As we continue to navigate these uncertain times, the health and safety of our employees and our clients remain our top priority. Living in these extraordinary times, we are confident in our team members' ability to adapt to these temporary changes seamlessly as we will continue to deliver the level of service you deserve. 

Machen McChesney has created a dedicated "Coronavirus Update" link on our website. We will continue to keep it updated and will continue to email our clients as updates become available.

We are here to help, so if you have any questions or concerns, please contact our office and ask for your Machen McChesney advisor. 

Table of Content

1. Is the COVID-19 Pandemic Affecting Mergers?
2. Accounting for Cloud Computing Arrangements
3. Businesses: Get Ready for the New Form 1099-NEC
4. Reporting Embedded Leases
5. How Furloughs and Layoffs May Affect Company Retirement Plans
6. Even If No Money Changes Hands, Bartering Is a Taxable Transaction.
7. Drive Success With Dashboard Reports
8. External Audits Offer Many Benefits to Nonprofits
9. What's New at Machen McChesney

Is the COVID-19 Pandemic Affecting Mergers?

Businesses are emerging from various pauses and lockdowns, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses. Continue reading.

Accounting for Cloud Computing Arrangements

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing a cloud computing contract over the contract’s life than under existing guidance. Continue reading.

Businesses: Get Ready for the New Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Continue reading.

How Furloughs and Layoffs May Affect Company Retirement Plans

The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and retirement accounts. Continue reading. 

Even If No Money Changes Hands, Bartering Is a Taxable Transaction.

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties. Continue reading. 

Drive Success With Dashboard Reports

Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel in a vehicle or machine, dashboard reports provide a real-time snapshot of how your business is performing. Continue reading.

External Audits Offer Many Benefits to Nonprofits

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable accounting guidelines. 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.