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
- Surprise Audits Are Proven to Fight Fraud.
- Should You Convert Your Business From a C to an S Corporation?
- Major Overtime Change Will Deeply Affect Employers
- Real Estate Wealth Transfer Strategies
- End Purchase Order Chaos With a Structured Approval Process
- RecordKeeping for Tax Purposes
- Best Practices for Expense Reporting
- What's New at Machen McChesney
Surprise Audits Are Proven to Fight Fraud.
Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They are financial statement audits, reporting hotlines, surprise audits, and proactive data analysis. However, the ACFE study also found that two of these — surprise audits and proactive data analysis — are among the least commonly implemented controls. Here’s how your organization might benefit from conducting periodic surprise audits. Continue reading.
Should You Convert Your Business From a C to an S Corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations. Continue reading.
Major Overtime Change Will Deeply Affect Employers
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements. Continue reading.
Real Estate Wealth Transfer Strategies
For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it is about strategically positioning the next generation for personal success. Unfortunately, it also requires navigating a complex landscape of income, gift, and estate taxes. Continue reading.
Recordkeeping for Tax Purposes
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It's the business you're in that affects the type of records you need to keep for federal tax purposes. Continue reading.
Best Practices for Expense Reporting
When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain accurate financial records. 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.
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Thanks,
Machen McChesney