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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

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

2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. 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

Should You Elect S Corporation Status?

Posted by Jessica L. Pagan, CPA on Aug 20, 2019

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But not all businesses are eligible — and with changes under the Tax Cuts and Jobs Act, S corps may not be as appealing as they once were.

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Posted in Business Tax

The Pros and Cons of Interim Reporting

Posted by Jessica L. Pagan, CPA on Jul 01, 2019

The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even more than those of public companies from this type of information. But it’s also important to understand the potential shortcomings.

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Posted in Accounting & Outsourcing

2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 24, 2019

 

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019.

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Posted in Business Tax

Predicting Future Performance

Posted by Jessica L. Pagan, CPA on Jun 13, 2019

CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future.

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Posted in Business Valuation

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