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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. How to Report Stock Compensation Paid to Nonemployees.
  2. Does It Still Make Sense for Employers to Reimburse Employees' Moving Expenses?
  3. There's Still Time for Small Business Owners to Setup a SEP Retirement Plan for Last Year
  4. 2019 Adjusted Penalty Amounts for Health and Other Plans
  5. Could Your Business Benefit from the Tax Credit for Family and Medical Leave?
  6. Audits Home in on Cybersecurity
  7. IRS Waives Penalties for Many Taxpayers Whose 2018 Withholdings Was Not Enough.
  8. Transparency Is Key with Related Party Transactions
  9. 2019 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers
  10. What's New at Machen McChesney

How to Report Stock Compensation Paid to Nonemployees

iStock-914474736-1The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods and services, under recent guidance issued by the Financial Accounting Standards Board (FASB). Continue reading


Does It Still Make Sense for Employers to Reimburse Employees' Moving Expenses?Boxes Moving-508662220-1Some employers reimburse new hires for moving expenses when they relocate. Others reimburse existing employees whose jobs are moved to other locations. Maybe you do both. Now that there’s no tax deduction for moving expenses incurred by individuals, and no more tax-free treatment for employer moving-expense reimbursements, you might wonder: Does it still make sense to reimburse employees for moving expenseContinue reading.


There's Still Time for Small Business Owners to Setup a SEP Retirement Plan for Last Year

iStock-1007951292-1If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Continue reading.  


2019 Adjusted Penalty Amounts for Health and Other PlansiStock-923338040-1The Department of Labor (DOL) announced in very late January the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. Because of the government shutdown, however, the 2019 penalties weren’t published by this deadline and, thus, have a later-than-usual effective date. Continue reading   


Could Your Business Benefit from the Tax Credit for Family and Medical Leave?iStock-1054011982-1The 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. Continue reading


Audits Home in on CybersecurityiStock-871133054-1In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the highest average organizational cost of all the countries and regions covered in the 2018 Cost of a Data Breach Study by IBM and independent research firm Ponemon Institute. Malicious or criminal attacks were the source of more than half of those breaches, rather than system glitches and human errors. Continue reading.  


IRS Waives Penalties for Many Taxpayers Whose 2018 Withholdings Was Not Enough.

Income Tax-506900148 (4)-1The Tax Cuts and Jobs Act (TCJA) brought with it many tax changes for 2018. Those changes left many taxpayers unaware of the caps on state and local tax deductions, the elimination of reimbursed job expenses and the suspension of dependency exemptions, just to name a few. To add to the mix, after Congress passed the law, new withholding tables were not available to employers until mid-January and some did not see the switch in withholding until mid-February. Based on all of these changes, taxpayers are finding themselves below the 90% threshold and therefore would have to pay a penalty. Continue reading.


Transparency Is Key with Related Party Transactions

iStock-1089381748-1In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting. Continue reading.


2019 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Quarter 2 2019Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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. 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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