News & Insights
Wayne McConnell Appointed to the Community Impact Committee for the United Way of the Gulf Coast
McConnell Jones’ Managing Partner, Wayne McConnell, has been appointed to the Community Impact Committee for the United Way of the Gulf Coast. For nearly 100 years, United Way of Greater Houston has brought together diverse partners and approaches to get to the root...
McConnell Jones Supports Memorial Hermann’s “Stars Among Us” Gala
On April 24th, Wayne and Judy McConnell virtually attended Memorial Hermann’s Circle of Life “Stars Among Us” Gala. Before the event, Wayne and Judy were delivered a ‘Rock Star’ kit to join the festivities from home! McConnell Jones supported this gala which honored...
Thomas Jones Appointed President of Houston Fund for Social Justice and Economic Equity
McConnell Jones recognizes Thomas Jones, Tax Partner, for his appointment to the Houston Fund for Social Justice and Economic Equity. As President of the board, Jones will lead the initiative of raising $25 million through private donations, aimed at accelerating...
Introducing McConnell Jones’ New Hashtags
As McConnell Jones rebrands with a new website, graphics, and color scheme, we have also made changes to our social media pages. MJ connects with nearly 3000 followers on LinkedIn, including most of our employees and it is our most used platform. Because of this, we...
5 Key Steps to Calculating Paycheck Protection Program Loan Forgiveness
Organizations who received a Paycheck Protection Program (PPP) loans should look to maximize their loan forgiveness. The following outlines five key steps for PPP Loan forgiveness; look over these steps now to prepare for maximum loan forgiveness: Step 1: Track...
Top Questions for Those Receiving Paycheck Protection Program (PPP) Loans
The Paycheck Protection Program (PPP) Loans are helping many businesses keep their workforce employed during the COVID-19 crisis. Earlier this week, congress provided the SBA with an additional $320 billion for the PPP Loan program to backstop the initial $349...
How to Request Loan Forgiveness?
Initial guidance in the legislation indicates that a borrower should submit to their lender an application to request loan forgiveness and supply the lender with the following documentation relating to the covered period: Documentation verifying the number of FTE and...
Special Rules for Self-Employed (Schedule C Taxpayers)
In addition to the permitted use of Paycheck Protection Program (PPP) funds, a sole proprietor may use PPP funds for owner compensation replacement per the following guidelines below: Owner compensation replacement for a sole proprietor is defined as 2019 Schedule C...
Deadline Extensions of Audited Financial Statements and Other Reports
Changes are everywhere due to COVID-19 including regularly scheduled filing deadlines which are now being adjusted by the government. One of the most significant for nonprofits with federal funding is a six-month submission extension on any OMB compliance audits that...
Accounting Support During Remote Work Orders
COVID-19 has presented challenges that many businesses and organizations never contemplated. Bookkeeping and accounting functions,while working remotely, may be one of the many critical tasks you’re struggling to figure out. In this time of crisis, keeping your...
New Employer Tax Credits Under CARES Act
Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit, both a result of the new CARES Act. McConnell & Jones is keeping a...
Economic Injury Disaster Loans and Grants
These grants provide an emergency advance of up to $10,000 to small businesses and nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request...
Expanded CARES Tax Relief Information for Small Business Owners
The CARES Act includes business tax relief including employee retention credits, delayed payroll payments, increased business interest deductibility, and accelerated recovery of alternative minimum tax credits among other forms of relief. The following paragraphs...
Benefit Plan Provisions in the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2.3 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic, contains several provisions that affect employee benefit plans. Key provisions as...
Administrative Professionals Day Interview with Kelly Watson
In celebration of National Administrative Professionals day, we are spotlighting our very own “super-admin” Kelly Watson. We had a Microsoft Teams interview and asked Kelly what it’s like being an Administrative Professional in 2021 and much more!