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...
Economies always run in cycles, which means that, at some point, inevitably, there will be a downturn. And the best time to prepare for an economic downturn is before things start to take a tumble. In this article, we’ll go over strategies you can use to keep your...
What happens when it’s time to step back from running your professional services firm? Is there a clear path for the future of your business? In this article, we’ll go over how to create a solid succession plan, whether you’re looking to sell, merge, or pass the firm...
The One Big Beautiful Bill (OBBB) signed by President Trump includes a federal cap on the state and local tax (SALT). Until 2024, SALT was capped at $10,000 under the 2017 Tax Cuts and Jobs Act (TCJA), but the OBBB increased it to $40,000. The cap will rise by 1% each...
Small businesses are finally seeing signs of life after a rocky few years. Since January, average earnings have climbed by 75%. That’s an encouraging statistic, yet monthly revenues still lag behind the record highs of the past two years. This signals that progress is...
Recent surveys reveal that Americans spend hours each week thinking about their finances. Rising prices, mounting debt, and uncertainty about the future all contribute to financial stress. Add in steep housing costs, concerns over tariffs raising the price of goods,...
Small retailers have a rough go competing against big chains and e-commerce giants, but there’s one thing these smaller stores have that Amazon doesn’t: community. Local stores have the opportunity to build connections with their customers. Building partnerships...
A noticeable trend in 2025 points to a resurgence in independent veterinary ownership. In an era dominated by corporate consolidation, 2025 is shaping up to be a turning point — especially for veterinarians ready to reclaim ownership, redefine care models, and build...
As small business owners face continued inflation and rising tariffs, the One Big Beautiful Bill Act (OBBB) could provide critical financial relief for Main Street businesses. By extending key provisions from the Tax Cuts and Jobs Act of 2017 (TCJA), the legislation...
President Trump’s “Big Beautiful Bill” has been making headlines, particularly for what it could mean for older Americans collecting Social Security. While many headlines have suggested that the bill would eliminate taxes on Social Security benefits, that’s not...
Transferring an SBA loan isn’t a straightforward process. Whether you’re selling your company or planning for a family succession, understanding how to transfer an SBA loan and what’s legally allowed is critical for staying compliant and protecting your finances. In...