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. Businesses Should Prepare Now to Issue Form 1099-NEC by January 31, 2021.
2. President Signs Protecting Nonprofits From Catastrophic Cash Flow Strain Act Into Law.
3. The Easiest Way to Survive an IRS Audit Is to Get Ready In Advance.
4. Gifts in Kind: New Reporting Requirements for Nonprofits
5. Finding Relief: Tax Strategies to Generate Immediate Cash Flow
6. Understanding the Passive Activity Loss Rules
7. The Tax Rules for Deducting the Computer Software Costs of Your Business
8. Best Practices When Forecasting Cash Flow
9. What's New at Machen McChesney

Businesses Should Prepare Now to Issue IRS Form 1099-NEC by January 31, 2021.

Businesses that would typically provide a Form 1099-MISC to independent contractors (and certain others) and the IRS need to be aware of new IRS Form 1099-NEC. For non-employee compensation paid during 2020, payers must provide Form 1099-NEC (instead of Form 1099-MISC) to the recipients and to the IRS no later than January 31, 2021. In addition, the IRS has redesigned Form 1099-MISC, so businesses should expect that reporting may be somewhat different from past years. Continue reading.

President Signs Protecting Nonprofits From Catastrophic Cash Flow Strain Act Into Law.

August 3, 2020, President Trump signed the legislation to assist nonprofits and government entities into law. Continue reading.

The Easiest Way to Survive an IRS Audit Is to Get Ready In Advance.

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. Continue reading.

Finding Relief: Tax Strategies to Generate Immediate Cash Flow

The Persevere stage of economic recovery is also known as “the dip” immediately following a crisis, or in this case, the COVID-19 pandemic and resulting recession. During this time, businesses of all sizes are in triage mode, taking immediate action to protect their employees and keep the lights on. Achieving these goals requires agility, strategy, and resilience, but it also requires another key element: liquidity. Continue reading. 

Understanding the Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? Continue reading. 

The Tax Rules for Deducting the Computer Software Costs of Your Business

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing, or developing computer software. Continue reading.

Best Practices When Forecasting Cash Flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers, and find alternative funding sources when cash is tight. To keep your company’s cash flow positive, consider applying these four best practices. 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.