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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

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

Posted by Jessica L. Pagan, CPA on Mar 19, 2019

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years — those beginning between January 1, 2018, and December 31, 2019. However, it may be worthwhile for some businesses.

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Posted in Business Tax

Depreciation-related Breaks On Business Real Estate: What You Need To Know When You File Your 2018 Return.

Posted by Jessica L. Pagan, CPA on Jan 30, 2019

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.

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Posted in Business Tax

How Do Profits and Cash Flow Differ?

Posted by Jessica L. Pagan, CPA on Jan 14, 2019

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages.

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Posted in Business Tax

6 Last-minute Tax Moves For Your Business

Posted by Jessica L. Pagan, CPA on Dec 18, 2018

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider:

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Posted in Business Tax

2019 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Dec 04, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the first 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

A Fresh Look At Percentage Of Completion Accounting

Posted by Jessica L. Pagan, CPA on Nov 16, 2018

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements.

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Posted in Business Tax

Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?

Posted by Jessica L. Pagan, CPA on Oct 03, 2018

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the Tax Cuts and Jobs Act (TCJA).

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Posted in Business Tax

2018 Q4 Tax Calendar: Key Deadlines For Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Sep 12, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. 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

How To Reduce The Tax Risk of Using Independent Contractors.

Posted by Jessica L. Pagan, CPA on Sep 04, 2018

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation, and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.

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Posted in Business Advisory

Choosing The Right Accounting Method For Tax Purposes

Posted by Jessica L. Pagan, CPA on Aug 17, 2018

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. If you have the option to use either accounting method, it pays to consider whether switching methods would be beneficial.

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Posted in Business Tax

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