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. Levels of Assurance: Choosing the Right Option for Your Business Today
2. 5 Key Points About Bonus Depreciation
3. Reporting Discontinued Operations Today
4. 2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
5. On-time Financial Reporting Is Key in times of Crisis
6. How to Report COVID-19-Related Debt Restructuring
7. Business Website Costs: How to Handle Them for Tax Purposes
8. 2020 Election Tax Watch: Comparing Candidates' Potential Tax Policies.
9. What's New at Machen McChesney

Levels of Assurance: Choosing the Right Option for Your Business Today.The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks that work-from-home and COVID-19-related financial distress are causing, leading them to upgrade their assurance level to help prevent and detect potential fraud and financial misstatement schemes. Continue reading.

5 Key Points About Bonus DepreciationYou're probably aware of the 100% bonus depreciation tax break that's available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Continue reading.

Reporting Discontinued Operations TodayMarketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under the complex discontinued operations rules under U.S. Generally Accepted Accounting Principles. Continue reading.

On-time Financial Reporting Is Key in Times of CrisisMany companies are struggling as a result of shutdowns and restructuring during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting, or natural disasters in 2020. Continue reading. 

How to Report COVID-19-Related Debt RestructuringToday, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details. Continue reading. 

Business Website Costs: How to Handle Them for Tax Purposes The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Continue reading.

2020 Election Tax Watch: Comparing Candidates' Potential Tax Policies.The U.S. presidential election is just over a month away, yet neither candidate has released a formal, detailed plan addressing his vision for the tax code. We can, however, gain a sense of how their approaches differ through casual mentions of some aspects of tax policy on the campaign trail. 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.