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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 Reduce The Tax Risk of Using Independent Contractors.
  2. Beware Of Unexpected Tax Liabilities Under New Accounting and Tax Rules!
  3. How To Trim The Fat From Your Inventory
  4. Employers: Pay Close Attention To Your Retirement Plan's Expenses And Fees
  5. Be Sure Your Employee Travel Expense Reimbursements Will Pass Muster With The IRS
  6. 6 Questions To Measure Your Wayfair Tax and Compliance Risk
  7. Tax Reform Update: Latest News and Resources As Of Q3 2018
  8. Cash vs. Accrual Reporting: Which Is Right For Your Business?
  9. Businesses Aren't Immune To Tax Identity Theft
  10. Got Medical Bills? Get Planning!!!
  11. What's New at Machen McChesney

How To Reduce The Tax Risk of Using Independent Contractors.

iStock-872756584-509489-editedClassifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation, and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.Continue reading


Beware Of Unexpected Tax Liabilities Under New Accounting and Tax Rules!

iStock-861310438-102827-editedThe Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting for tax purposes, for tax years starting in 2018. This narrow section of the law could have a major impact on certain industries, especially as companies implement the updated revenue recognition standard under U.S. Generally Accepted Accounting Principles (GAAP). Continue reading.


How To Trim The Fat From Your Inventory

iStock-954141418-397970-editedInventory is expensive. So, it needs to be as lean as possible. Here are some smart ways to cut back inventory without compromising revenue and customer service. Continue reading


Employers: Pay Close Attention To Your Retirement Plan's Expenses And Fees

iStock-846732306-718255-editedThe Department of Labor (DOL) has been known to investigate the reasonableness of retirement plan expenses and the proper use of plan fees. In some cases, the agency has found plans to be in violation for fee-related infringements, which has led to costly assessments to the plan sponsors in question. If your organization sponsors a retirement plan for its employees, you need to pay close attention to its expenses and fees. Continue reading.   


Be Sure Your Employee Travel Expense Reimbursements Will Pass Muster With The IRS

iStock-529209343-039962-editedDoes your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS. Continue reading.    


6 Questions To Measure Your Wayfair Tax and Compliance Risk

iStock-494946890-845482-editedOn June 21, the U.S. Supreme Court issued its widely anticipated decision in South Dakota v. Wayfair. The Court held that states may require a business to collect and remit sales and use taxes even if the business has no in-state physical presence. Reference "Does Your Business Have To Begin Collecting Sales Tax On All Out-of-state Online Sales?Continue reading. 


Tax Reform Update: Latest News and Resources As Of Q3 2018

iStock-671634320-1-713543-editedFollowing the passage of the Tax Cuts and Jobs Act (TCJA), we have covered its expected impact to taxpayers. Now, three-quarters of the way through 2018, we’ve summarized many of the additional changes to federal tax law as a result of the TCJA and what to expect next. See below for updates on the status of tax reform as it relates to further legislation, regulations, notices and other guidance in the areas of corporate, partnership, individual, ASC 740, accounting methods and periods, international, transfer pricing, state and local, research and development, and non-profit tax matters. Continue reading.


Cash vs. Accrual Reporting: Which Is Right For Your Business?

iStock-952856434-547183-editedSmall businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). Continue reading.


Businesses Aren't Immune To Tax Identity Theft

iStock-804979984-526115-editedTax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. Continue reading.


Got Medical Bills? Get Planning!!!

IFF_Medical_Expenses_SNIPPET_560x292For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI. 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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