News & Insights
McConnell & Jones Announces Multiple Promotions
McConnell & Jones LLP, one of the top accounting firms in the Southwest, announces the recent promotion of multiple employees throughout the organization: Audit Senior Promotion Shweta Bengani – Houston Office Nilam Ali – Houston Office Jiten Chudasama – Houston...
Tax Provisions in the Coronavirus Aid, Relief and Economic Security (CARES) Act
The McConnell & Jones team continues to focus on serving and advising clients. As we monitor the situation with COVID-19 we want to provide you with updates to remind you of the resources we have available to help you and your business. In addition to updates...
McConnell & Jones LLP and MJLM Federal Services Welcomes New Controller
McConnell & Jones LLP (MJ) is proud to announce the new hire of Boniface Awundaga, CPA as controller. In his position, Awundaga will oversee the accounting, contracts, and human resources departments. Awundaga brings more than 27 years of experience in...
Tax Filing Deadline Pushed Back Due to COVID-19
March 20, 2020 – The United States Department of Treasury (U.S. Treasury) Secretary, Steven Mnuchin, announced today that the Internal Revenue Service(IRS) filing deadline will be pushed back until July 15 as part of the government’s response to the COVID-19 response....
Tax Alert: Deferring Tax Payments Due to COVID-19
Yesterday, the United States Department of Treasury (U.S. Treasury) released further information regarding their response to the COVID-19 health crisis; specifically, the impact to this year’s tax filing deadline. Take a moment to review the information provided below...
McConnell & Jones Commitment: Our Response to COVID-19
Like most of the world, we are following the news of COVID-19 with keen interest for our clients, staff, and friends of the firm , as well as, a deep concern for those most affected by this pandemic. As we embark on this uncharted course, we want to take a moment to...
Six Key Data Governance Questions For Directors
If there's anything that's defining successful businesses today, it's the understanding, use, and strategy around an organization’s data. Does your company incorporate data governance into its business strategy? Your data governance framework should provide guidance...
McConnell & Jones Brings On Top Talent – Elizabeth Meyers Joins Internal Audit Team
McConnell & Jones LLP, a leader in risk management and internal audit advisory services, is proud to announce the recent appointment of Elizabeth (Liz) Meyers as Internal Audit Manager in its Austin office. In her new position, Meyers will apply her penchant for...
Will Your Business Processes Take You Where You Want To Go?
Your organization should have clearly defined business goals. If it does not, well, that’s an article for another day. For now, let’s assume that it does. The question then becomes: “Will your business processes take you to where you want your organization to go?”...
Journal of Accountancy Features Managing Partner Wayne McConnell
We are honored to have our managing partner, Wayne McConnell, CPA, featured in the February 2020 issue of the Journal of Accountancy. Read more of "The Last Word" below: About the Journal of Accountancy The Journal of Accountancy is known as the "flagship'...
Key Technology Trends in Accounting to Watch Out For in 2020
Technology advances continue to reshape industries and businesses – and the accounting industry is no exception. So far, a lot of repetitive tasks are performed with the help of advanced hardware and software. Even for businesses that do not like change, many find...
Forbes Ranks McConnell & Jones Among America’s Top Recommended Tax and Accounting Firms of 2020
McConnell & Jones LLP (MJ), a nationally-recognized public accounting firm, has been named by Forbes as one of America’s Top Recommended Tax and Accounting Firm for 2020. To create this year’s list, Forbes partnered with market research company Statista who...
LIFO Versus FIFO and How Each Method Values Inventory
As the name implies, First-In, First-Out (FIFO) is a way for companies to value their inventory. The first items put into inventory or produced by the company are accordingly the first taken out of inventory or transferred to customers and therefore expensed. When it...
McConnell & Jones CPAs Donates Toys to Children from Boys and Girls Clubs of Greater Houston
McConnell & Jones LLP (MJ) is pleased to partner with Boys & Girls Clubs of Greater Houston to bring Christmas cheer to more than forty children this holiday season. Professionals throughout the firm collected gifts and monetary donations in excess of $2,500...
Tax Changes for 2019
With the start of the fourth quarter of 2019 underway, it's time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of: 1. Removal of the Affordable Care...
Cash is King- Fraud Schemes and Traps
Cash is the most popular target of fraudsters. But, that doesn’t mean forensic experts can’t discover cash fraud schemes and the perpetrators behind them. Identifying cash traps How do thieves get their hands on your cash? According to the Association of Certified...
Financial Oversight for Nonprofit Board Members : Trouble Spots That Raise A Red Flag
When not-for-profits lose funding sources, default on loans or leave employees unpaid, board members can clearly see that they’re in financial crisis. Often, a board can avoid such disasters by noticing the signs of financial distress. By keeping an eye out for the...
The Five Key IRS Rules of Taxation for Lawsuit Settlements
Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they...
FASB Issues Proposal to Delay New Standards
On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, non-for-profit organizations, and certain small public companies extra time to implement the following new...
Understanding and Applying Accounting Reports and Ratios
When it comes to tracking incoming sales and outgoing expenses, there are many ways businesses can keep up with their invoices and implement strategies to reduce the time they spend on unpaid sales. Accounts Receivable Turnover Ratio Simply defined, the...