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. 2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers.
2. Reporting Requirements for Qualified Sick and Family Leave Wages
3. Flash Reports: Real-Time Financial Reporting
4. New Per Diem Business Travel Rates Became Effective on October 1
5. 10 Financial Statement Areas to Watch for COVID-Related Effects
6. Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study
7. Building Your Tax Department Bench Strength: Benefits of Tax Co-Sourcing
8. Employers: The Social Security Wage Base Is Increasing in 2022
9. What's New at Machen McChesney

2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers.

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. 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.

Reporting Requirements for Qualified Sick and Family Leave Wages

The IRS has issued guidance to employers on year-end reporting for sick and family leave wages that were paid in 2021 to eligible employees under recent federal legislation. Continue reading.

Flash Reports: Real-Time Financial Reporting

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year. In the meantime, managers may turn their attention to simple “flash” reports. Continue reading.

10 Financial Statement Areas to Watch for COVID-Related Effects

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks. Continue reading. 

Building Your Tax Department Bench Strength: Benefits of Tax Co-Sourcing

Organizations are faced with the challenge to increase operational efficiency while reducing costs and retaining the personnel they need to be strategic. Talent shortages and the resource drain associated with recruiting, onboarding, on-the-job training, and continuing education have many organizations looking for a more efficient and practical approach. Having the flexibility to allocate resources to align with organizational objectives is imperative. Continue reading.

Employers: The Social Security Wage Base Is Increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. 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.