News & Insights
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...
McConnell & Jones CPAs Announces Volunteer Partnership with Boys and Girls Clubs of America
McConnell & Jones LLP (MJ) is teaming up with Boys & Girls Clubs of America (BGCA) to support youth in our local communities to ensure kids have fun, and can participate in programming that emphasizes academic success, good character and active lifestyles. ...
HBJ Ranks MJ as a 2019 Top 25 Firm in Houston
McConnell & Jones LLP(MJ) was ranked as one of the largest Houston area accounting firms in the 2019 Houston Business Journal(HBJ) Book of List. “We are proud to, once again, be listed as one of the largest firms in Houston,” said Managing Partner, Wayne...
Just Passing Through: How to Deduct Business Losses After the Tax Cut and Jobs Act
The pass-through entity structure, which includes sole proprietorship, partnerships, S corporations and certain limited liability companies (LLCs), provides owners with some valuable tax benefits. This includes avoidance of double taxation and the potential ability to...
Team MJ Stays Busy During the Summer — We’re Out and About and Sharing Our Knowledge
More than 10 professionals from McConnell and Jones will attend conferences this summer including the Edison Electric Institute Business Diversity Conference on July 9-12, 2019, an annual event dedicated to connecting diverse suppliers with energy industry companies....
McConnell and Jones’ Employee Benefit Plan Assurance Team Presents at the National Council of Philippine American Canadian Accountants National Convention
Three employee benefit plan assurance professionals presented at the National Council of Philippine American Canadian Accountants (NCPACA) National Convention July 5-6 in the Woodlands, Texas. The convention is a joint effort between NCPACA and the Filipino American...