MKR Blog
If you are involved with a not-for-profit organization, you may wish to check out a Workshop for Small and Medium-Sized 501(c)(3) Organizations given by Internal Revenue Service and hosted by Central Indiana community Foundation. Cost is $20. Registration deadline is...
WASHINGTON (AP) - If you earn less than $200,000 a year, there's a strong chance you don't have to worry about an Internal Revenue Service audit. But if you make more than $1 million annually, the odds have been rising that you'll be hearing from the tax man. The IRS...
By AccountingWEB Staff Time is running out before the payroll tax rate automatically increases in two weeks, and the dispute over how to fund it continues. The tax measure at issue would maintain the payroll tax rate at 4.2 percent for the year 2012 instead of...
The IRS released the 2012 mileage rates today.
This holiday season, online shoppers will find more states are looking to make sure gift givers also give their state its fair share – in terms of sales tax for online purchases, according to CCH, a Wolters Kluwer business and a global provider of tax, accounting and...
By Ken Berry Just a week after this year's Veterans Day, President Obama signed new legislation providing a tax credit to employers who hire military veterans. The VOW to Hire Heroes Act is a small piece of a much larger jobs bill that has stalled in Congress....
The Federal government once again is giving a FUTA Credit reduction for the following 20 states due to the individual states unpaid federal loan. State Credit Reduction Arkansas 0.3% California 0.3% Connecticut 0.3% Florida 0.3% Georgia 0.3% Illinois 0.3%...
IR-2011-103, October 20, 2011 The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change...
We would like to welcome the newest member of the CWMcF family, which actually happens to be a family member of Partner Steve Reed. Steve’s daughter, Amanda O’Brien, was hired as a staff accountant and QuickBooks ProAdvisor.
Though Pete McAllister, CPA has known for about a month now, CWMcF discovered this week that Pete was awarded a 5-Star ranking in the Indianapolis Monthly’s October Issue of Top Local Professionals. How’s that for modesty? (and a job well done. ) Congratulations...
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)...
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...