MCB BLOG

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

Avoid These Top Trust Problems

Trusts can be used as an asset protection tool and to help your beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee. The property is deeded in the name of the trust and the trustee is tasked with administering it...

4 Tax Concerns for Nonprofits

Just because you run a nonprofit, it doesn't mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt status will be revoked automatically....

Know How to Handle Canceled Debt

We all understand that when we borrow money, we're legally obligated to repay it. What happens when you're forgiven in part and don't have to pay back the full amount? After many huzzahs, you discover that it's not entirely forgiven. The amount of the canceled debt is...

Guide to Preparing for an Audit of Your Nonprofit

Having an independent audit is a significant endeavor. Not only is it an expense, but it also requires a lot of preparation. The auditors will need access to all of the information they need to help them carry out their mandate — that is, examining your organization’s...

FIFO or LIFO: Which Is Right for Your Business?

The way businesses value inventory can affect their taxes. It also affects the financial statements companies present to banks when they apply for loans. Businesses generally are allowed to use one method for their taxes and another for their financial statements....

Cybersecurity and the Importance of Data Privacy

Cybersecurity — especially data privacy — is one of the biggest problems facing businesses today. These security problems are compounded because every segment of every industry is affected differently, and each is subject to the risk factors peculiar to that segment....

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