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. SALT Watch: 5 Issues to Consider in 2021
2. Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits
3. How to Strengthen Your Internal Controls
4. 2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
5. Alabama: Amendment to Electing Pass-Through Entity Tax Act
6. Employee Retention Credit, What You Need to Know Now
7. Accounting Methods: Private Companies Have Options
8. Traveling for Business Again? What Can You Deduct?
9. What's New at Machen McChesney

SALT Watch: 5 Issues to Consider in 2021

As state and local governments look for new ways to stimulate their economies, incentivize employment and keep businesses afloat, the pressure for states to generate additional tax revenue continues. In response to this pressure, states are revisiting taxpayers’ compliance with their “nexus” rules and other tax policies and considering new taxes on digital services. In addition, many state governments are reconsidering the extent to which they are willing to conform to federal tax rules and legislation. Continue reading.

Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Continue reading.

How to Strengthen Your Internal Controls

Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud. Continue reading.

Alabama: Amendment to Electing Pass-Through Entity Tax Act

Employee Retention Credit, What You Need to Know Now

Is your business eligible for the ERC?

While the IRS has yet to update its web pages on the new Employee Retention Credit, eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns, which will be Form 941 for most employers. Continue reading. 

Accounting Methods: Private Companies Have Options

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right for your business depends on its size, regulatory and contractual requirements, management’s future plans, and the needs of its stakeholders. Continue reading.

Traveling for Business Again? What Can You Deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. 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.