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. House Releases Rewrite of Build Back Better Tax Proposals
2. Would You Like to Establish a Health Savings Account For Your Small Business?
3. Details of Proposed Corporate Minimum Tax and Billionaires Tax Released
4. FASB Offers Practical Expedient for Private Companies That Issue Share-Based Awards
5. U.S. House Passes Bipartisan Infrastructure Bill
6. 2021 Year-End Reminders Regarding Common Fringe Benefits, Special Rules for 2% S Corp Shareholders
7. Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
8. How to Assess Fraud Risks Today
9. What's New at Machen McChesney

House Releases Rewrite of Build Back Better Tax Proposals

A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021, by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals. Continue reading.

Would You Like to Establish a Health Savings Account For Your Small Business?

With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Continue reading.

Details of Proposed Corporate Minimum Tax and Billionaires Tax Released

Senate Democrats have released details of two tax proposals – a minimum tax on large corporations and a tax on billionaires – that, if enacted, would be used to help pay for spending for social infrastructure under the Build Back Better Plan. Continue reading.

U.S. House Passes Bipartisan Infrastructure Bill

2021 Year-End Reminders Regarding common Fringe Benefits, Special Rules for 2% S Corp ShareholdersAs 2021 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees' and (if applicable) 2% S corporation shareholders' taxable wages. This is especially true for 2021 since COVID relief brought about a number of changes to the rules relating to traditional fringe benefits. Continue reading. 

Businesses Can Show Appreciation - and Gain Tax Breaks - With Holiday Gifts and Parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush up on the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?. Continue reading.

How to Assess Fraud Risks Today

Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks. For example, more employees may be working remotely than ever before. And some workers may be experiencing personal financial distress — due to reduced hours, decreased buying power, or the loss of a spouse’s income — that could cause them to engage in dishonest behaviors. 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.