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The Value Report - Machen McChesney Business Advisory Insights

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. Post-Election: What Manufacturers Need to Expect 
  2. Opportunity For Fiscal Year Taxpayers to Claim Missed Bonus Depreciation on 2015 Assets
  3. IRS Changes Due Date for 2016 Tax Returns
  4. Structuring Like-Kind Exchange Transactions Outside of Revenue Procedure's 2000-37 Safe-Harbor
  5. Does Your Business Require You to File a Form 1099-MISC?
  6. Post-Election Analysis: What to Expect from Trump's and House Republicans' Tax Proposals
  7. What's New at Machen McChesney
  8. Did You Know?...

Post-Election: What Manufacturers Need to Expect

iStock_89612261_LARGE-208339-edited.jpgWith the 2016 General Election now behind us, it's a fitting time to take a close look at the issues that will define the manufacturing industry's long-term health and economic growth. As employers of more than 12 million Americans, manufacturers are uniquely positioned to advocate for policies and initiatives that will spur economic development—and fuel the industry's comeback. We're not here to tell you who to vote for, but we do believe manufacturers' voices need to be heard in the election. Continue reading

Opportunity For Fiscal Year Taxpayers to Claim Missed Bonus Depreciation on 2015 Assets

iStock_63523367_LARGE-883260-edited.jpgA highlight of the Protecting Americans from Tax Hikes Act of 2015 ("PATH Act") is the five-year extension of additional first-year depreciation, or "bonus depreciation," from 2015 through 2019.  Enacted on December 18, 2015, The "PATH Act" retroactively extended 50-percent bonus depreciation to apply to qualified property placed in service in 2015. The enactment came too late for some fiscal year taxpayers that had already filed federal tax returns for tax years beginning in 2014 and ending in 2015, and for taxpayers with a taxable year of less than 12 months beginning and ending in 2015. Consequently, these taxpayers may have failed to claim bonus depreciation on their tax returns for qualifying property placed in service in 2015. Recently, the Internal Revenue Service issued relief guidance in Rev. Proc. 2016-48 to provide affected taxpayers with procedures for claiming, or not claiming, the 50-percent bonus depreciation on such property. Continue reading.

IRS Changes Due Date for 2016 Tax Returns

This past summer President Obama signed into law, a bill that included changes to due dates for certain tax returns. these changes had been proposed by AICPA members who wanted a more logical chronology so that information taxpayers needed to file 1040s or 1120s would be available on time. Continue reading

Structuring Like-Kind Exchange Transactions Outside of Revenue Procedure's 2000-37 Safe-HarboriStock_17659254_LARGE-887074-edited.jpgOn August 10, 2016, in the case of Estate of George H. Bartell Jr. et al. v. Commissioner, 147 T.C. No. 5, the Tax Court approved a reverse section 1031 exchange where the safe harbor tests under Revenue Procedure 2000-37 (“Rev. Proc. 2000-37”) were not met. The case and the court’s reasoning may support alternatives for structuring reverse exchanges that, for whatever reason, cannot meet the safe harbor. Continue reading

Does Your Business Require You to File a Form 1099-MISC?iStock_72834337_LARGE-737787-edited.jpgForm 1099-MISC: is an Internal Revenue Service (IRS) tax return document that covers reporting for a wide range of payments made to non-employee individuals (e.g., independent contractors) over the course of the year on behalf of your trade or business.  Personal payments are not reportable. Continue reading

Post-Election Analysis: What to Expect from Trump's and House Republicans' Tax Proposals

iStock-547529720-803073-edited.jpgAs the dust settles from President-elect Donald Trump's historic victory in this year's presidential contest and the Republican sweep of the U.S. House and Senate, it is now possible to envision potentially significant tax legislation changes being proposed as early as 12017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of Ronald Reagan. Assuming that he follows up on these proposals and sticks to his promises, there are several major changes that the Trump administration seeks to make on individual and business taxes: Continue reading.

What's New at Machen McChesney?

iStock_41667068_LARGE-822670-edited.jpgSponsorships, new hires, announcements
Continue reading.

Did You Know? ...

Healthcare_iStock_000054002248_Small.jpgMachen McChesney offers a range of services to our Healthcare & Professional clients.  We can customize our services to include; start-up services, rolling 12-month financials, monthly financial statements, payable management and more. 

As a business owner, balancing your time can be tricky. Let Machen McChesney help free up your capacity and give you back the time to focus on the things that are important to you and your business.

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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 
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