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 8, 2019 | Government Contracting, Tax News
Consider the following key facts about GSA schedules: Overall, GSA schedule sales in FY18 amounted to about $35 billion, which was nearly the same as in FY17. Sales on the IT Schedule 70 and Professional Services Schedule (PSS) 00Corp increased in FY18. Small...
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 16, 2019 | Personal Financial Planning, Tax News
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...
Jul 9, 2019 | Not-for-Profit, Tax News
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...
Jul 2, 2019 | Business Planning, Personal Financial Planning, Tax News
Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years over which the...
