MCB BLOG

As your trusted CPA & Advisor, we keep you informed of the latest tax & accounting news you can use.

Tax Scams: The Pandemic Edition

The IRS has published its annual list of "dirty dozen" tax scams. They do this every year, but 2020 is special, as the scammers have managed to turn the pandemic to their advantage. Phishing: Don't make assumptions Phishing — fake emails looking to steal personal...

IRS Updates Form 941 To Reflect COVID-19 Tax Credits

The IRS has revised Form 941, Employer's Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. If you're eligible for...

Reporting Requirements for Health Care Providers Under CARES

The CARES Act was enacted in response to the COVID-19 pandemic. The act was specifically designed to provide funding to hospitals and health care providers that are not federal entities. Then, on July 22, 2020, the Department of Health and Human Services changed the...

Meal Expenses: What’s the Story?

The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation. But you'll be glad to hear that you may continue to deduct 50...

Home Equity Loans Are Deductible — Sometimes

Contrary to rumors, the Tax Cuts and Jobs Act of 2017 allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines of credit (HELOC) or second mortgages to deduct interest on the loans. That's the good news....

Post-Pandemic: Time for a Career Change

Has your industry been hit particularly hard by the pandemic? Does your employer specifically seem shaky? Is changing jobs likely? It may be time to think about a new career. If you're in the travel industry, you know it's been badly affected by the coronavirus. How...

Inheriting an IRA: How to Handle It

What are the tax implications of an inherited traditional IRA? Tax rules differ depending on whether or not the beneficiary is a spouse. Be sure you know the rules, because your decisions may have serious tax consequences. If you're a spouse of the deceased, you have...

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