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. Revenue Recognition and Leases: FASB Gives Certain Entities More Time
2. Paycheck Protection Program Loan and Forgiveness Best Practices
3. 5 Steps to Streamline the Month-end Close
4. Family Wealth Planning in a Time of Uncertainty
5. Good Records Are the Key to Tax Deductions and Trouble-free IRS Audits
6. Asset Impairment Is Expected to Hit 2020 Financial Statements
7. Launching a Business? How to Treat Start-up Expenses on Your Tax Return
8. Is It Time to Outsource Finance and Accounting?
9. What's New at Machen McChesney

Revenue Recognition and Leases: FASB Gives Certain Entities More TimePrivate companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it. Continue reading.

Paycheck Protection Program Loan and Forgiveness Best PracticesThe Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and authorized more than $2 Trillion in aid to battle COVID-19 and the economic effects it was having on the U.S. This provided for immediate cash payments to individual citizens, loan programs for small businesses, support for the medical industry and providers directly impacted, and various other economic relief packages for impacted businesses. Continue reading.

5 Steps to Streamline the Month-end CloseMany companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. Continue reading.

Good Records Are the Key to Tax Deductions and Trouble-free IRS AuditsIf you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies. Continue reading. 

Asset Impairment Is Expected to Hit 2020 Financial StatementsSome companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. Continue reading. 

Launching a Business? How to Treat Start-up Expenses on Your Tax Return While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Continue reading.

Is It Time to Outsource Finance and Accounting?Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition. 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.