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. Hiring Independent Contractors? Make Sure They're Properly Classified
2. Business Charitable Contribution Rules Have Changed Under the CARES Act
3. Government Assistance Programs: Are You Ready for Scrutiny?
4. Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren't Deductible
5. CDC Gives Guidance for Reopening Businesses
6. The CARES Act Liberalizes Net Operating Losses
7. Benchmarking: Why Normalizing Adjustments Are Essential
8. IRS Releases 2021 Amounts for Health Savings Accounts
9. What's New at Machen McChesney

Hiring Independent Contractors? Make Sure They're Properly ClassifiedAs a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. Continue reading.

Business Charitable Contribution Rules Have Changed Under the CARES ActIn light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses. Continue reading.

Government Assistance Programs: Are You Ready for Scrutiny?Organizations of all shapes and sizes have sought to take advantage of government assistance and programs to help their business persevere and maintain operations during the COVID-19 pandemic. Continue reading.

CDC Gives Guidance for Reopening BusinessesNo, there is no universal lifting of restrictions, but the CDC is looking forward to a time when every business can slowly start reopening. As the CDC explains: "It's important to continue to follow federal, state, tribal, territorial, and local guidance for reopening America." Its extensive guidance includes the need to develop a reopening plan. Continue reading. 

The CARES Act Liberalizes Net Operating LossesThe Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. Continue reading. 

Benchmarking: Why Normalizing Adjustments Are EssentialFinancial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Continue reading.

IRS Releases 2021 Amounts for Health Savings AccountsThe IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).  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.