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. A Review Of Significant TCJA Provisions Affecting Small Businesses
2. IRS Audit Techniques Guides Provide Clues To What May Come Up If Your Business Is Audited
3. Sizing Up New Deduction For Pass-through Entities
4. Five Prime Issues For Business Startup
5. New Law Revives Six Key Tax Breaks
6. Can You Deduct Business Travel When It's Combined With A Vacation?
7. How Accountable Is Your Business?
8. The TCJA Changes Some Rules For Deducting Pass-through Business Losses
9. Is Your Not-for-Profit Financially Fit?
10. Putting Your Child On Your Business's Payroll For The Summer May Make More Tax Sense Than Ever
11. What's New at Machen McChesney?

A Review Of Significant TCJA Provisions Affecting Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017 and are permanent, unless otherwise noted. Continue reading.

IRS Audit Techniques Guides Provide Clues To What May Come Up If Your Business Is Audited

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited. Continue reading.

Sizing Up New Deduction For Pass-through Entities

Complicated new rules for business owners

 

The new Tax Cuts and Jobs Act (TCJA) creates a brand-new deduction for pass-through entities, designed to provide a balance to corporations benefiting from tax rate cuts. But the deduction is not nearly as simple as the new flat 21% rate for corporations authorized by the TCJA. Although many tax experts are still grappling with the rules, here are the basics of what we know so far. Continue reading.

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Five Prime Issues For Business Startups

 

Items for new owners to resolve

 

Are you starting a new business venture or investing in potential opportunities in the marketplace? Before you make any commitments, be aware that there are numerous practical considerations from a business, tax and legal perspective. In other words, there is much more involved than just fronting the cash. Continue reading.

New Law Revives Six Key Tax Breaks

Extensions retroactive to 2017 tax year

The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016. Continue reading.

Can You Deduct Business Travel When It's Combined With A Vacation?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. Continue reading.

How Accountable Is Your Business?

How to set up an accountable plan. Continue reading.

The TCJA Changes Some Rules For Deducting Pass-through Business Losses

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions. Continue reading.

Is Your Not-for-Profit Financially Fit?

Being financially fit and stable is critical to any business, including a not-for-profit (NFP). If an NFP has a weak financial position, it may not be able to sustain its operations. While the perception by many in today’s society is that most NFPs are generally financially healthy, this is not always the case. For example, a recently published report noted that 41 percent of charities do not expect to make a profit over the next three years. An NFP’s liquidity is an important story to convey to the users of its financial statements. Continue reading.

Putting Your Child On Your Business's Payroll For The Summer May Make More Tax Sense Than Ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). Continue reading.

What's New at Machen McChesney?

Sponsorships, 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.