Aug 20, 2019 | Accounting & Audit Updates, Tax News
The IRS makes annual adjustments to a variety of plan limits and other key numbers. The chart below lists the most important numbers for 2018 and 2019, so you can see what’s changed — and what hasn’t. If you have questions, contact an MCB Advisor at...
Aug 1, 2019 | Accounting & Audit Updates, Tax News
The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. Some experts have highlighted the following aspects of the bill as especially important: An independent...
Jul 18, 2019 | Accounting & Audit Updates, Business Planning
As a business owner, you might want to outsource your accounting for many reasons. You likely are not an accountant and may be struggling with issues and concepts that aren’t a part of your core business. If this is the case, consider working with an expert on an...
Jun 25, 2019 | Accounting & Audit Updates, Tax News
As expected, the IRS has published a draft of a radically revised Form W-4, Employee’s Withholding Allowance Certificate. The agency emphasizes this is just a preliminary version, and until further notice, everyone should continue to use the current version....
Jun 20, 2019 | Accounting & Audit Updates, Tax News
Understanding the difference between revenue and income is essential to understanding revenue recognition: Revenue is defined as the total amount of money a business receives from its customers. Revenue is the first line on the company’s income statement. Income (or...
May 2, 2019 | Accounting & Audit Updates, Business Planning, Tax News
Tax withholding is a seemingly inevitable part of working, but there are exceptions, as shown by the following information about employees exempt from withholding. Student employees Generally, individuals employed by a school, college or university where they are also...
