MKR CPA Blog
Explore our monthly updates featuring expert insights on accounting news, retirement tips, and industry-specific content for veterinarians, retail & distribution firms, small businesses, and construction companies.
Small Business Owners Should Avoid These Common Tax Audit Triggers
The IRS uses a computer program called the Discriminant Function System (DIF) to analyze tax returns and red flag them if they deviate from statistical averages. When a return draws a high DIF score, an agent evaluates it and decides if an audit is necessary. Your...
Beyond PPP: These Programs and Tax Provisions Can Provide Alternative Recovery Strategies for Construction Firms
While Congress appropriated a total of $669 billion in loans to small businesses under the Payment Protection Program (PPP) as part of the larger CARES Act, funding was reportedly exhausted by May 5th of this year. However, there are a number of additional programs and tax provisions, discussed below, that business owners should be aware of to use in place of or jointly with PPP loans.
PPP Loan Application Extended for Small Businesses
The Paycheck Protection Program (PPP) was created in 2020 by the CARES Act to help small businesses withstand the economic fallout from the COVID-19 pandemic. The recently passed PPP Extension Act of 2021 extends the deadline for PPP applications from March 31 to May...
A Will vs. A Living Revocable Trust: What’s the Difference and Which Do You Need?
Both a will and a living revocable trust are valuable estate tools that transfer wealth to heirs—and both can work together to establish a complete estate plan—but what’s the difference between each, and which do you really need? We’ll go over this in the article...
Small Businesses in the Retail Industry Can Look to These Pandemic-Era Trends for Growth Potential
The COVID-19 pandemic altered the way Americans shop. It also affected the way retail businesses reach customers and position their businesses for growth and prosperity. Looking forward, some of these changes are likely to stick around. Here are the trends small...
What’s Included in Biden’s $1.9 Trillion Stimulus Package?
The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021. Intended to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic, this economic rescue legislation is one of the...
How to Get Your 401(k) Back on Track After COVID-19
The COVID-19 pandemic has been more than a health crisis—it’s been a financial crisis as well. Business closures, job loss, reduced hours, and limited financial relief led to many savings accounts taking a major hit. As a result, more than 2 million Americans took...
Professional Services: Post-Pandemic and the New Normal
The pandemic lockdowns led to many professional service firms closing doors and, wherever possible, moving staff to home offices in anticipation of a temporary mode of operation. One year later, however, health safety concerns and economic uncertainty are still...
Tax Breaks for Individuals Were Extended Under the Consolidated Appropriations Act, 2021
In late December of 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the Act), which included the long-anticipated pandemic-related Tax Relief Act of 2020. It also included the Taxpayer Certainty and Disaster Relief Act of 2020, which...