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.
Roth Conversions Are Trending. Is It the Right Move for You?
Legislative passages in 2020, including the SECURE Act, which made changes to beneficiary distributions, and the CARES Act, which included a waiver of required minimum distributions (RMDs), helped to expand the playing field for savers. These two factors, combined...
Changes to the Veterinary Industry Caused by Covid-19 Could Institute Long-Term Better Business Practices
Much like boredom breeds creativity, challenging times breed innovation. Though we will eventually return to normal, it will be a new normal—one where veterinarians have learned to adapt, survive, and even thrive during a global health crisis and economic downturn....
The CARES ACT Makes 401(k) Withdrawals Easier, but Should You?
Customarily, retirement savings plans such as 401(k)s are tough to withdraw from before age 59.5 without accruing penalties and tax withholdings, but the CARES Act, which was passed by Congress in response to the economic hit caused by the Covid-19 pandemic,...
Is Social Security Headed for Bankruptcy?
Beginning next year, for the first time in 39 years, Social Security is projected to dispense more money than it takes in, which means that the money being collected by the program will soon not be enough to cover the benefits being paid out. Does this mean that...
Questions Remain After IRS Issues Guidance on Payroll Tax Deferral Program
On Aug. 28, 2020, as part of COVID-19 relief, President Trump issued a presidential memorandum allowing employers to suspend withholding and paying to the IRS eligible employees’ Social Security payroll taxes from September 1, 2020 through December 31, 2020. The IRS...
How the SECURE Act Made Employer-Sponsored 401(k) Plans More Accessible
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the rules for employers on retirement plans, making it easier for employers to offer 401(k) plans and for employees to take part in them. Here’s how. Multiple Employer Plans Known as MEPs,...
How to Keep Your Credit Score in Check During the Pandemic
The COVID-19 virus has spread unease and fear in 2020, and not just from a health standpoint. With millions of Americans out of work and small businesses forced to close shop due to the pandemic, financial fears have pushed front and center over the past few months....
Establishing Long-Term, Sustainable Revenue for Your Business
Experiencing business growth is always exciting for an entrepreneur, but periods of growth aren’t always continuous given that every business has ups and downs. Implement growth strategies with the tips below to help your business become more sustainably profitable...
What the Next Stimulus Package Could Look Like
As Congress begins working on a new coronavirus relief bill, the White House looks to target aid more specifically and cap the overall expense of the package at $1 trillion. Here’s what else we know about a second stimulus package. Direct Stimulus Payment Another...