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 Contents

1. Corporate Business Owners: Is Your Salary Reasonable in the Eyes of the IRS?
2. Leveraging AI and Automation to Optimize Denial Management in Healthcare
3. Can You Turn Business Losses Into Tax Relief?
4. Old Invoices, New Rules: Tap Into the Power of the AR Aging Report
5. Loan Applications: How to Strengthen Your Hand in Today's Credit Markets
6. Hiring Independent Contractors? Make Sure You're Doing it Right
7. Closing Time: Mastering Your Monthly Close with QuickBooks
8. Tax Writers Pass Sweeping Tax Bill with Major Implications
9. What's New at Machen McChesney

Corporate Business Owners: Is Your Salary Reasonable in the Eyes of the IRS?

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen as reasonable and deductible. Continue reading.

Leveraging AI and Automation to Optimize Denial Management in Healthcare

Claim denials are a significant issue for healthcare, especially as they continue to rise: last year, 60% of medical groups reported a year-over-year increase in claim denials, and providers spend around $20 billion a year trying to overturn them. Continue reading.

Can You Turn Business Losses Into Tax Relief?

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Continue reading

Old Invoices, New Rules: Tap Into the Power of the AR Aging Report

Hiring Independent Contractors? Make Sure YOu're Dong it Right

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead to audits, back taxes, penalties, and even lawsuits. Continue reading. 

Closing Time: Mastering Your Monthly Close with QuickBooks

The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three days, a recent survey found that half the respondents actually take six days or longer to close the books. What can your organization do to help streamline this process? Leveraging cloud-based technology tools like QuickBooks® can be a game changer. Continue reading.

Tax Writers Pass Sweeping Tax Bill with Major Implications

The House Ways and Means Committee approved a sweeping tax bill early on May 14 that would make permanent most of the expiring provisions of the Tax Cuts and Jobs Act (TCJA) while paying for several new tax cuts through an aggressive package of revenue raising tax increases.Committee passage is an important step in the legislative process, but the bill is likely to continue to evolve as it moves forward. 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.