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. Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies?
2. Overhead Allocations: Rising Costs Require a Fresh, Disciplined Mindset
3. Update on Depreciating Business Assets
4. Required Minimum Distributions (RMDs) Relief and Guidance for 2023
5. Navigating the Percentage-Of-Completion Method
6. If You Live in Alabama, Here's How to Pass Your Home to Your Children.
7. IRS Immediately Stops New Employee Retention Credit Processing Due to Fraud Concerns
8. Spouse-Run Businesses Face Special Tax Issues
9. What's New at Machen McChesney

Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies?

The SECURE 2.0 law, enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Continue reading.

Overhead Allocations: Rising Costs Require a Fresh, Disciplined Mindset

From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how to allocate indirect costs to your products. Proper cost allocation is essential to evaluating product and service line profitability and, in turn, making informed pricing decisions. Continue reading.

Update on Depreciating Business Assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. Continue reading. 

Navigating the Percentage-Of-Completion Method

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires the use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works. Continue reading. 

If You Live in Alabama, Here's How to Pass Your Home to Your Children.

Last month, an article was posted, " How to Leave Your Home to Your Children." The article was not specific to the state of Alabama. Jan Neal, an attorney with Jan Neal Law Firm, LLC, offered to give us advice more specific to the State of Alabama. The state has specific rules, and below is Jan Neal's article: Continue reading.

IRS Immediately Stops New Employee Retention Credit Processing Due to Fraud Concerns

Machen McChesney is committed to keeping you informed about critical developments that may impact your business. Today, we would like to bring to your attention an important update from the Internal Revenue Service (IRS) concerning the Employee Retention Credit (ERC) program. Continue reading.

Spouse-Run Businesses Face Special Tax Issues

Do you and your spouse together operate a profitable, unincorporated small business? If so, you face some challenging tax issues. 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.