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. Tax-Wise Ways to Take Cash From Your Corporation While Avoiding Dividend Treatment
2. Why It's Important to Get Your Company's Financials Done on Time
3. Spotlight on Auditor Independence
4. FinCEN Requires Beneficial Ownership Information
5. How to Minimize Billing Bottlenecks
6. Treasury, IRS Releases Final Regulations on Elective Pay Election for Energy Tax Credits
7. Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
8. What's New at Machen McChesney

Tax-Wise Ways to Take Cash From Your Corporation While Avoiding Dividend Treatment

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation. Continue reading.

Why It's Important to Get Your Company's Financials Done on Time

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late. Continue reading.

Spotlight on Auditor Independence

Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the performance and condition of companies. Continue reading.

FinCEN Requires Beneficial Ownership Information

Treasury, IRS Release Final Regulations on Elective Pay Election for Energy Tax Credits

The Department of the Treasury and the IRS on March 5 released final regulations (TD 9988) on the elective pay election for certain energy tax credits under IRC Section 6417, added by the Inflation Reduction Act (IRA), which treats the credits as a payment against federal income tax liabilities. Continue reading. 

Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. 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.