MKR Blog
Business financial statements demonstrate the source of a company’s revenue, its assets and liabilities, how money was spent, and how the company manages cash flow. They also help managers, employees, investors, and lenders assess the company’s performance at the end...
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...
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...
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)...
A recent deal between the Trump administration and Pfizer is signaling hope to the pharmaceutical industry. Under Trump's Pfizer deal, Pfizer gets an exemption from pharmaceutical-specific tariffs if the company invests in domestic manufacturing. This key deal is...
President Trump’s One Big Beautiful Bill (OBBB) introduced several tax changes designed to boost take-home pay and simplify the tax code. Some major adjustments include nontaxable income, gift limits, estate tax exemption, and overtime deductions. Here’s a look at...
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...