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. 10 Facts About the Pass-Through Deduction for Qualified Business Income
2. CARES Act vs American Rescue Plan Act Funding
3. Who in a Small Business Can Be Hit With the "Trust Fund Recovery Penalty?"
4. 2021 State & Local Tax Year-End Issues to Consider Now
5. Eligible Businesses: Claim the Employee Retention Tax Credit
6. Internal Control Questionnaires: How to See the Complete Picture
7. Follow the Cutoff Rules for Revenue and Expenses
8. Getting a New Business Off the Ground: How Start-up Expenses Are Handled on Your Tax Return
9. What's New at Machen McChesney

10 Facts About the Pass-Through Deduction for Qualified Business Income

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break: the pass-through deduction, QBI deduction, or Section 199A deduction. Continue reading.

CARES Act vs American Rescue Plan Act Funding

The U.S. Department of the Treasury has made available $350 Billion to state and local governments to cover the costs incurred as a result of recovery efforts related to the COVID-19 pandemic. Continue reading.

Who in a Small Business Can Be Hit With the "Trust Fund Recovery Penalty?"

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty,” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Continue reading.

2021 State & Local Tax Year-End Issues to Consider Now

Eligible Businesses: Claim the Employee Retention Tax Credit

Internal Control Questionnaires: How to See the Complete Picture

Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements and prevent fraud, waste, and abuse. Given their importance, internal controls are a key area of focus for internal and external auditors. Continue reading. 

Follow the Cutoff Rules for Revenue and Expenses

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. Continue reading.

Getting a New Business Off the Ground: How Start-up Expenses Are Handled on Your Tax Return

Despite the COVID-19 pandemic, government officials see a significant increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. 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.