News & Insights
Save or Shred: Tax Record Retention Guidelines
When deciding on a firm’s record retention procedures, it would be wise to consult federal and IRS regulations and state and local government record retention requirements. The IRS generally must assess additional tax within three years after the due date on a return....
Top 9 Tax Mistakes That Cost You Money
With the arrival of 1099s and W-2s from your employer, banks and others, it’s time to get down to the business of filing your income tax return. While technology is a great way to file your taxes, mistakes still happen. The top nine tax mistakes that cost you money...
Owe the IRS? A Quick Guide on Navigating Back Taxes
So you look through your mail and find a letter from the Internal Revenue Service. When you open it, you find a bill for a six figure sum in back taxes, penalties and interest. What do you do now? Step One When you receive an unwanted letter from the IRS, try not to...
Fact Vs Fiction: Tax Reform Impact on Small Businesses
Still wondering how the Tax Cuts and Job Act impacts you? McConnell & Jones tax practice has the information you need regarding significant changes for businesses and individuals. Tax partner, Tene Thomas, shares her informative presentation that covers several...
Tackling Cybersecurity Pain Points for Your Benefit Plan
Due to the increased use of electronic means to process financial transactions and store confidential information, cyber security is a major area of concern for all organizations as it relates to their employee benefit plans (EBP). The DOL maintains that overall...
What the New Tax Law Means for the Home Equity Loan Interest Deduction
Prior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity debt. The new tax law clearly limits the mortgage interest deduction to $750,000...
Blockchain, Cryptocurrency,Smart Contracts, and How They are Related
The overnight ascension of cryptocurrencies has thrust an entirely new vocabulary onto the business world. Blockchain this, cryptocurrency that. When coupled with phrases such as "decentralized applications" and "smart contracts", it can be a lot to digest -- and a...
Parents are Winning with Increased Child Tax Credit
The child credit has long been a fan favorite of taxpayers for years. Now that the Tax Cuts and Jobs Act passed, it comes with added benefits — at least for a while. The following are key details that every family should know: Amount and Limitations For the 2017 tax...
Dishing on Employee Meals: Tax Reform and Meals and Entertainment Expenses
Over the years, the idea of only larger companies providing employee meals has drastically changed. Employers providing meals to employees has become somewhat common for many midsize to large companies. However, a recent tax law...
Defining the Difference: Calendar Tax Year Vs. A Fiscal Tax Year
Many business owners use a calendar year as their company’s tax year. It is a simple method that aligns with most owners’ personal returns. However, for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year...
McConnell & Jones’ Audit Team Attends AICPA Employee Benefit Plan Conference and Moderates Sessions
More than 20 auditors from McConnell & Jones’ Employee Benefit Plan Audit and Assurance team will attend the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Conference. The annual event, which covers accounting, auditing and...
Marketing Coordinator, Leeandria Williams, Selected to Board of Directors of Women Exceeding
McConnell & Jones’ marketing coordinator, Leeandria Williams, was recently selected to serve on the board of directors of Women Exceeding, a nonprofit organization committed increasing women’s presence in leadership and entrepreneurial roles. In her board...
Enterprise Risk Management – Integrating with Business Strategy and Performance
Enterprise risk management is no longer focused principally on minimizing risk to an acceptable level. Rather, it is viewed as integral to setting strategy and identifying opportunities to create and maintain value for business. The Committee of Sponsoring...
New Developments for Presentation of Nonprofit Financial Statements
ASU 2016-14 | Summary of Changes to Not-for-Profit Financial Statements Are you ready for significant changes to the financial statements of nonprofit organizations? Overview: The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)...
Accounting Today Ranks McConnell & Jones As a Top Accounting Firm in the Southwest
McConnell & Jones LLP (MJ) is ranked as a top accounting firm in the Southwest region of the United States in the 2018 Top 100 Firms, a special report issued by Accounting Today. The recognition highlights top performing accounting firms in the Southwest region of...