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Returning Value Blog

Jessica L. Pagan, CPA

Jessica Pagan has worked with Machen McChesney since 2003. She specializes in reviews, business and individual tax and construction accounting. She participates in core processes, mentoring and training at the firm.

Recent Posts

Launching a Business? How to Treat Start-up Expenses on Your Tax Return

Posted by Jessica L. Pagan, CPA on Jun 23, 2020

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home.

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Posted in Business Tax

Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren't Deductible

Posted by Jessica L. Pagan, CPA on May 18, 2020

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:

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Posted in Business Tax

A Return to Work in The New Normal

Posted by Jessica L. Pagan, CPA on Apr 27, 2020

As the response to the COVID-19 pandemic progresses, many companies have established operational crisis management teams and adjusted to global restrictions on work and movement. Executives are now beginning to ask the question: How are we going to return to work?

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Posted in Business Tax

Work Opportunity Tax Credit Extended Through 2020

Posted by Jessica L. Pagan, CPA on Mar 02, 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). 

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Posted in Business Tax

Numerous Tax Limits Affecting Businesses Have Increased for 2020

Posted by Jessica L. Pagan, CPA on Feb 08, 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business.

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New Law Provides a Variety of Tax Breaks to Businesses and Employers

Posted by Jessica L. Pagan, CPA on Jan 02, 2020

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.

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Posted in Business Tax

2020 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Dec 18, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

FAQs About Prepaid Expenses

Posted by Jessica L. Pagan, CPA on Dec 09, 2019

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance payments for expenses that will benefit more than one accounting period. Here are some questions small business owners and managers frequently ask about prepaying expenses.

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Posted in Business Tax

Thinking About Converting from a C Corporation to an S Corporation?

Posted by Jessica L. Pagan, CPA on Nov 08, 2019

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation.

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Posted in Business Advisory

The Untouchables: Getting a Handle on Intangibles

Posted by Jessica L. Pagan, CPA on Sep 18, 2019

The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting Principles (GAAP) unless they’re acquired from a third party.

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Posted in Audit & Assurance

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