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
- A Review Of Significant TCJA Provisions Affecting Small Businesses
- IRS Audit Techniques Guides Provide Clues To What May Come Up If Your Business Is Audited
- Sizing Up New Deduction For Pass-through Entities
- Five Prime Issues For Business Startup
- New Law Revives Six Key Tax Breaks
- Can You Deduct Business Travel When It's Combined With A Vacation?
- How Accountable Is Your Business?
- The TCJA Changes Some Rules For Deducting Pass-through Business Losses
- Is Your Not-for-Profit Financially Fit?
- Putting Your Child On Your Business's Payroll For The Summer May Make More Tax Sense Than Ever
- What's New at Machen McChesney?
A Review Of Significant TCJA Provisions Affecting Small Businesses
IRS Audit Techniques Guides Provide Clues To What May Come Up If Your Business Is Audited
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited. Continue reading.
Sizing Up New Deduction For Pass-through Entities
New Law Revives Six Key Tax Breaks
Extensions retroactive to 2017 tax year
The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016. Continue reading.
Can You Deduct Business Travel When It's Combined With A Vacation?
At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. Continue reading.
How Accountable Is Your Business?
How to set up an accountable plan. Continue reading.
The TCJA Changes Some Rules For Deducting Pass-through Business Losses
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions. Continue reading.
Is Your Not-for-Profit Financially Fit?
Being financially fit and stable is critical to any business, including a not-for-profit (NFP). If an NFP has a weak financial position, it may not be able to sustain its operations. While the perception by many in today’s society is that most NFPs are generally financially healthy, this is not always the case. For example, a recently published report noted that 41 percent of charities do not expect to make a profit over the next three years. An NFP’s liquidity is an important story to convey to the users of its financial statements. Continue reading.
Putting Your Child On Your Business's Payroll For The Summer May Make More Tax Sense Than Ever
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). 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