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...
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...
The construction industry enters 2026 facing both persistent headwinds and emerging opportunities. Rising material costs, ongoing labor shortages, and policy uncertainty continue to challenge business owners. But at the same time, there’s an undercurrent of guarded...
When it comes to increasing the value of a small business, focusing on top-line growth won’t give you the whole picture. Revenue alone doesn’t always equal value, and a bigger business isn’t always a better one. If your long-term goal is to build a valuable business...
The Trump administration enacted new tariffs on lumber and kitchen cabinets, adding pressure to construction budgets. The tariffs apply a 10% duty on softwood lumber and a 25% levy on imported kitchen cabinets. By 2026, the cabinet tariff is set to double to 50%. As a...
More Americans are turning to a 401(k) hardship withdrawal to cover urgent and unexpected expenses. By the end of 2024, about 5% of employees had taken a hardship withdrawal from their 401(k) accounts. That’s more than double the 2% who did so in 2018. With inflation,...
When the federal government shuts down, businesses across the nation feel the effects, especially for those that rely on federal programs, work directly with federal agencies, or operate near government properties. This article explains how government shutdowns affect...
When the Federal Reserve cuts interest rates, it’s good news for borrowers and consumers, but not so much for savers. The Fed’s recent quarter-point rate cut is a reminder that the annual percentage yields (APYs) on savings accounts and certificates of deposit (CDs)...