News & Insights
Fraud and Internal Audit – Assurance Over Fraud Controls, Fundamental to Success
Every year billions of dollars are lost to fraud and corruption resulting in inefficiencies, aborted projects, financial challenges, and in extreme cases organizational failure. Often fraud occurs because of poorly designed controls and weak...
Accounting Today Ranks as A 2019 Top Accounting Firm
McConnell & Jones LLP (MJ) is ranked as a top accounting firm in the Southwest region of the United States in the 2019 Top 100 Firms, a special report issued by Accounting Today. The recognition highlights top performing accounting firms in the Southwest region of...
Common Finance Mistakes that Should be on you NonProfit’s Radar
Most nonprofits are understandably laser-focused on their mission which can cause critical matters to fall between the cracks. But if the finance function doesn’t receive the attention it deserves, your nonprofit will run the risk of IRS penalties, reputational damage...
Changes To The Determination Letter Program
Effective 1/1/2017 Internal Revenue Service (IRS) eliminated the staggered 5-year remedial amendment cycle for individually designed plans (IDP) on which auditors relied to verify the Plan’s tax qualified status. In lieu of the letters, on October 1st of each year IRS...
Understanding the Performance Metrics Within Your Financial Reports
Do you truly understand your company’s financial statement? Having a strong understanding the three components to your financial statements — the balance sheet, income statement and statement of cash flows — allows you to make wise business decisions. Balance Sheet...
Yes, Divorce Can Be Taxing and the Cost is Set to Rise in 2019
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at...
Consideration Of Non-Cash Contributions
Plan Sponsors may consider contributing non-cash assets into the Plan; typical non-cash contributions include corporate shares and real-estate assets. However, if you’re considering such contributions, be alert as they may trigger prohibited transactions under...
Preparing for Your 2018 Tax Return
The Tax Cuts and Jobs Act (TCJA) made many changes to personal returns. For example, for 2018 through 2025, the personal exemption has been suspended. This will substantially increase taxable income for large families. However, enhancements to the standard deduction...
Nondiscrimination Testing- Compliance for Employee Benefit Plans
Basic nondiscrimination testing - 410(b) and 401(a), is required for defined contribution plans but how do Plan Sponsors address them once the plans failed those tests? To determine that an employee benefits plan is operating within the specific guidelines established...
Understanding the Gift Tax
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Most gifts are not subject to the gift...
You Asked, We Answered: Answers to Clients’ Most Tax Common Questions
Do you have questions about taxes, business planning, strategic planning? You are not alone. McConnell & Jones’ tax team is here to help. What are the IRS Mileage Log Requirements? You can deduct the mileage you put on a personal vehicle for business purposes....
It’s The Most Wonderful Time of the Year! Tax Year-End Reminders
Year End Reminders…. The end of the year is a great time to review your tax situation for any significant changes to report to your tax preparer, and while your last-minute tax move opportunities may be limited, here are a few ideas worth considering: Retirement...
Everyone is an Owner: The Reclassification of Businesses
Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting a surge in efforts for reclassification and the organization of...
Looking at Fiduciary Responsibilities- Death Audits on the Day of the Dead
Día de los Muertos, or Day of the Dead, is a holiday celebrated throughout Latin American to remember and honor loved ones who have passed on to the other side. On this Day of the Dead, we can’t help but wonder how plan administrators are celebrating….is the so-called...
Tightening Controls for Federal Awards
Understanding the Requirements for Internal Control over Compliance of Federal Awards Internal control is a process effected by an entity’s oversight body, management, and other personnel that provides reasonable assurance that the objectives of an entity will be...