News & Insights
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...
Change is Finally Here! Newly Published EBP SAS
Following a shocking 39 percent audit deficiency rate in an audit quality study conducted by the Department of Labor (DOL) in May 2015, the DOL requested the ASB take a fresh look at the auditor reporting model for ERISA plan audits to provide better insight to the...
Why Some People Are Afraid of the Hobby Loss Rules
Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged by the IRS. While technically true that the odds aren’t in...
Do I need a Virtual Controller?
Tipping points in small businesses that indicate the need for extra help… A business owner’s biggest strength is running their business and often a lack of time and/or qualified personnel can be detrimental to the accounting and bookkeeping tasks; hindering...