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Michael D. Machen, CPA, CVA

Recent Posts

Top 10 Things Companies Need to Know About Tax Reform

Posted by Michael D. Machen, CPA, CVA on Feb 14, 2018

The $1.5 trillion new tax law represents the most sweeping change to the tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know:

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Posted in Business Tax

Tax Code Changes Will Affect Your Paycheck

Posted by Michael D. Machen, CPA, CVA on Jan 04, 2018

The tax reform bill approved by Congress will take effect January 1, 2018, and your paycheck will be affected, but at this point, you may have to wait until February to see the change.

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Posted in Tax Updates

Who Could Benefit From an IRA Charitable Rollover?

Posted by Michael D. Machen, CPA, CVA on Dec 21, 2017

 

Consider contributing your "Required Minimum Distribution" (RMD) to a charity. It’s called the charitable IRA rollover. It’s a tax planning strategy for donors giving anywhere from $100 to $100,000 that was made a permanent part of the tax law in 2016. Now, with the big changes in the tax cuts bill, it makes this strategy even more relevant as millions of Americans will take the increased standard deduction and lose the incentive to itemize their taxes, including charitable deductions. 

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Posted in Individual Tax

Five Ideas for a 2018 Business Plan

Posted by Michael D. Machen, CPA, CVA on Dec 06, 2017

It is almost 2018 … do you know where your business plan for the new year is?

Developing a business plan for the upcoming year is a laborious task, but it is often critical to the continued success of the operation. Although the details will vary from company to company, the best approach is to confront the challenges expected for the year and address the strengths and weaknesses within the organization. Conversely, if a business has a merely rudimentary plan—or even worse, no plan at all—the likelihood of real progress is diminished.

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Posted in Business Advisory

Machen McChesney Voted as Best Accountant for Readers' Choice Awards.

Posted by Michael D. Machen, CPA, CVA on Nov 15, 2017

For 12 years running 

Opelika-Auburn News proudly presents the winners of the 18th annual Readers’ Choice Awards. Machen McChesney was voted the best accounting firm in East Alabama by Opelika-Auburn News readers. Machen McChesney has had the great fortune to have been voted the best accounting firm every year since the inception of the best accountant category.

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Posted in News & Events

Six Ways to Improve Cash Flow

Posted by Michael D. Machen, CPA, CVA on Nov 03, 2017

Practical ideas to spur business growth

When you are running a small business, the numbers matter. This is especially true when it comes to cash flow. If you have more money going out than you have coming in, your business will not survive for very long.

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Posted in Business Advisory

Accelerate Your Retirement Savings With A Cash Balance Plan

Posted by Michael D. Machen, CPA, CVA on Oct 09, 2017

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan.

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Posted in Business Advisory

School Supplies Needed for Texas School Students

Posted by Michael D. Machen, CPA, CVA on Sep 25, 2017

Machen McChesney will serve as a drop-off location for the school supplies needed for children in Beaumont, Texas.

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Posted in Alerts

What You Need to Know…And Do…About the Massive Equifax Cyberbreach

Posted by Michael D. Machen, CPA, CVA on Sep 22, 2017

Can you imagine a cyberbreach affecting one-third of the U.S. population? That’s exactly what happened with the Equifax breach earlier this month, and it is important that we share the steps you should follow to best protect yourself and your family.

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Posted in Individual Tax

Could Captive Insurance Reduce Health Care Costs and Save Your Business Taxes?

Posted by Michael D. Machen, CPA, CVA on Aug 21, 2017

If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for a creative alternative to traditional health insurance known as “captive insurance.” A captive insurance company generally is wholly owned and controlled by the employer. So it’s essentially like forming your own insurance company. And it provides tax advantages, too.

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Posted in Business Advisory

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