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The Value Report - Machen McChesney Business Advisory Insights

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. Changes Ahead For 401(k) Hardship Withdrawal Rules 
  2. Do You Qualify For The Home Office Deduction?
  3. Auditing The Use Of Estimates and Specialists
  4. An FLP Can Save Tax In a Family Business Succession
  5. Choosing The Right Accounting Method For Tax Purposes
  6. Upskilling: The Next Frontier In Employee Training
  7. Assessing the S Corp
  8. Stop Your Trade Secrets From Walking Out The Door
  9. Why Employers Are Taking Another Look At Life Insurance As A Fringe Benefit
  10. Keep it SIMPLE: A Tax-advantaged Retirement Plan Solution For Small Businesses
  11. What's New at Machen McChesney

Changes Ahead For 401(k) Hardship Withdrawal Rules

iStock-502129860-054285-editedMany employers sponsor 401(k) plans to help employees save for retirement. But sometimes those employees need access to plan funds well before they retire. In such cases, if the plan allows it, participants can make a hardship withdrawal. Continue reading


Do You Qualify For The Home Office Deduction?

iStock-642791004-149397-editedUnder the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Continue reading.


Auditing The Use Of Estimates and Specialists

iStock-490237844-920863-editedComplex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally involve some level of measurement uncertainty, and some may even require the use of outside specialists, such as appraisers or engineers. Continue reading


An FLP Can Save Tax In a Family Business Succession

iStock-921054428-011530-editedOne of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. Continue reading.  


Choosing The Right Accounting Method For Tax Purposes

iStock-688450784-635953-editedThe 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. Continue reading.   


Upskilling: The Next Frontier In Employee Training

iStock-835226186-925306-editedIn the face of a tight job market and a widening skills gap, employers in many industries are catching on to the benefits of “upskilling.” More than just your typical employee training, upskilling takes a broad approach to development. Continue reading


Assessing the S Corp

Scorporation-576843-editedThe S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were. Continue reading.


Stop Your Trade Secrets From Walking Out The Door

iStock-589546580-680947-editedTrade secrets are among the most critical yet often overlooked assets of any organization. And they aren’t always as sophisticated as proprietary software or as famously secret as Coca-Cola’s formula. A trade secret can be as seemingly innocuous as a customer list, business strategy, policy manual or pricing sheet. Continue reading.


Why Employers Are Taking Another Look At Life Insurance As A Fringe Benefit

iStock-920214184-818456-edited

In their continuing effort to assemble the most enticing employee benefits package possible, some employers are showing renewed interest in an old favorite: group term life insurance. Although such life insurance coverage had fallen off the radar screens of some employers, it remains an affordable benefit that can pay off for employer and employees alike. Continue reading.


Keep It SIMPLE: A Tax-advantaged Retirement Plan Solution For Small Businesses

iStock-820681396-131212-edited

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is October 1, 2018. Continue reading.


What's New at Machen McChesney?

iStock_41667068_LARGE-822670-edited.jpgSponsorships, 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. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
 
If you have any questions on the topics above, please feel free to send us a message.
 
Thanks,
Machen McChesney 
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Montgomery: 1761 Taliaferro Trail | Montgomery AL 36117

www.machenmcchesney.com

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