News & More
Understanding the Performance Metrics Within Your Financial Reports
Do you truly understand your company’s financial statement? Having a strong understanding the three components to your financial statements — the balance sheet, income statement and statement of cash flows — allows you to make wise business decisions. Balance Sheet...
Yes, Divorce Can Be Taxing and the Cost is Set to Rise in 2019
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at...
Consideration Of Non-Cash Contributions
Plan Sponsors may consider contributing non-cash assets into the Plan; typical non-cash contributions include corporate shares and real-estate assets. However, if you’re considering such contributions, be alert as they may trigger prohibited transactions under...
Preparing for Your 2018 Tax Return
The Tax Cuts and Jobs Act (TCJA) made many changes to personal returns. For example, for 2018 through 2025, the personal exemption has been suspended. This will substantially increase taxable income for large families. However, enhancements to the standard deduction...
Nondiscrimination Testing- Compliance for Employee Benefit Plans
Basic nondiscrimination testing - 410(b) and 401(a), is required for defined contribution plans but how do Plan Sponsors address them once the plans failed those tests? To determine that an employee benefits plan is operating within the specific guidelines established...
Understanding the Gift Tax
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Most gifts are not subject to the gift...
You Asked, We Answered: Answers to Clients’ Most Tax Common Questions
Do you have questions about taxes, business planning, strategic planning? You are not alone. McConnell & Jones’ tax team is here to help. What are the IRS Mileage Log Requirements? You can deduct the mileage you put on a personal vehicle for business purposes....
It’s The Most Wonderful Time of the Year! Tax Year-End Reminders
Year End Reminders…. The end of the year is a great time to review your tax situation for any significant changes to report to your tax preparer, and while your last-minute tax move opportunities may be limited, here are a few ideas worth considering: Retirement...
Everyone is an Owner: The Reclassification of Businesses
Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting a surge in efforts for reclassification and the organization of...
Looking at Fiduciary Responsibilities- Death Audits on the Day of the Dead
Día de los Muertos, or Day of the Dead, is a holiday celebrated throughout Latin American to remember and honor loved ones who have passed on to the other side. On this Day of the Dead, we can’t help but wonder how plan administrators are celebrating….is the so-called...
Tightening Controls for Federal Awards
Understanding the Requirements for Internal Control over Compliance of Federal Awards Internal control is a process effected by an entity’s oversight body, management, and other personnel that provides reasonable assurance that the objectives of an entity will be...
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 change may render the practice extinct....