MKR Blog
The Latest Tax Implications of the Affordable Care Act Update (Obamacare) Did you know the health care law actually created two new taxes to help pay for the cost of the ACA? The first of the two taxes is the Net Investment Income Tax (NIIT). It is a new Medicare tax...
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...
Many American families are struggling to make ends meet and save for their future needs, according to a report from the Consumer Federation of America (CFA) and Certified Financial Planner Board of Standards, Inc. (CFP Board), but those with a financial plan do better...
The true cost of public employee pensions will become clearer under changes approved June 25 by the accounting standards-setter for state and local governments ? the Governmental Accounting Standards Board (GASB). The GASB has approved two new standards that mark a...
In response to the new requirements imposed by the Foreign Account Taxpayer Compliance Act (FATCA) and the proposed regulations promulgated thereunder, the IRS has prepared two new withholding certificates: Form W-8BEN, Certificate of Foreign Status of Beneficial...
A new survey conducted by Rasmussen Reports for the Consumer Federation of America ? the COUNTRY Financial Security Index – shows a gap between what Americans think they're spending and what's happening in reality. Only 9 percent of the 3,000 respondents of the survey...
In a recent decision that considers the authority of the IRS to issue retroactive regulations, the Supreme Court ruled in United States v. Home Concrete that the IRS may not apply an extended six-year limitations period in certain tax shelter cases. The extended...
To commemorate National Financial Literacy Month, a national telephone poll of 1,005 adults was conducted by Harris Interactive on behalf of the American Institute of CPAs (AICPA). The purpose of the survey was to find out what Americans would most likely forego in a...
In an effort to jump-start the US economy and create more jobs, both the House and Senate passed the Jumpstart Our Business Startups (JOBS) Act, and President Obama signed the act into law April 8, 2012. With bipartisan support, the bill is designed to make it easier...
By David H. Ringstrom, CPA QuickBooks Online, a cloud-based accounting solution for small businesses, has experienced 40 percent growth over the past year; it now has 280,000 users. More and more small business owners are reaping the benefits of anytime, anywhere...
As the Federal Reserve continues to hold interest rates at elevated levels to combat inflation, consumers face both challenges and opportunities. While borrowing has become more expensive, savers can take advantage of higher yields and rethink their spending habits....
If you use Venmo, PayPal, or CashApp to accept payments for freelance work, side gigs, or online sales, you’ll want to pay close attention to this year’s tax changes. New tax rules are making it harder to fly under the radar, even if you only earn a few thousand...
As markets continue to experience turbulence driven by renewed tariffs, trade tensions, and global uncertainty, you might be rethinking how you save for retirement. One increasingly popular strategy is converting traditional retirement savings into Roth accounts....
As the healthcare landscape continues to evolve, the U.S. Department of Health and Human Services (HHS) is implementing a major overhaul of the Health Insurance Portability and Accountability Act (HIPAA) in 2025. These changes reflect shifting priorities in data...
The U.S. Small Business Administration (SBA) has introduced a new program as part of its 'Made in America' initiative to boost domestic manufacturing and help small businesses expand. The initiative focuses on two critical areas: cutting regulatory red tape and...
The professional services industry is undergoing a significant transformation in 2025, driven by rapid advancements in AI and automation. As firms seek greater efficiency, enhanced decision-making, and improved client service, AI-powered solutions are reshaping how...
If you're self-employed or earn income without tax withholding, you’re likely required to pay quarterly estimated taxes. Missing these payments can result in penalties and interest charges from the IRS, but don’t panic—you have options to correct the situation and...
What you choose to do with your tax refund can significantly impact your long-term financial health. Instead of splurging, consider using this extra cash to strengthen your finances. Smart strategies, such as building an emergency fund, paying off high-interest debt,...
Medicare is undergoing significant changes in 2025, impacting costs, prescription drug coverage, telehealth access, and caregiver support. Retirees should prepare for these updates to manage their healthcare expenses effectively. Below, we break down the key Medicare...
After a period of workforce reductions and aggressive cost-cutting measures, major retail companies are shifting toward optimization strategies—investing in technology, process improvements, and operational efficiencies that enhance productivity without sacrificing...