

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. Continue reading.

FAQs About QuickBooks

Quickbooks words with computer

Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you get started. Continue reading. 

6 Steps to Becoming Sales and Use Tax Compliant

Sales and Use Tax

Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only an economic presence within their state. Remote sellers, licensors of software, and other businesses that provide services or deliver their products to customers from remote location must comply with state and local taxes. Continue reading   

New Law Ushers in Major Retirement Changes

Retirement plan - 963506476-1

There's been buzz about new retirement plan provisions for weeks, and now they're final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate and others that will take effect in the future. Continue reading

5 Benefits of Outsourcing Your Accounting Needs

Outsourcing -923013596-1

CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, budgeting, payroll, and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision. Continue reading.

Form W-2 and 1099-NEC Are Due to Be Filed Soon

Form 1099-NEC-1355030244-1

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Continue reading.

Planning to Deduct for Losses This Tax Season? Be Sure to Read the Fine Print


Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment. Continue reading.

What's New at Machen McChesney?

iStock-Whats New-41667068_LARGE-1

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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Montgomery: 1784 Taliaferro Trail, Suite A | Montgomery AL 36117

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