Machen McChesney returns value to clients through our monthly e-newsletter, The Value Report.
Not rendering correctly? View this email as a web page here.
The Value Report - Machen McChesney Business Advisory Insights

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. Work Opportunity Tax Credit Extended Through 2020
  2. When to Write off Stale Receivables
  3. Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions
  4. Lease or Buy? Changes to Accounting Rules May Change Your Mind.
  5. Determine a Reasonable Salary for a Corporate Business Owner
  6. Beware: Coronavirus May Affect Financial Reporting
  7. Coronavirus Strikes Nonprofits in More Ways Than One
  8. Coronavirus (COVID-19): Tax Relief for Small Businesses
  9. What's New at Machen McChesney

Work Opportunity Tax Credit Extended Through 2020WOTC-1125910005If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). Continue reading.

When to Write off Stale Receivablesdebt-1207684473-1Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will be uncollectible. That’s why it’s important to record an allowance for doubtful accounts (also known as “bad debts”). These allowances are subjective, especially in uncertain economic times. Continue reading.

Do You Run Your Business From Home? You Might Be Eligible for Home Office DeductionsHome office-1163891228-1If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. Continue reading.

Lease or Buy? Changes to Accounting Rules May Change Your Mind.Buy or Lease-462358069-1The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new lease contracts. In some cases, you might decide to modify lease terms to avoid having to report leasing liabilities on your balance sheet. Or you might opt to buy (rather than lease) property to sidestep being subject to the complex disclosure requirements. Continue reading   

Determine a Reasonable Salary for a Corporate Business OwnerSalary-474868724-1If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are withdrawn as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the employee who receives it. Continue reading

Beware: Coronavirus May Affect Financial ReportingCoronavirus-1210591067-1The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Continue reading. 

Coronavirus Strikes Nonprofits in More Ways Than OneRed Coronavirus 1202270061-1

Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its impact and uncertainty around what the future holds. Continue reading.

Coronavirus (COVID-19): Tax Relief for Small Businessescovid19-on-blue-background-with-red-ball-picture-id1205872351Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. 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. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
If you have any questions on the topics above, please feel free to send us a message.
Machen McChesney 
Share our insights with your connections:

Montgomery: 1761 Taliaferro Trail | Montgomery AL 36117

You received this email because you are subscribed to Monthly E-Newsletters from Machen McChesney.

Update your email preferences to choose the types of emails you receive.

 Unsubscribe from all future emails