MKR Blog
Keeping thorough records and documentation can help in the event of an audit. Consulting with qualified tax professionals can also provide guidance and help mitigate the risk of errors on your tax return.
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...
As of December 20, 2017, the new tax laws were officially signed into law, ushering in a variety of cuts and changes for individuals and businesses alike. While there has been much talk around how the new laws will impact individual taxpayers and families of all...
We are deep in the throws of tax season, and although many of you have already filed, it certainly never hurts to become more aware of possible deductions. And it goes without saying that we all love saving money or getting a larger return. Below are some unusual...
About 150,000 residents in the State of Indiana have received a letter from the Department of Revenue saying that they owed more on their taxes, but the state is admitting that many of those who received the letters don't owe anything. If you think that you received...
As the third year of the Patient Protection and Affordable Care Act (PPACA) approaches, employers need to be aware of additional fees that will be assessed on insurers and plan administrators of self-insured plans beginning in 2013. In addition, reporting health care...
An Invitation to Comment: Improving the Auditor's Report (ITC) was released June 22 by the International Auditing and Assurance Standards Board (IAASB), seeking input on potential changes to improve the information provided in the auditor's report on financial...
The Financial Accounting Standards Board (FASB) has issued for public comment a proposed Accounting Standards Update (ASU) that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income. The proposed amendments balance...
Nearly three years ago, the IRS launched the tax return preparer oversight program and seeds were planted in the landscape of tax return preparation services. Today, those seeds are starting to sprout. In June, the IRS estimated there are 717,161 PTIN holders, many of...
Understanding the Educational Institution and Nonprofit Audit Landscape June 30, the day on which many educational institutions and nonprofits end their fiscal year, is fast approaching. This brings "joy" to many internal accountants because they know that an annual...
Key Takeaways Hourly billing rewards time, not results. The traditional billable hour model creates a misalignment between client and firm. Clients want efficiency, but firms earn more when work takes longer. That tension is prompting a shift toward alternative fee...
Key Takeaways Not coordinating 401(k)s can cost couples real money. Research suggests couples who don't prioritize the highest employer match may lose an average of $14,000 in retirement wealth over their lifetime — not from saving too little, but from saving in the...
Key Takeaways AI can automate the basics of money management. From tracking spending patterns to suggesting realistic budgets and automating transfers to savings, AI-powered financial apps help people manage cash flow without the guesswork of manual tracking. AI is a...
Inheriting an IRA might feel like a financial win, but the rules today are different than they were just a few years ago. If you’re not up to date, an unexpected tax bill could catch you off guard. Here’s what changed, and how to plan around it. Changes Made by the...
The retail landscape has been reshaping since the pandemic, and what seemed like temporary changes have now solidified into permanent shifts in how consumers shop and what they expect from retailers. Here are the key trends shaping retail this year. Value-Oriented...
If you owe back taxes and you’re expecting a refund this year, you might be wondering if the IRS will keep it. In some cases, yes. In others, no. Whether the refund reaches your bank account depends on several factors. If you have unpaid federal tax debt, the IRS can...
President Trump’s One Big Beautiful Bill (OBBB) could change your tax return in real ways. The bill offers potential relief for parents raising kids, workers earning tips or overtime, and seniors on fixed incomes. There are a few key areas to pay attention to. Here’s...
Running a veterinary clinic means juggling patient care, staff needs, and business operations. Technology can help ease that load, and in 2026, several trends are beginning to emerge for better efficiency, security, and staff and client support. Here are the...
Health savings accounts (HSAs) are one of the best tools for saving on healthcare costs. And beginning this year, more Americans than ever will qualify for HSAs, thanks to the One Big Beautiful Bill (OBBB), which was passed last July. Read on to learn what’s changing,...
When you retire, you don’t have to move your 401(k) right away, and for many retirees, leaving it where it is could be a smart move. Employers are increasingly adding features that make staying in the plan more appealing. Why? Partly because when employees with large...